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CONSUMERS CU, 16Month Jumbo CD 1.85% APY interest. $100K Minimum deposit EASY MEMBERSHIP Required.
Also 16Month CD 1.60% APY, $250 minimum deposit.
Required $5 Savings Acct. (I applied 10/28/16. My 16Month Jumbo CD deposited in account today 11/3/16)

Moderator Comment: Thank you for your participation. Please note that there is also discussion about this topic Here. — Nov. 3, 2016 @ 12:27pm
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There have been reports that they hold your money in a low interest savings account for over a week before moving it to a CD. Can anyone confirm?

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In my case, I transferred $100K to Consumers CU by Shared Banking on Monday 10/31. Today 11/3, they opened the 1.85%, 16Month CD.
So Monday to Thursday without interest. Say, 3 days & interest on the 4th day.

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It is possible to avoid having your money on hold, in limbo, earning essentially zero interest.  However:

You must first speak with the right people and pre-arrange everything.  I did manage to avoid the problem, but I concede a measure of luck must have been involved.  This CU is somewhat messed up in that many of their customer contact people are not empowered to move funds onto which a hold has been placed.  At most financial institutions on-hold funds can be moved from account to account . . and the hold just moves with the funds.  But at CCU accomplishing that requires special arrangements to have been made.  Frankly, it's a little bit of a mess.

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shinobi1 said:   It is possible to avoid having your money on hold, in limbo, earning essentially zero interest.  However:

You must first speak with the right people and pre-arrange everything.  I did manage to avoid the problem, but I concede a measure of luck must have been involved.  This CU is somewhat messed up in that many of their customer contact people are not empowered to move funds onto which a hold has been placed.  At most financial institutions on-hold funds can be moved from account to account . . and the hold just moves with the funds.  But at CCU accomplishing that requires special arrangements to have been made.  Frankly, it's a little bit of a mess.

  Are there any other problems with this Cu we should be aware of? (difficulty getting money moved out at the end, etc) Are you saying that you took advantage of this specific offer already?

I tried using their online app to sign up but it was really screwed up. They listed .20% as the interest rate instead of this promo and then started throwing errors about the dollar amounts no matter what I entered.So if I do this I will probably just do it all by phone. All of these problems make me a little nervous...

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why not wait for interest rates to go even higher

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RagingBull said:   why not wait for interest rates to go even higher
  It is a gamble. This offer might end and you may not get a better one in the short term.
Opportunity cost: If the new offer comes in say a month from now, you lost the 1.85% interest for that month. Assuming the money is currently in some 1% savings account, the opportunity cost is 0.85%/12 =  0.071% for every month of delay.

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sfchris said:   
shinobi1 said:   It is possible to avoid having your money on hold, in limbo, earning essentially zero interest.  However:

You must first speak with the right people and pre-arrange everything.  I did manage to avoid the problem, but I concede a measure of luck must have been involved.  This CU is somewhat messed up in that many of their customer contact people are not empowered to move funds onto which a hold has been placed.  At most financial institutions on-hold funds can be moved from account to account . . and the hold just moves with the funds.  But at CCU accomplishing that requires special arrangements to have been made.  Frankly, it's a little bit of a mess.

  Are there any other problems with this Cu we should be aware of? (difficulty getting money moved out at the end, etc) Are you saying that you took advantage of this specific offer already?

I tried using their online app to sign up but it was really screwed up. They listed .20% as the interest rate instead of this promo and then started throwing errors about the dollar amounts no matter what I entered.So if I do this I will probably just do it all by phone. All of these problems make me a little nervous...

Really have no idea.  I'm a new member so have never had to withdraw funds.  I did change the default on my CD to where now, at maturity, it goes into my share savings.  As best I can recall I applied on line solely for membership, funding my $5 and the $5 joining fee with a CC.  Once I was in I sent a CD deposit in via snail mail, funding that with an old-fashioned paper check.  Ran into some wrinkles and hassles, but in the end it has worked out.  This is a good short term investment, and that's what I wanted  Figure if Mrs. Clinton wins next week interest rates will remain rather low.  If Mr. Trump wins he will stimulate the economy more than Mrs. Clinton would, which augers for higher interest rates.  But in the short term even Trump will not have a huge impact on rates.  Hence, I found this short term CD, at a darn good interest rate, a safe bet as a bridge.  

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fwuser12 said:   
RagingBull said:   why not wait for interest rates to go even higher
  It is a gamble. This offer might end and you may not get a better one in the short term.
Opportunity cost: If the new offer comes in say a month from now, you lost the 1.85% interest for that month. Assuming the money is currently in some 1% savings account, the opportunity cost is 0.85%/12 =  0.071% for every month of delay.

  As I have checked around & I see no other offer that compares 16Month CD 1.85%.  If a person cannot go for the Jumbo CD the regular 16Month CD 1.60% is as good as I see offered.

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sfchris said:   
shinobi1 said:   It is possible to avoid having your money on hold, in limbo, earning essentially zero interest.  However:

You must first speak with the right people and pre-arrange everything.  I did manage to avoid the problem, but I concede a measure of luck must have been involved.  This CU is somewhat messed up in that many of their customer contact people are not empowered to move funds onto which a hold has been placed.  At most financial institutions on-hold funds can be moved from account to account . . and the hold just moves with the funds.  But at CCU accomplishing that requires special arrangements to have been made.  Frankly, it's a little bit of a mess.

  Are there any other problems with this Cu we should be aware of? (difficulty getting money moved out at the end, etc) Are you saying that you took advantage of this specific offer already?

I tried using their online app to sign up but it was really screwed up. They listed .20% as the interest rate instead of this promo and then started throwing errors about the dollar amounts no matter what I entered.So if I do this I will probably just do it all by phone. All of these problems make me a little nervous...

  I agree!  Trying to use the online app did not work out for me.  SOLUTION, call an talk to a New Member Rep & have them open your app on the telephone.  I had to fax DL & 2 bill payment records.  Actually the process is pretty simple. 
​When the CD matures, I asked to have the funds transferred to the Savings acct, which I will ACH'ed over to Alliant CU.

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