People's Trust FCU is offering competitive rates on its 12-month CD. Yields range from 2.04% APY for a $1,000 minimum deposit to 2.12% APY for a $100,000 minimum deposit. The same rates are available as both regular CDs and IRA CDs. These rates are listed in the credit union's rate tables as of 9/16/2009.
The credit union continues to offer a special 5-5-5 Term Share Certificate as of 9/16/09. It's a 5-month CD with a 5.00% APY with a minimum of $500. The only problem is that it has a $5,000 maximum deposit. Refer to my June 2008 post on this special for more details. This alone may not make joining the credit union worthwhile, but if you join to open the 12-month CD, you might also want to take advantage of this 5-5-5 CD.
Credit union membership is open to members of the People's Trust Foundation which appears to be open to anyone. The foundation membership costs $5. More details are described in the credit union's How-to-Join Page. You can be eligible to join the credit union without joining the foundation if you live or work within the Houston city limits. Employees of Shell and other Select Employee Groups can also qualify for membership.
If you don't live near a branch, you can join by mail, but it requires that you notarize the membership application. Refer to the credit union's Who-Can-Join Page for more details. Credit union membership requires a minimum $5 deposit in the savings account.
Branches are located in Houston, TX.
The credit union's ratings for safety and soundness are mixed: 4 stars (excellent) at BauerFinancial (based on 6/30/09 data) and 2 stars (below peer group) at Bankrate.com (based on 3/31/09 data). The credit union is federally insured by the NCUA (Charter # 177).
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