Velocity CU's Promotes Limited Time 5-Year Certificate
Now through December 3, 2016, Velocity Credit Union (Velocity) is offering a promotional 5-year Regular Certificate (2.07% APY). The minimum opening deposit is $1k, with no stated balance cap.
This promotional Regular Certificate is also offered as either an IRA (Traditional and Roth), earning the same APY with the same funding requirements..
Velocity’s Elite Rewards rates do not apply to either the Regular Certificate or IRA Certificate promotion.
As stated in Velocity’s Agreements and Disclosures, the Early Withdrawal Penalty reads as follows:
For Certificate Accounts having a term of five years or greater, the
penalty imposed will equal 365 days of dividends on the amount withdrawn.
Many thanks to DA reader, cumulus, for his Forum post about this limited-time offering.
Availability
Headquartered in Austin, Texas, Velocity Credit Union’s field of membership includes virtually any U.S. Citizen or Resident Alien, 18 years or older.
Easy Membership: Joining the Paramount Theatre Association (PTA), with a $10 contribution, qualifies for Velocity membership eligibility. Velocity’s online application includes an option to join the PTA as you apply for Velocity membership.
Residency: Individuals who live or work in the Texas counties of Bastrop, Caldwell, Hays, Travis, and Williamson, or within a 10-mile radius of any Velocity branch or ATM are also eligible.
Employment/Organization Affiliation: Individuals who are part of one of more than 100 sponsoring employers and organizations also qualify for membership.
Relationship: Family members of current Velocity members are eligible to join.
For complete membership details, please refer to Velocity Membership and Eligibility page.
Joining Velocity Credit Union and/or opening the 5-year Regular Certificate promotion can be done online, or at any of six Texas branches located in Austin (4), Cedar Park, and Round Rock.
Credit Union Overview
Velocity Credit Union (NCUA Charter # 68359) has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 5.19% (excellent) based on June 30, 2016 data. In the past year, Velocity Credit Union has increased its total deposits by $57.69 million, an excellent annual growth rate of 9.01%. Please refer to our financial overview of Velocity Credit Union for more details.
Originally chartered in 1947 as the Austin Municipal Federal Credit Union, the Credit Union’s mission was to serve the City of Austin's employees. In 1988, the Credit Union changed from a federal charter to a state charter and became the Austin Metropolitan Financial Credit Union. The re-brand to Velocity Credit Union occurred in 2003 when a more open field of membership was adopted. Velocity is currently the 24th largest credit union in Texas, with more than 81,900 members and assets in excess of $836 million.
How the Certificate Compares
When compared to the 172 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, Velocity Credit Union's 5-Year Regular Certificate APY currently ranks in the top six.
The above rates are accurate as of 10/20/2016.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.
