Expedition Credit Union, based in Minnesota, is now offering a competitive 15-Month CD Special with a notable 5.51% APY.
This special is available to both new and existing depositors, with a minimum deposit of $2,500.
The unique aspect of this offer is that it doesn’t exclusively require new money, allowing greater flexibility for members to invest.
Expedition Credit Union Offer
The 15-Month CD Special sets itself apart with a high APY of 5.51%.
It doesn’t impose a maximum deposit limit, making it an attractive option for a wide range of savers.
Unlike many CD products that restrict funding to new deposits, this CD Special accepts both new and existing funds.
However, it’s important to note that this CD does not feature a bump-up option, which is present in other FlexRate CDs offered by Expedition Credit Union.
Rate last updated January 18, 2024.
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Key features of the 15-Month CD Special include:
- Early Withdrawal Penalty: 120 days’ interest for terms of 13 to 24 months.
- Partial Withdrawals: Allowed, but penalties may reduce the principal if insufficient interest has been earned.
- Excess Share Insurance: In addition to NCUA insurance, members receive additional private insurance through the Excess Share Insurance Corporation (ESI), ensuring combined coverage of at least $500,000.
Availability and Account Opening
Joining Expedition Credit Union is accessible to almost any U.S. citizen or resident alien. Membership can be initiated with a $5 donation to the Expedition Foundation.
Additionally, individuals with certain geographic, employment, or educational affiliations in Minnesota also qualify for membership.
Family members of current Expedition Credit Union members are also eligible to join.
Account opening for the 15-Month CD Special can be done by using the chat feature on their website, visiting a local branch, or calling their customer service.
Funding and Other Details
The 15-Month CD Special can be funded through various methods including ACH, wire transfer, check, or internal transfer. Dividends are compounded and credited quarterly, and members can choose how they receive their interest payments. At maturity, funds can be transferred, wired, or sent as a cashier’s check. The CD offers a 7-day grace period before automatic renewal.
Credit Union Overview
Despite a decline in non-brokered deposits, the credit union maintains a strong financial position.
It is the 29th largest credit union in Minnesota, with a rich history dating back to 1957, initially serving the MEA Teachers Union.
The recent rebranding to Expedition Credit Union reflects its diverse and growing membership base.
Our Take on the Offer
Expedition Credit Union’s 15-Month CD Special is an excellent choice for those seeking high returns with moderate commitment.
The flexibility in funding and the additional insurance coverage make it a secure and attractive option for a wide range of investors.
Its competitive APY, combined with the credit union’s overall financial health and easy membership requirements, positions this CD Special as a top contender in the current market for short to medium-term investments.