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High CD Rates and a Money Market Account Bonus at Firstmark CU in Texas - Easy Membership

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Firstmark Credit Union
Update 2/12/09: The CD rates have fallen. Please check the credit union's website for the latest rates.

Firstmark Credit Union is offering several competitive certificate rates. The best is a promotional 8-month CD with rates of 3.20% APY for a $500 minimum, 3.35% APY for a $50K minimum and 3.45% APY for a $100K minimum. The regular 2-year CD is also competitive with rates of 3.55% APY for a $500 minimum, 3.60% APY for a $50K minimum and 3.65% APY for a $100K minimum. These rates are listed in the credit union's CD rate table as of 1/26/09.

The credit union also is listing a $25 bonus for opening its money market checking account through its website. The promotion is listed on the credit union's home page and in this promotional page as of 1/26/09. A minimum initial deposit of $2,000 is required. The money market checking page makes it appear that there are no monthly service charges regardless of balance. However, it appears interest is only earned for balances over $2K. The rates are fairly competitive for a brick-and-mortar institution: 2% APY for $2K-$10K, 2.15% APY $10K-$25K, 2.40% APY $25K-$75K and 2.65% APY $75K+. These rates are listed in the money market rate table as of 1/26/09.

The credit union's eChecking also appears to be a competitive product. It has no minimum balance requirements and earns a decent rate for a checking account (1.50% APY for $1K minimum as of 1/26/09).

Credit union membership is open to members of The Friends of the Park Foundation. Here's what is stated in the credit union's Membership Qualifications Page:
You may join Firstmark Credit Union by becoming a member of The Friends of the Park Foundation. Firstmark Credit Union will pay your first-year membership fee directly to the Foundation; you are not required to renew your Friends of the Park membership.

Those who live, work, worship or attend school in Bexar County, Texas are eligible without this Foundation. Please refer to the Membership Qualifications Page for the full details. Membership requires a balance of $5 in the regular share savings account.

The credit union has an online membership and account application that's provided by Andera. In the first page of the application, select "Other Eligible Groups" and then select "If not otherwise eligible", and the above information on The Friends of the Park Foundation is listed.

The second page of the application allows you to select the accounts that you want to open. You can select most of the CDs including the 8-month promotional CDs. However, the application doesn't allow you to select the Jumbo CDs. At the top of the page, it states that "The maximum to fund accounts online is $100,000. If you would like to invest more than $100,000 please inquire about our Jumbo CD's by calling us at 210-442-0100 or 800-683-1211." More details are provided in the application FAQ page.

Branches are located in San Antonio, Texas.

The credit union has mixed ratings for soundness: 4 stars (excellent) at BauerFinancial and 2 stars (below peer group) at Bankrate.com. Both ratings are based on 9/30/08 financial data. The credit union is federally insured by the NCUA (Charter # 62509).
  Tags: money market accounts, CD rates, IRA rates, Texas, checking account, Firstmark Credit Union

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Comments
2 comments.
Comment #1 by Mandy (anonymous) posted on
Mandy
Navy Federal Credit Union is currently offering these specials. I included the minimum purchase amounts. Dividends are calculated daily and paid monthly.


Special EasyStart Certificate****
(Share, IRA and ESA) $100 1 year 4.00% Monthly


6-Months Money Market Certificate
(Share and IRA) $2,500 6 Months
(26 weeks) 3.25% Monthly


6-Months Money Market Certificate
(Share and IRA) $10,000 6 Months
(26 weeks) 3.50% Monthly


Special 30-Month IRA/ESA $15,000 30 Months 4.60% Monthly

2
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. I posted on this Navy Federal deal in this Saturday post. These CD specials are also listed in my weekly rate summary. Unfortunately, Navy Federal is not easy to join if you don't have a military connection.

2