Veridian Credit Union rewards savers with big CD payday

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A Midwestern credit union isn’t shy about boosting rates for savers.

Veridian Credit Union recently bumped up its 15-month CD rate by 16 basis points (a basis point is one-hundredth of a percentage point). With a $1,000 minimum deposit, account holders can earn 1.76 percent APY.

The deal is pretty sweet. It’s 6 basis points higher than the 18-month CD rate offered by Popular Direct. And it’s perfect if you — like the experts — are preparing for additional Federal Reserve interest rate hikes.

Top nationally available 18-month CD rates
Institution APY Minimum deposit
Popular Direct 1.70% $10,000
M.Y. Safra Bank 1.67% $5,000
First Internet Bank of Indiana 1.66% $1,000
EverBank 1.66% $5,000
Northpointe Bank 1.60% $1,000

Joining the credit union is easy. Signing up for Dwolla — a digital payment system — is one way for anyone nationwide to become a member.

Once you have Dwolla, however, you won’t get much use out of it. According to Veridian’s website, Dwolla’s person-to-person payment feature for consumers was removed.

9-month CD special

Veridian’s 25-month CD special also is still available. But if you’re looking for an account with a shorter term, check out the 9-month CD offer.

It pays 1.51 percent APY. That’s more than 20 basis points higher than the best 9-month CD rates. The minimum deposit for the account is also $1,000.

See how it stacks up against other high-yield CDs. Then, calculate how much interest you could earn when your CD matures.

How to buy Veridian Credit Union CDs

You must become a Veridian member before you can purchase a CD. You’re also required to make a $5 minimum deposit into a savings account.

Besides those who register for Dwolla, membership is open to family and household members and Iowa residents with disabilities (under the Americans with Disabilities Act).

Membership is also available to residents and employees within the field of membership (six Nebraska counties and any county in Iowa).

Once you’re a Veridian member, you can open a CD online, over the phone or in one of the credit union’s 30 branches. Online applicants must:

  • Have a valid ID issued by the U.S. government
  • Have a Social Security number or an individual tax identification number
  • Have a bank account, debit card or credit card you can use to fund your account

Before submitting your application, take a close look at the account disclosures. Note that interest compounds quarterly (not daily).

Early withdrawals from 9-month and 15-month CDs are subject to penalties of 90 days’ interest and 180 days’ interest, respectively. In some cases, the penalty can apply to the principal.

About Veridian Credit Union

Veridian Credit Union is headquartered in Waterloo, Iowa. Deposits up to $250,000 are insured by the National Credit Union Administration.

The credit union earned four out of five stars on Bankrate’s latest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the United States.