Established in 1934 by eight visionary leaders as DPS Credit Union, Westerra Credit Union, as it is now being called, offers competitive IRA rates to its members. The IRA rates offered, accurate as of August 17, 2010, are as follows:
- 3 months – 0.30%APY
- 6 months – 0.55%APY
- 12 months – 0.80%APY
- 24 months – 1.30%APY
- 36 months – 1.55%APY
- 48 months – 2.10%APY
- 60 months – 2.45%APY
The minimum balance required for the above terms or period of investment is $500 with rates computed daily and paid monthly. Note that you will be penalized if you make an early withdrawal. In addition, once the IRA investment matures, it may be renewed automatically for the same term and at the current rate.
The Denver, Colorado based credit union also offers a CD Special, a 5-Year CD at 2.30%APY with 3 options:
- Move the funds at any time to any Westerra CD at the current rate without any penalties. Only up to a minimum of 12 month term is allowed;
- Take advantage of changing market rates by switching to a shorter term CD at any time; and
- Keep the CD to full maturity at the rate provided, which is 2.30%APY.
Westerra Credit Union IRA are separately insured up to the maximum of $250,000.