Valley National Bank, based out of Wayne, New Jersey, is a regional bank with over 200 locations in New York, New Jersey, Florida and Alabama. The bank claims that it has never had a losing quarter since their founding in 1927 despite many challenging economic periods in the last ~100 years or so.

Today, the bank offers a number of FDIC-insured deposit accounts that come with respectable yields for savers.

They offer 7 CDs (certificates of deposit) with terms ranging from 91 days to 36 months that can be opened online by consumers in all 50 states.

If you’d like a longer term CD, you’ll have to stop by a local branch to see those rates and/or open that account. They offer CDs with terms up to 5 years for local residents, but not online.

To see if Valley Bank’s CD rates are right for you, continue reading our review below.

Valley Bank CD Rates + Account Details

All of Valley Bank’s CDs come with a minimum deposit requirement of $500 and are federally insured by the FDIC up to the applicable limits.

They also impose a maximum deposit allowance of $500,000 if opening the CD online. They allow deposits up to $1m if opened in a branch.

CD Rates

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at just 1.36% and 1.26% APY, respectively, according to FDIC data.

That said, there are a number of online banks and credit unions offering yields near the 5.00% and 4.50% APY mark for the same respective terms following the Fed’s most recent rate hike of 0.25% on February 1st.

The 36 month variable rate CD comes with a rate that can change at any time without notice to the account holder. Generally speaking however, variable rate deposit accounts (whether it be CDs, money market accounts or online savings accounts) tend to rise and fall with the interest rate environment as a whole.

Compounding and Crediting Interest

Unlike many CD rates offered from online banks who compound interest daily, Valley Bank only compounds interest on a quarterly basis. Interest payments are also credited to the account quarterly.

Grace Period and Early Withdrawal Fees

Prior to your CD’s maturity, Valley Bank will send you a notification to let you know.

Upon the maturity of your Valley Bank CD, you will be given a 10 calendar-day grace period in which you may modify your CD or close it out without incurring any early withdrawal fee.

If nothing is done during this grace period, your Valley Bank CD will automatically renew with the same term and the going APY at that time.

If you need funds from your CD prior to its maturity you will face an early withdrawal fee.

Valley Bank does not post the fees on their website, so you’ll need to give them a call at 800-522-4100 to get this information.

Open and Fund the CD

As mentioned, the 7 CDs with oddball maturities listed here can all be opened online by consumers in 50 states with up to $500,000. If you’d like to deposit more than that, you will have to stop by a local branch (find locations here) in Alabama, Florida, New Jersey or New York.

Here’s what you’ll need to apply for an online CD:

• Social Security Number
• Valid state ID, driver’s license or passport
• Physical residential address within the United States

The application process is fairly straightforward and should be able to be completed in minutes if you have the appropriate information handy. We should note that once you start the application you will only have 20 minutes to complete it or your session will timeout due to inactivity. The application will automatically save though, so you can pick up where you left off if you need more time.

Here’s what you’ll need to fund your online CD:

• Current bank or credit union’s routing number
• Account number in which the funds will be drawn from to fund your Valley Bank CD

Veridian Credit Union, based out of Waterloo, Iowa is the 48th largest credit union in the country with over 300,000 members and more than $5 billion in assets.

They have just 31 branches (and 3 separate ATMs) mostly in Iowa with 3 branches in Omaha, Nebraska. Most of their branches can be found in the following cities:

• Ankeny,
• Cedar Rapids,
• Cedar Falls,
• Coralville,
• Des Moines,
• Omaha, Nebraska,
• Waterloo,
• Waverly

Despite their small regional footprint, they offer fairly competitive CDs (certificates of deposit) that can be opened by anyone online in all 50 states.

If you don’t live near a local branch or have a family member that is currently a member, you can still join the credit union by also joining the Habitat for Humanity and making a $5.00 donation.

You’ll also need to open and maintain a share account with at least $5.00 in it in order to open any CD.

Both of these requirements can be completed during the CD application process.

To see if Veridian Credit Union and their CDs are right for you continue reading our review below.

Veridian Credit Union CD Rates + Account Details

Veridian Credit Union offers 4 types of CD accounts. These are:

• CD Specials – Terms of 9, 12 and 15 months
• Standard CDs – Terms ranging from 7 to 39 months.
• Bump Up CDs – Terms of 18, 30 and 41 months which allow for one rate hike during the CD’s lifespan.
• Jumbo CDs – Which include all of the aforementioned types of CDs listed above but with a $100,000 minimum deposit requirement.

CD Rates

Veridian Credit Union is member NCUA (FDIC equivalent for credit unions) and all deposits are federally insured up to $250,000 per depositor.

Jumbo CDs require a minimum deposit of $100,000.

To put these yields into perspective, the national average for 12 month and 60 month CDs sits at just 1.36% and 1.26% APY, respectively, according to FDIC data.

That said, there are now a number of banks and credit unions offering 5.00% and 4.50% APY on the same respective terms following the Fed’s latest rate hike in the beginning of February.

