While we wouldn’t suggest opening a long term deposit this year, if you’ve already made up your mind – there’s nothing we can do but suggest the best option available.
One of today’s most impressive 5 year CDs comes from Minnesota-based Wings Financial CU. They are offering a 5 year CD with an annual percentage yield of 2.22%. To put this offer in perspective the best 5 year deposits from our database of online banks yields just shy of 1.80% APY and the national average for bank deposits with this term are 1.40% APY. Although Wings Financial Credit Union’s CD rates have dipped over the years (check out this 12 month CD from our archive) they still remain very competitive in today’s deposit market.
Wings Financial is a relatively large credit union opening their arms to customers both inside and out of Minnesota. Since their inception in 1938, Wings Financial has grown to become the 30th largest credit union in the US by asset size and with just 300+ employees they have over 200,000 members. They control a little over $3 billion in consumer deposits and service a little over $1 billion in loans.
More CD Rates from Wings Financial:
Below is a snapshot of Wings Financial Credit Union’s current CD rates. These rates are accurate as of July, 2012.
Visit WingsFinancial.com for updated rates, terms and conditions.
Before we compiled this review of Wings FCU’s deposit rates, we scoured the web for complaints/reviews of consumers who have had experience with WFCU and have found that, for the most part, they have a somewhat unfavorable rating.
For their savings products, the complaints seem to be isolated incidents that were eventually resolved. Most of these complaints revolved a long response time from customer service agents when customers were attempting to move funds. The loan side of their banking operations had a worse report card. Most of the complaints came a few years ago and revolved around shady loan practices – pulling credit scores multiple times, misleading closing costs, and unresponsive loan offers.
Who can join?
Throughout the last decade Wings Financial has been far less stringent on their membership eligibility. Even though they are based out of St. Paul, Minnesota, today they have customers in both Minnesota and the greater Seattle, Washington area. If you are eligible to join (visit WingsFinancial.com for a complete check-list) you’ll need to open a share savings account in conjunction with any of their deposit offerings. You’ll only need to fund this account with a minimum of $5 though.
If you have experience in banking with Wings Financial Credit Union, please share by leaving a comment!