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:
- Cedar Rapids,
- Cedar Falls,
- Des Moines,
- Omaha, Nebraska,
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.
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.
|CD Term||APY||Jumbo APY|
|9 month Special||4.00%||4.20%|
|12 month Special||4.65%||4.75%|
|15 month Special||4.40%||4.50%|
|18 month Bump CD||3.75%||3.85%|
|30 month Bump CD||3.25%||3.35%|
|41 month Bump CD||3.35%||3.45%|
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 You can elect to have the interest payments withdrawn without penalty if you choose.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:
|CD Term||Early Withdrawal Penalty|
|12 months or less||90-day dividends penalty|
|greater than 12 mos and less than 48 mos||180-day dividends penalty|
|48 months or greater||365-day dividends penalty|
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:
- 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.