Wisconsin-based Verve, a Credit Union (Verve) ended the week by adding a series of CD Specials: 22-month (2.94% APY), 19-month (2.84% APY), and 13-month (2.63% APY). Any of these Specials can be opened with a $1k minimum deposit, with no stated balance cap.
As stated in the Truth-In-Savings disclosure, the Early Withdrawal Penalty reads as follows:
For Share Certificate and IRA Certificate, the amount of the early withdrawal penalty
for your account is one half of the dividends earned during the term of your account.
There is a 10-day grace period before a CD Special “will automatically renew at the next longer regularly scheduled term.”
Headquartered in Oshkosh, Wisconsin, Verve’s field of membership (FOM) is primarily residency-based, with individuals who live, work, or worship in any of the following counties eligible to join.
Minnesota counties – Houston or Winona.
Wisconsin counties – Brown, Buffalo, Calumet, Dodge, Fond du Lac, Green Lake, Jackson, La Crosse, Manitowoc, Milwaukee, Monroe, Outagamie, Ozaukee, Portage, Sheboygan, Trempealeau, Vernon, Washington, Waupaca, Waushara, or Winnebago.
Employees of Kimberly Clarke or Neemah Paper also qualify for membership, as do immediate family members of current Verve members.
Joining Verve can be done online, or at any of the 17 Wisconsin branches located in Appleton, Brillion, Fond du Lac (2), Homen (2), La Crosse (2), Neenah (3), Onalaska, Oshkosh (3), Sherwood, and Two Rivers.
A minimum $5 deposit in a Member Savings Account is required to establish a new membership.
While existing members can open a CD Special through Verve’s online banking platform, new members need to either visit any of the above-mentioned branches or call 800.448.9228.
Credit Union Overview
Verve, a Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 4.04% (excellent) based on March 31, 2019 data. In the past year, Verve has increased its total non-brokered deposits by $39.04 million, an excellent annual growth rate of 5.5%. Please refer to our financial overview of Verve, a Credit Union (NCUA Charter # 66777) for more details.
In 1937, seven Wisconsin Axle employees each contributed $1.25 and the Wisconsin Axle Credit Union was established. A new community-based charter was adopted in 1981 and the residents of Oshkosh were eligible to join Wisconsin Axle CU. As growth continued, a new name was needed “to reflect the credit union’s new reach and direction,” and in 1994, CitizensFirst Credit Union made its debut. A 2015 press release announced that,
As part of a comprehensive rebranding initiative, CitizensFirst Credit Union will adopt the name Verve, a Credit Union, which was approved by its Board of Directors.
Kevin J. Ralofsky, President and CEO of CitizensFirst, says Verve captures the unique personality of the credit union. “Our research was showing name confusion with other area financials, so we knew it was time to choose one to reflect the passionate, innovative work that sets us apart. We believe this new name speaks to our commitment to serving the community and our members. Our groundbreaking merger with Lakeview and Best Advantage created the perfect opportunity to rebrand, and we now move forward with a name that stands for the enthusiasm, energy, passion and drive that we put to work every day along with a pursuit to improve technologies to support our services.”
Verve is currently Wisconsin’s 13th largest credit union, with nearly 60,000 members and assets in excess of $961 million.
How the CD Specials Compare
When compared to 247 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Verve's 22-month CD Special APY currently ranks first.
When compared to 189 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Verve's 19-month CD Special APY currently ranks second.
When compared to 255 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Verve's 13-month CD Special APY currently ranks third.
The above rates are accurate as of 8/9/2019.
Looking for the best CD rates, either nationwide and in your state? Please refer to our CD Rates Table page.