LOMBARD, Ill. - August 19, 2022 - (Newswire.com)
Credit Union 1—a leading financial institution with branches across Illinois, Indiana, and Nevada, and serving members nationwide—recently announced the launch of a limited-time 44-month share certificate with special one-time cash bonuses for qualifying deposits. Credit Union 1's share certificates are similar to certificates of deposit (CDs) offered by banks. New and existing members of Credit Union 1 can lock in a rate of 3.00% APY and will be eligible for a one-time bonus of up to $500 based on the size of their deposit. The bonus is only applicable to share certificates opened with new money.
"Share certificates and CDs are a safe, low-risk way to save money, which is more important in this financial climate than ever. As The Federal Reserve continues to raise interest rates, the dividends share certificates pay are better than ever, meaning it is an excellent time to lock in a strong rate to watch personal savings grow year over year," says Todd Gunderson, President and CEO of Credit Union 1. "One of the ongoing benefits of membership with Credit Union 1 is access to special offers like this—we are continually developing new banking and loan solutions to help our members meet their unique financial goals."
New and existing members who open a 44-month share certificate with new money will be eligible for a bonus of up to $500. Members who deposit between $100,000-$249,000 of new money will be eligible for a bonus of $250, and those who deposit $250,000 or more of new money will be eligible for a bonus of $500. New money is defined as money not on deposit with Credit Union 1 within the last 12 months and transferred in from a different financial institution. Money withdrawn from Credit Union 1, then redeposited within a 12-month period from the date of withdrawal, will not qualify as new money.
Credit Union 1's 44-month share certificate launched Aug. 15, 2022, and is expected to run through Sept. 30, 2022. Those interested can sign up for this special offer in-person by visiting a local CU1 branch, over the phone by calling 800.252.6950, or online at www.creditunion1.org/special-44-cd.
About Credit Union 1
Credit Union 1 is celebrating 65 years of helping members reach their financial goals. CU1 is a member-owned, not-for-profit financial cooperative serving 85,000 members across 14 branches located in Illinois, Indiana, and Nevada. CU1 also serves members nationwide thanks to a highly rated mobile app, 30,000 surcharge-free ATMs, and 5,000 shared-branch locations. CU1's mission is to exceed our members' expectations by delivering innovative financial solutions to help achieve their maximum economic potential. In 2021, CU1 provided $9.9 million in direct financial benefits to members through lower loan rates, high savings rates, and fewer fees than banking institutions.
Media Contact
Sarah Ryan-Lizee, Director of Communications
Program Details
APY= Annual Percentage Yield. The dividend rates and annual percentage yields are accurate as of the last dividend declaration date. If you require current rate information, please contact us. Dividends are paid on the last day of the month to accountholders who have maintained the Minimum Balance to Earn Dividends as provided by Program type and compounded monthly. Fees could reduce earnings on the account. Rates are subject to change without notice. The rate may change after the account is opened.
Special 44-Month Share Certificate with a one-time Bonus Payment is a limited-time offer and may be canceled at any time without notice. There is a $1,000 minimum balance to open and earn dividends. There is a $100,000 minimum deposit balance to earn the one-time Bonus Payment. The Special 44-Month Share Certificate with one-time Bonus Payment will automatically renew when it reaches maturity. The renewal term will be for a 48-Month Share Certificate at Credit Union 1's then-offered rates and will not have a Bonus Payment associated with the renewal. You will have a 10-day grace period where you may transfer the money to another Share Certificate or withdraw your money without penalty. You will receive advance notification when your share certificate is maturing.
To be eligible to open the Special 44-Month Share Certificate and receive the one-time Bonus Payment, you must meet the following eligibility criteria:
Less than $99,999 deposited| Not Eligible for Bonus Payment.
$100,000 - $249,999 deposited | $250 one-time Bonus Payment.
$250,000 and over deposited| $500 one-time Bonus Payment.
Must be opened with "New Money". "New Money" is defined as money not on deposit with Credit Union 1 within the last 12 months and transferred in from a different financial institution - no Credit Union 1 to Credit Union 1 balance transfers allowed at any time. Money withdrawn from Credit Union 1, then redeposited within a 12-month period from the date of withdrawal will not qualify as "New Money".
All accounts you have with Credit Union 1 must be in good standing at the time the Special 44-Month Share Certificate with one-time Bonus Payment is opened.
Limitations: You are limited to receive only one (1) Bonus Payment no matter how many Special 44-Month Share Certificates you open. The one-time Bonus Payment will be paid by deposit into your CU1 Primary Savings account within 30 days of meeting all the eligibility criteria. The one-time Bonus Payment is considered interest and will be reported on a 1099-INT. The Special 44-Month Share Certificate with one-time Bonus Payment offering may be canceled at any time without notice.
Account Closure: If the Special 44-Month Share Certificate with one-time Bonus Payment is closed by the member or by the credit union before the maturity date, there is an early withdrawal penalty, and the one-time Bonus Payment shall be forfeited. At early withdrawal/termination, the credit union will deduct the early withdrawal penalty and the one-time Bonus Payment amount, which may reduce the amount of principal you receive at that time. We may impose a penalty if you withdraw funds from your account before the maturity date. The early withdrawal penalty for the 44-month share certificate is 270 days' dividends as well as the Bonus Payment amount, if any.
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Original Source: Credit Union 1 Launches Limited-Time 44-Month Share Certificate With Bonus Incentive as Current Interest Rates Benefit Savings-Minded Consumers
