Deal Summary: 25-month Share Certificate Special, 1.96% APY ($100k), 1.86% APY ($500).
Over the weekend, Wright-Patt Credit Union (WPCU) added a 25-month Share Certificate Special (1.96% APY, $100k minimum; 1.86% APY, $500 minimum). There is no stated balance cap.
As stated on WPCU’s Share Certificate Disclosure page, the Early Withdrawal Penalty reads as follows:
18 to 35 Months - 6 months of dividends (whether paid or not)
Long-Term Share Certificates
WPCU also raised the rates on its long-term Share Certificates, with the highest APYs seen in more than six years. Like the 25-month Share Certificate Special, deposits of $100k+ have APYs a uniform 10 basis points higher.
Headquartered in Beavercreek, Ohio, Wright-Patt Credit Union’s field of membership (FOM) includes most residents of the Miami Valley area and Columbus, Ohio. (Since I last wrote about WPCU, the FOM has expanded to include an additional nine counties, nearly doubling WPCU's footprint in Ohio.)
Residency: Individuals who live, work, worship, or attend school in the Ohio counties of Butler, Champaign, Clark, Clermont, Clinton, Darke, Delaware, Fairfield, Franklin, Greene, Hamilton, Licking, Madison, Miami, Montgomery, Pickaway, Preble, Union, and Warren qualify for membership.
Employment: Employees of more than 1,200 SEGs are eligible to join.
Military Relationship: Military and civilian employees of Wright-Patterson Air Force Base, and military personnel residing in a 14-county area adjacent to the Fairborn area who do not have a credit union available, also qualify for membership.
Family Relationship: Immediate family members of current WPCU membership are also eligible to join.
Complete membership details are available on WPCU’s Eligibility page.
Joining WPCU and/or opening a Share Certificate requires an in-person visit to any of 28 Ohio branches located in Beavercreek (2), Centerville (2), Cincinnati, Columbus (4), Dayton (5), Englewood, Fairborn (2), Huber Heights, Kettering, Norwood, Springboro, Springfield, Troy, Upper Arlington, Urbana, Wilmington, WPAFB, and Xenia.
WPCU’s membership application is also available as a download, and can be returned either by mail or in person.
Credit Union Overview
Wright-Patt Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 4.07% (excellent) based on December 31, 2016 data. In the past year, WPCU has increased its total non-brokered deposits by $194.12 million, an excellent annual growth rate of 7.23%. Please refer to our financial overview of Wright-Patt Credit Union (NCUA Charter 66328) for more details.
Wright-Patt Credit Union was established in 1932 as the F.E.U. Local 148 Credit Union by federal employees at Wright Field (known today as Wright-Patterson Air Force Base). The Credit Union changed names four times, with the Wright-Patt re-brand happening in 1962. Wright-Patt is Ohio’s largest credit union, serving more than 332,200 members with assets in excess of $3.4 billion.
How the Share Certificate Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Wright-Patt Credit Union's 25-Month Share Certificate Special APY currently ranks first and second, regardless of minimum deposit.
The above rates are accurate as of 3/22/2017.