Dedicated to Deposits: Deals, Data, and Discussion

5.92% 60-Month / 5.55% 12-Month CD at a Texas CU (Greater Texas FCU)

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Greater Texas Federal Credit Union has started a new promotion called the Summer Blockbuster in which you can receive a rate bump of 0.25% on all share certificates with a minimum deposit of $10,000 and a term of one year or longer. Their standard certificate rates range from 5.29% APY for a 1-year term to 5.65% APY for a 5-year term. With the rate bump, the special yields range from 5.55% APY for the 1-year term to 5.92% APY for the 5-year term. See site for the full list of yields and terms.

In addition to the rate bump, you can receive a free portable DVD player as part of the promotion. A low rate auto loan is also part of the promotion but it's not required for the 0.25% CD rate bump or the DVD player. This promotion is scheduled to run through September. However, the CD rates may vary, although they've been fairly constant since my last report in April.

One downside of these share certificates is a harsh early withdrawal penalty. When I contacted the credit union last year, I was told that the early withdrawal penalty equals the interest from half of the CD term for the amount of the principal withdrawn.

Field of membership includes residents of Bryan-College Station, Bastrop, East or Central Travis County or Central Hidalgo County areas. You can also be eligible to join via several Employer/Association groups and via immediate family. See site for details. Branches are located in Austin, Arlington, Bastrop, Bryan, College Station, Dallas, Edinburg, Houston and San Antonio.

The credit union is federally insured by the NCUA (Charter # 7590). It has $283.7 million in assets and 60,244 members.
  Tags: CD rates, Texas

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