Spokane Teachers Credit Union (STCU) is a bank and credit union founded in 1934 and serving the Washington and Idaho area. STCU originally began with a small clientele with just $4,000 in assets and now holds millions and millions over thousands of customers over 20 locations. Although the service was originally meant just for teachers and other educators, now everyone who lives in an eligible location can become a customer of STCU.
STCU offers short term 6-12 month CDs starting at 0.25% APY with a small $500 deposit. STCU offers CDs for a wide range of months and deposit amounts. APY rates range from 0.25% and go all the way up to 1.00% for a 60-month certificate. All in all, STCUs rates are nothing too special, but they are solid and reliable, offering some of the more common combinations of rates and time frames.
However, STCU does allow you to add between 25$ to $5,000 in your accounts every month, which is a fairly unique feature as far as certificates of deposit go. Most other banks will not allow you to deposit extra amounts after your initial deposit so this is a great consumer feature.
STCU also has its own version of a Jumbo certificate. The jumbo certificate has a $98,000 minimum opening deposit and a 0.35% APY over 1-3 months. This is rather high rates for any kind of CD, even a jumbo one, so it is a great option. But, it is very expensive to fund this account so it won’t be an option for many people. The main unique feature of the jumbo CD is how quickly it grows for such a short time period.
All CD accounts also have early withdrawal penalties. If you withdraw from a regular CD before the maturation date the penalty amounts to 3 or 6 months of simple interest on the principal for six to twelve months and all other kinds of certificates, respectively. The jumbo CD also has an early withdrawal penalty which amounts to all dividends paid on the amount.
Overall, STCUs rates are not special, but they have enough unique features to make it worth it. The fact that you can top off your CD with extra deposits is a great feature that incentivizes further savings and ultimately helps you end up with more money at the end of the target date.
The jumbo CD is also a great idea if you have a lot of cash on hand and want to grow it quickly. Again, 0.30% interest is not very high all things considered, but it is very high for a 1-3 month CD.
One last option STCU offers is the bump-rate certificate. This special certificate gives you the option to raise your rate once every 18 months. This special certificate starts at a rather high 0.70% APY rate but also has a higher $2,000 initial investment. It is a good option for someone who wants a non-traditional variable rate CD.