Blaze Credit Union CD rates of August 2024
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BLUEPRINT
Updated 9:13 p.m. UTC June 17, 2024
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Most of Blaze Credit Union’s certificates are underwhelming in this high-yield world, though you can earn a good rate on its 12-month term, which can become a key rung in a CD ladder plan.
Spire Credit Union merged with Hiway Credit Union in January 2024 and has been rebranded as Blaze Credit Union.
Account details and annual percentage yields (APYs) are accurate as of June 17, 2024.
About Blaze Credit Union certificates
Blaze Credit Union offers three types of certificates: regular, premium and jumbo. Each has a different minimum deposit requirement; though the more you put down, the more you can earn.
The regular certificates have the lowest threshold — a $500 minimum deposit — which applies for eight term options that run from three to 60 months. This wide range means you’ve got short- and long-term possibilities to fit whatever your savings goals might be. Its yields range from 3.15% to 4.90% APY.
For the Blaze Credit Union Premium certificates, you’ll need a minimum deposit of $10,000, which is a bit of a jump. The term lengths are the same as the regular certificates, but the rates on the Premium certificates are elevated by 0.10 percentage points — ranging from 3.25% to 5.00% APY.
If you’re interested in depositing at least $100,000, the best rates are found in the Blaze Credit Union Jumbo certificates. The 5.20% APY on its 12-month term may be a great incentive. There are three term length options to choose from for its Jumbo certificates: 12, 24 and 36 months.
You can use our CD calculator to see exactly how much you can earn.
| OVERVIEW | |
|---|---|
Minimum deposit
| $500, $10,000 or $100,000
|
Term lengths
| 3, 6, 12, 18, 24, 36, 48, 60 months
|
Compounding schedule
| Quarterly
|
Early withdrawal penalty
|
|
Grace period for penalty-free withdrawals after maturity
| 10 days
|
How Blaze Credit Union certificate rates compare
Blaze offers some competitive rates, but doesn’t top the market. You can find the best CD rates here. See how Blaze’s certificates compare to Navy Federal Credit Union standard certificates and USAA Standard Fixed certificates of deposit.
How to get a Blaze Credit Union certificate
As a credit union, Blaze requires you to be a member before you can take advantage of its banking products.
Anyone in the country could join by first joining the Inspireation Foundation, a nonprofit committed to promoting financial literacy. Other ways to join include living, working or otherwise doing business in select cities in Minnesota or Wisconsin; or working for a select employer group.
To apply for membership, you’ll fill out an application that requires personal information such as your name, date of birth, address and Social Security number.
After your application is approved, you are ready to open a certificate! Choose the type of certificate and desired term on the website and click to follow through.
Other products Blaze Credit Union offers
Blaze is a full-service financial institution, offering most common banking products:
- Checking accounts.
- Savings accounts.
- Retirement savings.
- Money market account.
- Home loans.
- Personal loans.
- Auto loans.
- Business banking accounts.
Blaze Credit Union review
Spire Credit Union opened in 1934 and has since opened branches across Minnesota and Wisconsin. Although these are the only brick-and-mortar locations, Spire offers online banking and has approved ATMs across the United States. Its mobile app is highly rated, having earned a 4.7 star rating on Google Play and 4.8 in iOs.
If you are looking for a place you can trust, it is highly rated. Forbes named Spire “Best in State Credit Union” for Minnesota and it is BBB Accredited with an A+ rating.
In 2024 Spire merged with Hiway Credit Union, another Minnesota-based credit union. The two rebranded as Blaze Credit Union.
Credit Union CDs vs. bank CDs: Is there a difference?
Certificates offered by both credit unions and banks essentially function the same way: You make a deposit for a predetermined amount of time and receive interest. The main differences lie in ownership structure and terminology.
Credit unions are owned by the members, which changes how the money is viewed. Instead of being a deposit, the money counts as partial, shared ownership of the credit union. For this reason, they are simply called certificates instead of certificates of deposit. Correspondingly, the yield earned is called dividends instead of interest.
Because credit unions are not-for-profit, they typically offer higher rates than banks as well. The National Credit Union Administration reported that the national average yield offered by credit unions on certificates was 0.80 percentage points higher than the national average for banks in Q3 2023.
Frequently asked questions (FAQs)
Blaze’s regular certificate yields range from 3.15% to 4.90% APY.
Deposits at Blaze are guaranteed by the National Credit Union Share Insurance Fund, up to $250,000.
Credit union certificate yields are often higher than bank CD rates. However, credit unions require that you qualify for membership.
Blaze Credit Union currently has an “A+” grade from the Better Business Bureau.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
