Veridian Credit Union Offerings

Goals

Obtain information on the financial products offered by Veridian Credit Union to determine relevant information such as the return on investment that can be generated for every $1 million dollars held on deposit.

Early Findings

Veridian Credit Union Offerings - Interest Rates

  • Based on the actual interest rate listed for 12 months for certificate of deposits (CD), the return on investment of capital held at Veridian is 1.25% annually. With this, Veridian can provide around $12,500 in revenue for every $1 million held on a CD for a year.
  • For the member equity savings product, the return on the amount deposited is 0.15% annually. A $50.00 minimum balance is required to earn interest.
  • With this, Veridian can provide around $1,500 in revenue for every $1 million deposited in the member equity savings account for a year.
  • For the HSA savings product, the return on the amount deposited is 0.75% annually. A $50.00 minimum balance is required to earn interest.
  • With this, Veridian can provide around $7,500 in revenue for every $1 million deposited in the HSA savings account for a year.
  • For the HSA checking/share draft product, the return on the amount deposited is 0.05% annually. There is no minimum balance required to earn interest.
  • With this, Veridian can provide around $500 in revenue for every $1 million deposited in the HSA checking/share draft account for a year.
  • For the U.B.U. Teen Savings product, the return on the amount deposited is 0.15% annually. There is a minimum balance of $5 that is required to earn interest.
  • With this, Veridian can provide around $1,500 in revenue for every $1 million deposited in the U.B.U. Teen Savings account for a year.
  • For the IRA Savings product, the return on the amount deposited is 0.25% annually. There is a minimum balance of $50 that is required to earn interest.
  • With this, Veridian can provide around $2,500 in revenue for every $1 million deposited in the IRA Savings account for a year.
  • For the checking product, the return on the amount deposited is 0.05% annually. There is no minimum balance required to earn interest.
  • With this, Veridian can provide around $500 in revenue for every $1 million deposited in the checking account for a year.
  • For the Holiday Club product, the return on the amount deposited is 0.15% annually. A $50.00 minimum balance is required to earn interest.
  • With this, Veridian can provide around $1,500 in revenue for every $1 million deposited in the Holiday Club account for a year.


Summary of Findings

Our one hour of research provided the interest amount and interest rates for Veridian's savings, checking, and certificate of deposit (CD) products that can be gained for every $1 million dollars held on deposit for a year using the calculator tool on its website.

Proposed next steps:

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