Texas Dow Employees Credit Union is offering several competitive CD rates. Another nice aspect is that Jumbo CDs earn a 0.25% APY above standard CD APY. A $100K deposit qualifies as a Jumbo. It seems like it's harder to find institutions rewarding Jumbo CDs by that much these days. The standard CDs have a $1,000 minimum deposit. Some of the best standard CD rates as listed at the credit union's rates page as of 11/19/2010 include:
- 3.00% APY 5-year CD
- 2.45% APY 4-year CD
- 2.20% APY 3-year CD
- 1.75% APY 2-year CD
- 1.20% APY 1-year CD
Adding in the extra 0.25% for the Jumbo rates, makes all of the above CD rates very competitive.
As a comparison to internet banks on 11/19/2010, the best 5-year CD rate is 2.60% APY at Acacia Federal Savings Bank, and the best 3-year CD rate is 2.05% APY at Bank of Internet USA. For credit unions with easy membership, the best 5-year and 3-year CD rates are 3.03% APY and 2.27% APY at Melrose Credit Union.
I couldn't find many details on the website regarding the credit union's membership eligibility. The only place I found it mentioned was on the first page of the online account application. At the bottom, you have to select your eligibility field of membership. Some of the options include:
- 10 mile radius Houston branch
- 10 mile radius LaPorte branch
- 10 mile radius Pearland branch
- 10 mile radius Texas City branch
There's also a long list of employers and organizations. It appears they're trying to broaden their reach beyond Dow Employees. As you can see on their website, the name TDECU is mostly used. Before applying, it would be a good idea to contact the credit union to ensure you are eligible.
The credit union has an overall health score at DepositAccounts.com of 3 out of 5 with a Texas Ratio of 18.22% (excellent) based on June 2010 data. It's a large credit union with $1.56 billion in assets and $1.16 billion in deposits. Please refer to our financial overview of Texas Dow Employees Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 60705).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.