About two weeks ago, Westmark Credit Union (Westmark) dramatically raised the rate on its 9-month CD to 2.60% APY. The addition of 150 bps has given the 9-month CD its highest APY since December 2013. The minimum opening deposit is $500, with no stated balance cap.
As stated on the Term Certificates page, the Early Withdrawal Penalty reads as follows:
Term of 180-Days – 60 Days Dividends
The dividends on the 9-month CD will be compounded at maturity. There is a 10-day grace period before the CD automatically renews.
Headquartered in Idaho Falls, Idaho, Westmark Credit Union’s field of membership (FOM) is a variation on the usual “live, work, worship, or attend school” in a specific geographic area. Instead, individuals who are “employed by or retired from most employers located in one of our 34 counties throughout Idaho” qualify for membership.
Those 34 Idaho counties are Ada, Adams, Bannock, Bear Lake, Bingham, Blaine, Boise, Bonneville, Butte, Camas, Canyon, Caribou, Caisa, Clark, Custer, Elmore, Franklin, Freemont, Gem, Gooding, Jefferson, Jerome, Lemhi, Lincoln, Madison, Minidoka, Oneida, Owyhee, Payette, Power, Teton, Twin Falls, Valley, and Washington.
Employee and retirees of several hundred Member Firms, employer groups, and associations are also eligible to join.
Blood relatives of current Westmark members are welcome to apply.
Joining Westmark Credit Union and/or opening a CD can be done online, or at any of 15 Idaho branches, located in Blackfoot, Boise, Eagle, Idaho Falls (5), Meridian (2), Nampa, Pocatello, Rexburg, Rigby, and Twin Falls.
To become a member, you must open a Primary
Savings Account and deposit a minimum of $5.00.
Credit Union Overview
Westmark Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.92% (excellent) based on March 31, 2019 data. In the past year, Westmark has increased its total non-brokered deposits by $55.35 million, an excellent annual growth rate of 8.48%. Please refer to our financial overview of Westmark Credit Union (NCUA Charter # 68353) for more details.
Founded in 1954 by eleven Idaho National Engineering Laboratory employees, Westmark Credit Union was originally known the Atomic Workers Credit Union. It was ten years before the first “official” office was opened; prior to that time, credit union transactions took place in the homes of various Board Members. Following mergers with Amidaway Credit Union and Motran Credit Union in the early 1980s, a Federal Charter was adopted in 1984, with “Federal” added to the name. The Westmark rebrand occurred in 1987, as the FOM become more diverse. Currently the third largest credit union in Idaho, Westmark Credit Union has more than 58,600 members and assets in excess of $819 million.
How the CD Compares
When compared to 191 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Westmark Credit Union’s 9-month CD APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.86% APY||8-Month Certificate Special||Andrews Federal Credit Union|
|2.60% APY||9-Month CD||Westmark Credit Union|
|2.55% APY||9-Month CD Special||Mutual of Omaha Bank|
The above rates are accurate as of 8/5/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.