Earlier this year, VITAL Federal Credit Union (VITAL) raised the rate on its 36-month CD (2.00% APY) by 100 basis points. The minimum opening deposit is $500, with no balance cap. Dividends are compounded quarterly and paid quarterly.
The current APY is the highest rate since the 36-month was added to VITAL’s product line in 2011, and represents the only rate increase during that time.
The 36-month CD is also available as an IRA (Traditional) earning the same APY, with the same funding requirements.
As stated on the Share Certificate page, the Early Withdrawal Penalty reads as follows:
If the certificate has a 24 or 36 month term and the withdrawal occurs
after 365 days from the date of purchase, there is a 90-day interest penalty.
The Share Certificate page also states “Premium dividend rates may be available on larger deposits.” According to CSR, the possibility of a premium rate does exists, and is determined on a case-by-case basis.
Headquartered in Spartanburg, South Carolina, VITAL Federal Credit Union’s field of membership is primarily residency based, with individuals who live, work, worship, or attend school in Spartanburg County eligible to join.
In addition, employees of 17 Spartanburg companies are also eligible for membership.
Joining VITAL can be initiated online by submitting a general information form, or in person at either of two South Carolina branches located in Duncan and Spartanburg.
Opening a Share Certificate requires an in-person visit to either branch location.
Credit Union Overview
VITAL Federal Credit Union (NCUA Charter # 24536) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.35% (excellent) based on March 31, 2016 data. In the past year, VITAL has increased its total deposits by $2.6 million, an excellent annual growth rate of 7.05%. Please refer to our financial overview of VITAL Federal Credit Union for more details.
VITAL Federal Credit Union was originally established in 1964 as the Spartanburg Regional Federal Credit Union by a group of Spartanburg Regional Medical Center employees. Self-described as a “mom and pop operation” for its first 27 years, the Credit Union was transformed into a successful respected financial institution with a community charter by the recently retired CEO, Pat West. During her 23 years of leadership, the Credit Union nearly tripled its membership and grew its assets from $2.5 million to over $40 million. Ms. West was also instrumental in the transition from Spartanburg FCU to VITAL FCU in 2014.
How the CD Compares
When compared to the 176 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to residents of Spartanburg County, VITAL Federal Credit Union’s 36-month CD APY currently ranks first.
The above rates are accurate as of 6/22/2016.