Bellco Credit Union Certificates
APY Range
Minimum Deposit
Terms
Our Rating
CD Options, Rates And Conditions
Bellco Credit Union offers a compelling selection of certificates that cater to investors with diverse preferences. Their competitive rates and wide range of options make them an attractive choice for individuals looking to grow their investments.
One notable aspect of Bellco Credit Union's certificate offerings is the variety of choices available. They provide standard CDs, smart move CDs (which allow investors to increase their rate), youth CDs, and IRA CDs. This assortment caters to different investment goals and strategies.
Lastly, there is a low minimum deposit, and investments are NCUA protected with coverage of at least $250,000.
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Traditional CDs
The traditional CDs offered by Bellco Credit Union are straightforward and do not come with any special conditions. The CD rates are high for most terms, and the short term CD rates are among the highest compared to other banks.
With traditional CDs, you have the opportunity to invest a specific amount for a predetermined term, benefiting from fixed interest rates that remain consistent throughout the duration of your CD.
Upon maturity, certificate accounts at Bellco Credit Union undergo automatic renewal for an equal term. However, if you wish to withdraw funds from the account, you have a grace period of ten days after maturity to do so without incurring any early withdrawal penalties.
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Smart Move CDs (Bump-Up)
The Smart Move CD is a type of savings account that works similarly to how regular CDs work but with some extra benefits. Here's how it works in everyday language:
Minimum Starting Amount: To open a Smart Move CD, you need at least $2,500 as an initial deposit.
Bump-Up Option: During the term of your CD, you have the flexibility to “bump up” your interest rate once. This means that if the CD's interest rates increase while you have your money locked in, you can take advantage of the higher rate without penalties.
Additional Deposits: If you want to add more money to your Smart Move CD after opening it, you can make a one-time additional deposit of $100 or more. This allows you to boost your savings even further.
Withdrawal Flexibility: Unlike many CDs, the Smart Move CD allows you to make one withdrawal during the term without incurring any penalties. However, you need to maintain a minimum balance of $1,000 in the account after the withdrawal.
Smart Move CD Term | APY | 18 Months | 2.40% |
|---|---|
24 Months | 3.40% |
30 Months | 3.40% |
36 Months | 3.15% |
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Youth CDs
With a youth certificate of deposit, you can encourage your child to cultivate healthy financial habits and aspirations . Here are the key features simplified for everyday understanding:
Start with as little as $50 to open: You can begin the youth certificate of deposit with just $50, making it accessible and affordable for young savers.
Ability to add funds during the term of your CD: Unlike other savings options, this youth certificate of deposit allows you to contribute additional money to the account as you go along. This flexibility enables your child to grow their savings and take advantage of any extra funds they may have.
Available for members 24 years old and younger: The youth certificate of deposit is specifically designed for individuals who are 24 years old or younger. This means it is exclusively tailored to the needs and financial goals of young savers, providing them with a secure and age-appropriate savings option.
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IRA CDs
Bellco Credit Union offers a opportunity for individuals looking to enhance their retirement savings with an IRA CD.
Whether you're employed or self-employed, this option allows you to invest a portion of your Traditional or Roth IRA. One notable advantage is the ability to defer tax payments on Traditional IRA earnings, which can be beneficial for future withdrawals.
Moreover, the IRA CD provides higher interest rates compared to a conventional savings account, making it an appealing choice for those seeking to maximize their retirement funds.
Bellco CDs Early Withdrawal Penalty
Bellco Credit Union enforces a penalty for early withdrawal of the principal amount from your Certificate account prior to the maturity date. The penalty amount varies depending on the term of the certificate.
- If you have a certificate with a term of 3 months, the early withdrawal penalty will be calculated as 30 days' worth of interest on the withdrawn amount.
- For certificates with terms ranging from 6 to 36 months, the penalty will be equivalent to 90 days' worth of interest on the amount withdrawn.
- In the case of certificates with maturity dates exceeding 36 months and up to 60 months, the early withdrawal penalty increases to 180 days' worth of interest on the withdrawn amount.
Does Bellco Credit Union CD Rates Competitive?
The competitiveness of Bellco Credit Union's rates depends on the specific terms. For shorter durations like 6 months, the rates are highly competitive. However, for most other terms, the rates remain competitive but may not be among the highest nationwide.
When it comes to the variety of terms and minimum deposit requirements, Bellco Credit Union offers appealing options for investors. They provide a bump-up CD feature, potentially allowing investors to increase their interest rates during the term.
Additionally, Bellco Credit Union offers a rare benefit of allowing the first withdrawal for free, which is uncommon among other banks and credit unions. These unique features make Bellco Credit Union an attractive choice for investors seeking flexibility and favorable terms.
