In early July, University of Iowa Community Credit Union (UICCU) added three CD Specials with competitive, tiered APYs. Less than a month later, UICCU has raised the tiered rates on its shortest term CD Special (16-month) by a uniform 15 bps, while the rates on the 26-month and 35-month CD Specials remain constant.
The 16-month CD Special is also available as an IRA (Traditional, Roth, CESA, and SEP), earning the same tiered APYs and having the same funding requirements.
In a Live Chat, a CSR explained the Early Withdrawal Penalty.
Whatever amount you request as the early withdrawal amount, whether it is part of the balance or the entire balance, we calculate interest that would have accrued for 12 months on the amount requested and that is the penalty.
If there are fewer than 12 months remaining, it would be the interest that would have accrued for the remaining number of months on the requested amount you are withdrawing.
UICCU has a new rewards checking account, R2 Checking, which earns 2.50% APY on qualifying balances to $20k. More on the R2 Checking account in a separate blog post.
|2.50*%||-||$20k||University of Iowa Community Credit Union||R2 Checking|
|OTHER TIERS: 0.15% → $20k+|
Headquartered in North Liberty, University of Iowa Community Credit Union is currently the largest credit union in Iowa, and the 44th largest credit union in the country.
In addition to University of Iowa students, staff, and alumni, membership is open to individuals who live or work anywhere in Iowa or in the Illinois counties of Henry, Knox, Mercer, and Rock Island (Quad Cities area).
UICCU has recently expanded its field of membership (FOM) to include all of Iowa's 99 counties. Complete membership details are available on UICCU’s About Us page.
Joining UICCU and/or opening a CD Special can be done online, or in person at any of 16 Iowa branches located in Bettendorf, Cedar Falls (2), Cedar Rapids (2), Coralville, Grinnell, Hiawatha, Iowa City (3), Marion, North Liberty (2), Waterloo, and West Des Moines.
UICCU also participates in the Allpoint ATM Network, providing its members with free access to over 43,000 ATMs throughout the country.
Credit Union Overview
University of Iowa Community Credit Union has an overall health grade of "A" at EpBooks.us, with a Texas Ratio of 4.84% (excellent), based on March 31, 2017 data. In the past year, UICCU has increased its total non-brokered deposits by $325.38 million, an excellent annual growth rate of 13.19%. Please refer to our financial overview of University of Iowa Community Credit Union (NCUA Charter # 60269) for more details.
Established in 1938, University of Iowa Community Credit Union has grown into a vibrant organization with over $3.9 billion in assets and more than 152,800 members. With more than one million credit union members in Iowa, UICCU’s members for nearly 15% of that total. According to UICCU’s FaceBook page,
For the last five years we have been consistently ranked as one of the top financial institutions for returning profits to members, out of over 15,000 banks and credit unions nationwide. This measures how much a credit union returns its profits back to its members in the form of better rates and lower fees.
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by EpBooks.us that require a large minimum deposit and are available to Iowa residents, University of Iowa Community Credit Union’s 16-month CD Special APY currently ranks first and third.
When compared to the 290 similar length-of-term CDs tracked by EpBooks.us that require a similar minimum deposit and are available to Iowa residents, University of Iowa Community Credit Union’s 16-month CD Special APY currently ranks second.
The above rates are accurate as of 8/4/2017.