Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Overview / Commentary
434-237-1566 ext. 217
6320 Logans Ln
Lynchburg, VA 24502

Beacon Credit Union is headquartered in Lynchburg and is the 40th largest credit union in the state of Virginia. It is also the 1,380th largest credit union in the nation. It was established in 1939 and as of December of 2013, it had grown to 56 employees and 21,918 members. Beacon Credit Union's savings rates are 4X the national average, and it boasts a A+ health rating.

Field of Membership Restrictions

Anyone is eligible who opens a Regular Savings Account with $25 or more. - See Details

Reviews (1)

The Home Of High Interest Checking

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.



Health

Data for Q4 2013

Institution Health

A+

Texas Ratio

GRADE:
A+

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 December 31, 2013 Beacon Credit Union had $472,000 in non-current loans and owned real-estate with $12.62 million in equity and loan loss allowances on hand to cover it. This gives Beacon Credit Union a Texas Ratio of 3.74% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A

The Texas Ratio for Beacon Credit Union decreased dramatically from 6.14% as of December 31, 2012 to 3.74% as of December 31, 2013, resulting in a positive change of 39.10%.This indicates that the balance sheet and financial strength for Beacon Credit Union has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Beacon Credit Union has increased its total deposits by $15.78 million, resulting in 19.09% 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

GRADE:
A

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 $111.97 million in assets with $12.62 million in equity, resulting in a capitalization level of 11.27%, which is excellent.

Institution Statistics

Overall
NCUA #66965
Year Chartered1939
Employees56
Primary Regulator
Assets and Liabilities
Assets$111.97 million
Loans$88.31 million
Deposits$98.46 million
Equity Capital$12.07 million
Loan Loss Allowance$550,000
Unbacked Noncurrent Loans$472,000
Real Estate Owned$0
Historic Data - December 2012
Assets$92.45 million
Equity Capital$9.27 million
Loan Loss Allowance$532,000
Unbacked Noncurrent Loans$472,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin6.44%
Return on Assets0.92%
Return on Equity8.52%
Interest Income$5.95 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Beacon Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Beacon Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
2.01%-$5kKirby Account
0.95%--IRA
0.95%--Roth IRA
0.95%--Coverdell Education IRA
0.40%$100k-Tiered Savings
0.15%$200-Regular Share
0.15%--Christmas Club
0.15%--Vacation Club

Beacon Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.45%$50k-Horizon Money Market

Beacon Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
5.05%-$2,500Choice Plus Checking
0.10%--Choice Plus Checking
0.10%$200-Preferred Checking

Beacon Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.20%$500-60 Month Share Certificate
0.90%$500-48 Month Share Certificate
0.60%$500-36 Month Share Certificate
0.55%$500-24 Month Share Certificate
0.50%$500-18 Month Share Certificate
0.40%$500-12 Month Share Certificate
0.35%$500-12 Month Bump Share Certificate
0.25%$500-6 Month Share Certificate
Locations


Beacon Credit Union Locations
Branch Office155 Amelon SqMadison Heights, VA 24572-6259
Branch Office404 Anderson StGlasgow, VA 24555
Branch Office2293 Magnolia AveBuena Vista, VA 24416
Branch Office1013 Mountain View Heights RdBig Island, VA 24526
Branch Office19029 Forest RdLynchburg, VA 24502
Branch Office3320 Riverside DrDanville, VA 24541
Branch Office6320 Logans LnLynchburg, VA 24502
Branch Office1901 Goodyear BlvdDanville, VA 24541
Branch Office107 Leroy Bowen DrLynchburg, VA 24502