Compounding and Crediting Interest

Interest is both compounded and credited to your account quarterly. You can elect to have the interest payments withdrawn without penalty if you choose. This is ideal for those living off of interest dividends.

Grace Period and Early Withdrawal Fees

Upon the maturity of any Veridian Credit Union CD, you will be given a 10 day grace period in which you may close out your CD or modify it in any way. If nothing is done during this 10 day window, your CD will automatically renew into a new standard CD with the same term and going APY at that time.

If you need access to the funds in your CD prior to its maturity you will incur an early withdrawal fee.

Please note that Veridian Credit Union does not disclose this penalty fee online nor do they have a Truth-in-Savings disclosure form available to view.

That said, standard withdrawal penalties from most banks and credit unions tend to be the following:

How to Open and Fund a CD

As noted, opening and funding Veridian Credit Union CDs can be done online. You can get started here and click “Open a CD Online.”

To complete the process you’ll need to following personal information readily available:

• email
• phone
• home address
• social security number
• driver’s license, passport or state issued ID.

If you’re going to make a transfer from another bank or credit union, you’ll need:

• your current bank or credit union’s routing number
• your account number

📌 Please Note: While Veridian Credit Union does not pull your credit score, you will need to lift any credit freezes that you may have with TransUnion in order to open your CD.

Bellco Credit Union, based out of Greenwood Village, Colorado has some noteworthy CD (certificate of deposit) rates at the moment – most notably a 17 month CD yielding 5.00% APY (annual percentage yield).

Bellco Credit Union is the largest credit union in the Denver area, the 2nd largest credit union in Colorado and the 48th largest credit union in the country by assets with over $6.5 billion from their 340,000 members across the country.

They have 28 branches throughout Colorado, however, their CDs can be opened by nearly anyone in the country who is a legal resident or citizen over the age of 18.

If you don’t live in Colorado but are interested in one of Bellco Credit Union’s CD rates, you can still open the deposit account and join the credit union online. There is a one-time $5.00 membership fee and a $5.00 share deposit account that you’re required to open and maintain as your ‘share’ in the credit union.

To see if Bellco Credit Union and their CDs are right for you, continue reading our review below.

Bellco Credit Union CD Rates + Account Details

Bellco Credit Union’s CDs are insured by the NCUA which is the FDIC equivalent for credit unions. Bellco offers 6 types of CDs to their members. These are:

1. Traditional CDs – These come with terms ranging from 3 months to 5 years.
2. Smart Move CDs – These come with a higher minimum deposit requirement, a one-time rate bump, a one-time additional deposit allowance and a one-time withdrawal allowance.
3. Jumbo CDs – These come with a $100k minimum and only feature 6 and 12 month terms.
4. Youth CD – These come with a $50 minimum and a 12 month term only. Must be under 24 years old.
5. HSA CD – You can invest a portion of your HSA. Terms from 12 months to 5 years.
6. IRA CD – CDs for your Traditional or ROTH IRA.

Traditional CD Rates

Traditional CDs require a minimum deposit of $500 to open. They can be opened online or in a local branch.

To give these yields some context, the current national average for a 12 month and a 60 month CD sit at 1.36% and 1.26% APY, respectively, according to FDIC data.

Smart Move CD Rates

Smart Move CDs require a minimum deposit of $2,500 to open.

You’ll be allowed one rate bump if rates rise during your term, plus a one-time cash addition of $100 or more, as well as a one-time withdrawal from the account as long as $1,000 balance is left.

Jumbo CD Rates

Jumbo CDs require a minimum deposit of at least $100,000 to open.

Youth CD Rates

Youth CDs require a minimum deposit of just $50 and you must be 24 years old or younger to open the account.

HSA CD Rates

HSA CDs can be opened with funds from your HSA (Health Savings Account). They require a minimum deposit of $500 to open.

IRA CD Rates

IRA CDs can be opened within your Traditional IRA or Roth IRA and require a minimum deposit of $500 to open.

Compounding and Crediting Interest

Interest on all Bellco Credit Union CDs is compounded monthly and credited back to the account on the last day of each month.

Grace Period and Early Withdrawal Fees

Upon the maturity of your Bellco CD, you will have 10 days in which you may close out the CD or modify it in any way. If nothing is done during this 10 day grace period your CD will automatically renew with the same term and the going APY at that time.

If you need the funds in your CD prior to its maturity you will face an early withdrawal fee. The fee structure is as follows:

You can read more in Bellco Credit Union’s Truth in Savings Disclosure Form here.

Opening and Funding your Bellco CD

Opening and funding a Bellco Credit Union CD can be done completely online and obtaining membership in the credit union can be completed during the process of applying for your CD.

Here’s the personal information you’ll need to expedite the process:

• E-mail address,
• Phone number
• Mobile phone with a camera to capture photo ID images and take a selfie
• Driver’s license, passport or state issued ID
• Social Security number
• Current Employment Information (including occupation)

If funding your CD from an outside bank or credit union, you’ll need the following information:

• Current bank or credit union’s routing number.
• Current bank account number where funds will be transferred from to fund the CD.