GreenState Credit Union, headquartered in North Liberty, Iowa, and founded in 1938 is one of the largest credit unions in the Midwest, with roughly 400,000 members and over $10 billion in assets.
GreenState has 33 branch locations in Iowa and nearby counties in Illinois, Wisconsin, Nebraska and South Dakota.
Despite their regional presence, they offer a number of competitive CDs (certificates of deposit) to consumers nationwide – either by joining their credit union directly or opening an account via the SaveBetter platform.
The easiest way to join is if you currently have relatives who are members. You are also eligible if you are a University of Iowa student, staff or alumni.
For everyone else that has no connection to the region but still wants to open a CD with GreenState Credit Union, you’ll have to join their partner organization American Consumer Counsel or Iowa Consumer Council.
The cost of joining either of those organizations is $8.00. You can also get a lifetime membership for $15.00 or a business membership for $79.00.
To see if GreenState Credit Union and their CD rates are right for you, continue reading our review below.
GreenState Credit Union CD Rates and Account Details
GreenState Credit Union offers standard CDs (certificates of deposit) with terms ranging from 3 months to 60 months and 3 special CDs with higher yields and oddball terms of 15, 23 and 38 months.
Their standard CDs require a minimum deposit of just $500 and their specials require a minimum deposit of $1,000, with their best yield requiring a $100,000 minimum deposit.
GreenState Credit Union is a member of the NCUA (FDIC equivalent for credit unions) and all deposits held with them are federally insured up to $250,000 per depositor.
Special CD Rates
| CD Term | APY |
| 14 months | 5.35% |
| 15 months ($100,000 minimum) | 5.45% |
| 49 months | 4.50% |
To put these yields into perspective, the national average for 12 month and 36 month CDs sit at 1.76% and 1.41%, respectively, according to FDIC data and top yields from online banks are hitting the 5.50% APY and 4.50% APY mark for the same respective yields.
Standard CD Rates
GreenState’s standard CD rates are much less competitive and only require a $500 minimum deposit.
| CD Term | APY |
| 3 – 6 months | 0.20% |
| 7 – 12 months | 0.30% |
| 13 – 24 months | 0.40% |
| 25 – 36 months | 0.60% |
| 37 – 38 months | 0.60% |
| 49 – 60 months | 0.75% |
Both the CD specials and the standard CDs are available as stand alone deposit accounts or as IRA CDs (Traditional, Roth, and SEP IRAs).
If opening them within a retirement account, the minimum deposit requirement for GreenState’s standard CDs drops down to just $100. The Special CDs can also be opened in an IRA but still require their $1,000 minimum deposit requirement.
Compounding and Crediting Interest
Although it’s not stated on their website, GreenState Credit Union compounds and credits interest quarterly on all CDs.
The interest goes back into the CD unless you request it to be deposited into another GreenState checking or savings account. This is an ideal option for those that plan on using interest payments for living expenses.
[The above information was provided by a GreenState Digital Specialist via their live chat system.]
Grace Period and Early Withdrawal Fees
Upon the maturity of your GreenState Credit Union CD, you will have 10 calendar day grace period in which you can close out the CD or modify it anyway. If nothing is done during this period your CD will automatically renew with the same term as your expired CD and the going APY at that time.
When you first open your CD with GreenState, there is also an option to have the CD funds automatically transferred into another GreenState checking or savings account upon maturity so you don’t have to keep track of the maturity date.
If you need access to the funds in your CD prior to its maturity you will face an early withdrawal fee.
The early withdrawal fee is as follows:
- If your CD is 12 months or greater, you will have to pay 12 month’s interest.
- If the CD is less than 12 months, you’ll pay the interest for however many months the CD was for (ex: early withdrawal penalty for 6 month CD is 6 month’s interest)
[The above information was provided by a GreenState Digital Specialist via their live chat system.]
How to Open a CD
Unfortunately, GreenState Credit Union CDs can not be opened online at this time. You must either stop by a local branch (locate them here) or give them a call at (844) 300-5810 to get started.
High Yield Savings Account
If you’re looking for an FDIC-insured savings account where you can access your cash at any time, then you may want to take a look at GreenState’s High Yield Savings Account available through SaveBetter.
SaveBetter is a fintech company that has partnered with a number of FDIC-insured banks and NCUA-insured credit unions to help them bring banking products online and to make them easily accessible to consumers throughout the country.
GreenState Credit Union has partnered with SaveBetter to offer a high yield savings account. The account comes with a minimum deposit requirement of just $1.00 to open and has no fees of any kind.
| Minimum to Open | APY |
| $1.00 | 5.16% |
This is a highly competitive rate, however it’s variable and can change at any time and without notice.
To put this yield into perspective, the current national average for a money market account and a savings account sit at just 0.62% and 0.43%, respectively, according to FDIC data with top yields around the 5.00% APY mark.
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