Truliant Federal Credit Union is a member-owned financial institution with a long history of serving its community. They offer a variety of financial products, including certificates of deposit, also known as CDs.
CDs are savings accounts that offer a fixed interest rate for a specific period of time, called a term. They’re a great way to grow your savings while keeping your money safe and secure.
In this article, we’ll explore Truliant CD rates, terms, and other features to help you decide if they’re the right choice for you.
Understanding Truliant Federal Credit Union
Truliant Federal Credit Union offers members a range of financial services beyond just CDs, including checking and savings accounts, loans, mortgages, and investment options.
One of the great things about joining a credit union is that you become a member-owner. Because credit unions are not-for-profit institutions, they can often offer better interest rates and lower fees than traditional banks. Also, credit unions tend to be very community-focused.
Truliant has a good reputation for customer service, and its member satisfaction rates are high. The credit union model puts member satisfaction at the forefront, as happy members are key to the success of any credit union.
Exploring Truliant CD Rate Options
If you’re considering a certificate of deposit (CD) at Truliant Federal Credit Union, it’s smart to explore the different options available to you. Here’s what you should consider:
Standard CD Rates and Terms
Truliant, like most credit unions and banks, offers a range of CD terms, from short-term options to those that mature in five years or longer. You’ll typically see terms like 6-month, 1-year, 3-year, and 5-year CDs.
In general, longer terms offer higher interest rates. However, it’s essential to check with Truliant for their current rates because market conditions can cause those rates to fluctuate.
Special CD Offers and Promotions
It’s not uncommon for financial institutions to offer promotional or special CD rates from time to time. These limited-time offers may include higher-than-usual rates or even rate bumps for larger deposits. Check with Truliant to see if they’re running any special promotions right now.
Jumbo CD Rates
Jumbo CDs are certificates of deposit that require a higher minimum deposit, often $100,000 or more. Because of the larger deposit size, these CDs sometimes offer higher interest rates than standard CDs. Check with Truliant to confirm whether they offer Jumbo CDs and what their current rates are.
What affects Truliant’s CD rates?
CD rates aren’t just numbers pulled out of thin air. Several factors influence what Truliant Federal Credit Union offers its members.
First, the overall interest rate environment plays a huge role. The Federal Reserve’s policies and benchmark interest rates set the tone for the entire market. When the Fed raises rates, you’ll typically see CD rates climb across the board, including at Truliant.
Truliant’s own financial health and the competitive landscape matter, too. To attract deposits and stay competitive with other banks and credit unions in the region, Truliant adjusts its rates accordingly. If they need more deposits, they might offer higher rates to entice savers.
Finally, inflation expectations also have an impact. When people expect inflation to rise, CD rates tend to follow suit. Lenders want to ensure they’re earning a real return on their investments, so they demand higher rates to compensate for the expected loss of purchasing power.
Benefits and risks of investing in Truliant CDs
Like any investment, Truliant CDs come with a set of potential advantages and disadvantages.
Advantages of Truliant CDs
- Safety and security. CDs are among the safest investments because they’re insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC insures deposits up to $250,000 per depositor, per insured bank.
- Predictable interest rates. With a CD, you’re guaranteed a fixed interest rate for the entire term, which means you’re protected if interest rates happen to fall.
- Higher returns. CDs typically offer higher interest rates than traditional savings accounts.
Potential drawbacks of Truliant CDs
- Penalty for early withdrawal. If you need to access your money before the CD matures, you’ll likely have to pay a penalty, which could eat into your earned interest.
- Inflation risk. If the inflation rate rises above the interest rate on your CD, your investment could lose purchasing power.
- Opportunity cost. When you lock up your money in a CD, you can’t use it for other investments that might offer higher returns. You also won’t be able to access the funds for other purposes during the CD term.
How to Open a Truliant CD
To open a CD with Truliant, you’ll first need to become a member of the credit union. This usually involves opening a savings account with a small deposit.
When you open the CD, you’ll need to meet the minimum deposit requirement, which can vary depending on the specific CD term. You’ll also need to provide standard documentation, such as a photo ID and proof of your current address.
Truliant typically offers a few ways to open a CD. You can apply online, visit a branch in person, or sometimes even open an account over the phone.
Finally, keep in mind what happens when your CD reaches maturity. Truliant will likely notify you beforehand and give you options for renewing the CD, withdrawing the funds, or transferring them to another account.
In Summary
Truliant CDs offer a safe and predictable way to grow your savings. With fixed interest rates, they can potentially offer higher returns than some other savings options.
Before you invest, it’s important to think about your own financial goals and how much risk you’re comfortable taking. Consider whether a CD fits with your short-term or long-term savings plans.
Check Truliant’s current CD rates and talk with a financial advisor to help you make the best decision for your individual circumstances.