Wisconsin-based Verve, a Credit Union (Verve) has added a competitive 17-month CD Special, earning 2.78% APY. The 17-month CD Special can be opened with a $1k minimum deposit, with no stated balance cap.
The 17-month CD Special is also available as an IRA CD Special (Traditional and Roth), earning the same APY with the same deposit requirements.
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 community-based, with individuals who live, work, or worship in any of the following counties eligible to join.
Minnesota counties – Houston or Winona.
Illinois counties – DuPage and all portions of Cook north of Highway 20/95th Street.
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 Fox River 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 15 Wisconsin branches located in Appleton, Brillion, Fond du Lac (2), Homen (2), La Crosse (2), Neenah (2), Onalaska, Oshkosh (3), and Sherwood. Following the 2020 acquisition of South Central Bank N.A, Verve gained five Chicago branch locations.
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 "B+" at DepositAccounts.com, with a Texas Ratio of 1.37% (excellent) based on March 31, 2022 data. Verve has an average capitalization level (8.67%), the result of holding $1.5 billion in assets with $130.44 million in equity. 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. Following a total of four mergers in 2014 and 2015, 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.”
Verve is currently Wisconsin’s 13th largest credit union, with more than 63,000 members and deposits in excess of $1.2 billion.
How the 17-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Verve 17-month CD Special. The following table compares the 17-month CD Special to the two highest-rate CDs from credit unions and to the other two highest-rate CDs from banks.
The above information and rates are accurate as of 7/21/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.