Via Credit Union (Via CU) has raised the rate on its 33-month Certificate Special to an impressive 3.35% APY. The minimum deposit is $50k, with no stated balance cap.
Prior to the recent addition of 224 bps, the 33-month Certificate Special’s APY wasn’t that special: since April 2014, the rate was only 1.11% APY.
The Certificate Special is also offered as an IRA (Traditional and Roth) and an HSA, earning the same APY with the same funding requirements.
As stated on the Savings Rates page, the Early Withdrawal Penalty reads as follows.
Certificates with a term of 18-71 months are subject to a penalty for early
withdrawal of 180 days dividends on principal withdrawn, whether earned or not.
27-Month Certificate Special
At the end of February, Via CU added a 27-month Certificate Special, earning 2.79% APY with a $25k minimum deposit. The 2.79% APY was very competitive at the time, ranking at the top of similar length-of-term CDs available to Via CU members. While the 27-month Certificate Special is still being offered at 2.79% APY, its appeal has faded as rates continue to rise: the APY currently ranks only seventh when compared to similar CDs available within the FOM.
Excess Share Insurance
Besides the federal insurance provided by the NCUA, additional coverage of up to $250,000 is provided by Excess Share Insurance Corporation, the nation’s largest private insurer for credit unions. If you would like more information about Excess Share Insurance, my September 2001 blog post, ESI – Little Known Deposit Insurance for Credit Unions, may be helpful.
Headquartered in Marion, Indiana, Via Credit Union’s field of membership (FOM) is primarily residency based and includes twelve central Indiana counties.
Residency: Individuals who live or work in the Indiana counties of Blackford, Delaware, Grant, Hamilton, Howard, Huntington, Kosciusko, Madison, Miami, Tipton, Wabash or Wells qualify for membership.
Employment: Employees of more than 65 SEGs are eligible to join.
Relationship: Family members (defined as spouse, children, parents, siblings, grandparents, grandchildren, including 'steps') of anyone within the FOM (i.e., all membership-eligible individuals) qualify for membership. Anyone who lives in the household of a current VIA CU member is also welcome to apply.
Joining Via CU and/or opening a Certificate Special must be done in-person at any of seven full-service Indiana branches located in Gas City, Hartford, Marion (4), and Warsaw.
As stated on Via CU’s Open an Account page,
Bring money! You will need to deposit at least $50 in your
ViaMembership Shares to avoid a $3 monthly access fee.
Credit Union Overview
Via Credit Union, has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.75% (excellent) based on March 31, 2018 data. In the past year, Via CU has increased its total non-brokered deposits by $3.22 million, an above average annual growth rate of 1.08%. Please refer to our financial overview of Via Credit Union (NCUA Charter # 68572) for more details.
In 1936, Via Credit Union was organized as the Indiana Public School Employees Federal Credit Union (IPSEFCU) by Marion school employees. Like so many fledgling credit unions in the ‘30s and ‘40s, IPSEFCU had its first “branch” in the home of one of the charter members, where it remained for 30 years. A merger with Blackford County Public Employees Federal Credit Union occurred in 1983. A state charter was granted in 2007 and the FOM expanded to include four Indiana counties. The next five years saw the Via re-brand, a merger with Grant County Community Federal Credit Union, and another seven counties added to the FOM. Via Credit Union is currently Indiana’s 23rd largest credit union, with more than 30,300 members and assets in excess of $349 million.
How the Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Via Credit Union’s 33-month Certificate Special APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 7/30/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.