For a limited time, Whatcom Educational Credit Union (WECU) is offering a 3.50% APY on its 60-month Savings Certificate. The minimum opening deposit is $500. The maximum balance is $250k per Certificate. According to CSR, no end-date has been announced for this special rate offering.
The promotion page is correct when it states, “earn an APY that no one has seen in years.” DA has been tracking the 60-month Savings Certificate since May 2011, when it earned 0.50% APY. Two years ago, the rate jumped to 1.50% APY, and this past January, it rose to 1.76% APY.
The 60-month Savings Certificate is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
As stated in the Truth in Savings Disclosures brochure, the Early Withdrawal Penalty reads as follows:
The penalty for terms of 48 months to 60 months - 360 days dividends, based
on the current applicable Dividend Rate and the total amount of the withdrawal.
Headquartered in Bellingham, Washington, Whatcom Educational Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, or attends school anywhere in Washington state eligible to join.
In addition, “relatives of all members” are welcome to apply for membership. There is no indication on WECU’s website how close the relative relationship has to be to qualify. The online application just asks for the relative’s name and their phone number.
Joining WECU and/or opening a Savings Certificate can be done at any of 12 Washington branches located in Bellingham (8), Blaine, Everson, Ferndale, and Lynden.
WECU has an "online application", but it seems to only start the application process. According to the Join Now page,
If you do not live in Whatcom County and are unable to come into a branch, please fill out an online application. When this is submitted, we will contact you via phone to verify your information then mail you everything you need to finish opening an account at WECU®, including a postage-paid envelope.
Credit Union Overview
Whatcom Educational Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.24% (excellent), based on March 31, 2018 data. In the past year, WECU has increased its total non-brokered deposits by $85.77 million, an excellent annual growth rate of 7.23%. Please refer to our financial overview of Whatcom Educational Credit Union (NCUA Charter #66373) for more details.
What began in 1936 as a volunteer-run credit union for Bellingham public school teachers and administrators, has grown to become Washington’s seventh largest credit union.
In the summer of 1935 Mary Bond Lash, our founder and President of the State Teachers' Association, attended the National Education Association meeting in Boston, MA. At the event Mary heard Edward Filene, one of the founders of US credit unions, speak of their benefits. Mary returned to Bellingham inspired to create a credit union for teachers.
With nearly 97,000 members and assets in excess of $1.5 billion, the Credit Union re-branded last week as WECU, with “the emphasis on WE as a clear reminder that as a community, as neighbors and as friends, we are in this together."
How the Savings Certificate Compares
When compared to the 263 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Washington residents, Whatcom Educational Credit Union’s 60-month Savings Certificate APY currently ranks first.
The above rates are accurate as of 7/30/2018.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD Rates Table page.