To compare the rates in detail, please refer to the following table:
CD APY Range | Minimum Deposit | |
|---|---|---|
Bellco Credit Union | 2.75% – 4.75% | $500 |
Mountain America Credit Union | 4.20% – 5.25% | $500 |
Marcus | 3.90% – 5.15% | $500 |
Barclays Bank | 0.10% – 4.85% | $0 |
Quontic Bank | 4.30% – 5.05% | $500 |
PenFed Credit Union | 2.00% – 4.35% | $1,000 |
Alliant Credit Union | 5.10% – 4.98% | $1,000 |
Sallie Mae | 5.10% – 5.20% | $2,500 |
Bread Financial | 4.25% – 4.75% | $1,500 |
Capital One | 3.90% – 5.00% | $0 |
Discover Bank | 2.00% – 5.10% | $2,500 |
CIT Bank | 0.30% – 3.50% | $1,000 |
Ally Bank | 3.00% – 4.85% | $0 |
Citi Bank | 0.05% – 4.65% | $500 |
Connexus Credit Union | 3.51% – 4.85% | $5,000 |
Merrick Bank | 4.20 – 5.25% | $25,000 |
BMO Harris | 0.05% – 4.50% | $1,000 |
Synchrony Bank | UP TO 5.15 % | $0 |
Alliant Credit Union | 5.10% – 4.98% | $1,000 |
Lafayette Federal Credit Union | 4.00% – 5.05% | $500 |
TD Bank | 1.00% – 5.00% | $250 |
Navy Federal | 4.85% | $1,000 |
LendingClub | 4.00% – 5.20% | $2,500 |
How To Join Bellco Credit Union?
There are four straightforward ways to become a member of Bellco Credit Union.
Firstly, if you live or work in specific areas such as Adams County, Arapahoe County, Boulder County, and others mentioned, you automatically qualify for membership.
Secondly, if you have a family member who is already a Bellco member, whether through blood, marriage, or adoption, you are eligible to join.
Thirdly, if you are employed by a Bellco Select Employee Group (SEG) company or have a family member affiliated with these companies, you are automatically eligible for membership.
Finally, Colorado residents can join Consumers United Association (CUA) to become eligible for Bellco membership, while individuals outside of Colorado can become eligible by joining the Bellco Foundation.
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About Bellco Credit Union
Bellco Credit Union, established in 1936, boasts a substantial membership base of over 360,000 individuals and assets exceeding $7.7 billion. The credit union's headquarters are situated in Greenwood Village, CO.
Offering comprehensive financial services, Bellco provides a wide range of options, including checking accounts, credit cards, auto loans, and trust accounts. Notably, Bellco holds the distinction of being the largest credit union in Denver and the second largest in the entire state of Colorado.
With a strong presence, Bellco operates 28 branches across the state, ensuring convenient access to its services for customers throughout Colorado.
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How We Rate Certificates of Deposits: Our Methodology
The Smart Investor team has thoroughly examined certificate of deposit (CD) offerings from various banks, considering multiple factors to provide a comprehensive evaluation. Here's how we rated them across four key categories:
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CD Rates (50%): We meticulously analyzed the interest rates offered by each bank on their certificate of deposit (CD) products. Higher ratings were awarded to banks offering competitive rates that provide maximum returns for customers' investments. Factors such as the yield curve, current market conditions, and consistency of rates were considered to assess the attractiveness of each bank's CD rates.
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CD Features (30%): This category evaluated the features associated with each bank's certificate of deposit offerings. Factors considered include the variety of terms available, early withdrawal penalties, minimum deposit requirements, and any additional features or benefits. Higher ratings were given to banks offering a diverse range of CD terms, reasonable early withdrawal fees, and flexible options to meet customers' investment needs.
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Customer Experience (10%): A positive customer experience is paramount, even when investing in CDs. We assessed each bank's performance in this area, considering factors such as the ease of opening a CD account, the responsiveness of customer service, and overall user satisfaction. Higher ratings were assigned to banks with efficient account opening processes, helpful customer support, and a track record of satisfying customers.
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Bank Reputation (10%): The reputation of a bank is a critical consideration when investing in CDs. We evaluated each bank's reputation based on factors such as financial stability, regulatory compliance, and public perception. Higher ratings were given to banks with a solid reputation for reliability and trustworthiness, ensuring customers' investments are safe and secure.
By considering these categories and assigning appropriate weights to each, our review aims to provide valuable insights to help individuals make informed decisions when investing in certificate of deposits.
