Envision Credit Union Ups Long-Term CD Rates

I wrote about the 36-month and 48-month CDs offered by Envision Credit Union (Envision CU) about seven weeks ago. Since that time, the rates have been increased by 16 and 20 bps, respectively, with a total of 46 bps added to both CDs over the past six months.

The 36-month CD (1.16% APY) and 48-month CD (1.36% APY) are currently the most competitive CDs in the product line. The minimum opening deposit is $500, with no stated balance cap.

Both CDs are also available as IRA CDs (Traditional, Roth), earning the same APYs with the same deposit requirements.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:

Terms of 36 [months] or longer 182 days’ interest

The mild 182-day EWP increases the CDs’ competitiveness. If/when rates begin to rise, a mild EWP is useful should an excellent rate opportunity arise. Using DA’s Early Withdrawal Penalty Calculator, you can see what the effective yields would be on a month-by-month basis, showing that closing these CDs early would be comparable to a shorter-term CD held to maturity. For example, three effective APYs of the 48-month CD closed early are provided below:

• 0.67% APY – closed at 1 year
• 1.02% APY – closed at 2 years
• 1.14% APY – closed at 3 years

According to CSR, partial withdrawals are allowed, with the EWP applying to the amount being withdrawn.

Funding and Maturing Funds Distribution

While online funding is available as part of the online application process, CSR stated that “electronic funding is limited to $5,000.00.” CSR also said an internal transfer from an Envision savings account is an easy way to fund a new CD, particularly since Envision participates in the CO-OP Shared Branch network. You have eight days in which to fund a CD, following the acceptance of the application.

Maturing funds can be distributed by check to the address on file or transferred to an Envision savings/checking account. There is a seven day grace period following the maturity date before the CD automatically renews.

Availability

Headquartered in Tallahassee, Florida, Envision Credit Union’s field of membership (FOM) is community-based, with individuals who live or work in the Florida counties of Bay, Calhoun, Franklin, Gadsden, Holmes, Jackson, Jefferson, Leon, Liberty, Okaloosa, Wakulla, Walton or Washington, or the Georgia counties of Brooks, Decatur, Grady, Mitchell, or Thomas, eligible to join.

Immediate family members of a current Envision CU member are also eligible to join.

Joining Envision CU and/or opening a CD can be done online or at any of nine Florida branches located in Chattahoochee, Marianna, Quincy, and Tallahassee (6), or three Georgia branches located in Bainbridge and Thomasville (2). Appointments are available and can be scheduled by calling 850.942.9000.

Opening a Member Share savings account with a $5 minimum deposit establishes a new Envision CU account.

Envision CU participates in both the CO-OP Shared Branch and ATM networks.

Credit Union Overview

Envision Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.28% (excellent) based on September 30, 2021 data. In the past year, Envision CU has increased its total non-brokered deposits by $75.48 million, an excellent annual growth rate of 12.39%. Please refer to our financial overview of Envision Credit Union (NCUA # 67329) for more details.

Envision Credit Union is currently the 29^th largest credit union headquartered in Florida, with nearly 58,000 members and assets in excess of $789 million. Established by ten Leon County teachers, the original Leon County Teachers Credit Union was run out of Miss Lora Lewis’ Leon High classroom during the week and in her kitchen on Saturdays. In nearly 70 years of operation, there have been many changes:

• January 1954 – Leon County Teacher Credit Union founded
• September 1979 – LCTCU becomes North Florida Education Credit Union
• January 2001 – NFECU becomes Envision Credit Union
• February 2016 – FOCUS Credit Union merges into Envision CU
• August 2017 – Rose City Federal Credit Union merges into Envision CU

What began as a modest attempt to match the savings needs of some members to the borrowing needs of other members has become a full-service financial institution serving more than 55,000 members at twelve locations, and around the world via the Internet. That's a long way from Ms. Lewis' kitchen and a cigar box. By providing access through personal computers and mobile devices, we now have as many "branches" as there are members.

How the CDs Compare

When compared to 224 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in within the FOM, Envision Credit Union’s 36-Month CD APY currently ranks first.

When compared to 187 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in within the FOM, Envision Credit Union’s 48-Month CD APY currently ranks first.

The above information and rates are accurate as of 1/8/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.