Average User Rating:
4 star rating based on 1 review.

Beacon Credit Union

6320 Logans Lane
Lynchburg, VA 24502
434-237-1566 ext. 217
www.mybcu.org

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Beacon Credit Union is headquartered in Lynchburg and is the 46^th largest credit union in the state of Virginia. It is also the 1,598^th largest credit union in the nation. It was established in 1939 and as of September of 2011, it had grown to 46 employees and 18,325 members. Beacon Credit Union's savings rates are 4X the national average, and it boasts a 5-star health rating.

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See Rates for: Checking | Savings | Money Market | CD

Beacon Credit Union Checking Account Rates

Apy	Min	Max	Product
5.05%	-	$2,500	Choice Plus Checking
0.15%	$200	-	Preferred Checking

Beacon Credit Union Savings Account Rates

Apy	Min	Max	Product
2.02%	-	-	Kirby Account
1.21%	-	-	IRA
1.21%	-	-	Roth IRA
1.21%	-	-	Coverdell Education IRA
0.45%	$100k	-	Tiered Savings
0.20%	$200	-	Regular Share
0.20%	-	-	Christmas Club
0.20%	-	-	Vacation Club

Beacon Credit Union Money Market Rates

	Apy	Min	Max	Product
	0.60%	$50k	-	Horizon Money Market

Beacon Credit Union CD Rates

Apy	Min	Max	Product
1.50%	$500	-	60 Month Share Certificate
1.25%	$500	-	48 Month Share Certificate
1.15%	$500	-	36 Month Share Certificate
1.01%	$500	-	24 Month Share Certificate
0.80%	$500	-	18 Month Share Certificate
0.70%	$500	-	12 Month Share Certificate
0.60%	$500	-	12 Month Bump Share Certificate
0.55%	$500	-	6 Month Share Certificate

Rates updated: 2/10/2012

Data for Q3 2011

Institution Statistics

BEACON CREDIT UNION, INCORPORATED
NCUA #	66965
BankRate Report	View
Year Established	1939
Employees	46
Primary Regulator
Assets and Liabilities
Assets	$83.54 million
Loans	$62.95 million
Deposits	$75.07 million
Equity Capital	$7.91 million
Loan Loss Allowance	$518,000
Unbacked Noncurrent Loans	$310,000
Historic Data - September 2010
Assets	$77.32 million
Equity Capital	$7.09 million
Loan Loss Allowance	$547,000
Unbacked Noncurrent Loans	$487,000
Profit Margin - Quarterly
Net Interest Margin	5.48%
Return on Assets	0.98%
Return on Equity	10.37%
Interest Income	$3.73 million
Non-Interest Income	$1.26 million

Institution Health

Overall Score:

5 out of 5

Texas Ratio
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2011 Beacon Credit Union had $310,000 in non-current loans and owned real-estate with $8.43 million in equity and loan loss allowances on hand to cover it. This gives Beacon Credit Union a Texas Ratio of 3.68% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Beacon Credit Union decreased significantly from 6.38% as of September 30, 2010 to 3.68% as of September 30, 2011, resulting in a positive change of 42.32%.This indicates that the balance sheet and financial strength for Beacon Credit Union has improved significantly in recent periods.
Deposit Growth
In the past year, Beacon Credit Union has increased its total deposits by $5.55 million, resulting in 7.98% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Beacon Credit Union has shown is excellent.
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Beacon Credit Union has $83.54 million in assets with $8.43 million in equity, resulting in a capitalization level of 10.09%, which is above average.

The Home Of High Interest Checking
4 stars

- hokie - Monday, November 14, 2011 - 12:15 PM

When you hear about high interest checking accounts you're normally waiting for the other shoe to drop. There's usually a catch like enormously high deposit requirements or unreasonable penalties if you don't meet the monthly requirements.

I found a checking account at a credit union in my town that offers a big rate with small requirements and they are probably one of the best kept secrets around. I was suprised that I didn't have to give up any of my debit card or online banking services to go with a credit union versus a big bank.

I can recommend Beacon if you live in their service area.