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Competitive Long-Term CD Rates at University FCU in Texas - Easy Membership

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University Federal Credit Union

University Federal Credit Union continues to offer competitive long-term CDs and IRA CDs. The best CD rates are available for Web Certificates in which you open the CDs online. Minimum deposit is $2,500. For the IRA CDs, the best rates require a premium checking account. According to the account disclosure, the early withdrawal penalty for terms over 12 months is up to 6 months of interest. The following are some of the best rates listed in the credit union's certificate rates page as of 1/18/2011:

  • 2.60% APY 5-year Web CD & Premium IRA CD
  • 2.23% APY 4-year Web CD & Premium IRA CD
  • 2.01% APY 3-year Web CD & Premium IRA CD

As compared to internet banks on 1/18/2011, the best 5-year CD rate is 2.75% APY at Salem Five and the best 3-year CD rate is 2.00% APY at OneWest Bank. For credit unions with easy membership, the best 5-year CD rate is 2.93% APY at Melrose Credit Union and the best 3-year CD rate is 2.25% APY at Fort Knox FCU.

Early Saver Certificates

Another good deal at UFCU is for kids. It's a 12-month variable rate CD which currently has a 3.00% APY for balances up to $20K. Additional deposits can be made at any time and in any amount. When the member turns 18 the certificate will renew into the share savings account. Even though it's a variable rate, this 3.00% APY has held for quite a while. This CD is listed in the credit union's certificate rates page as of 1/18/2011.

Membership

There's a long list of employers, schools and associations in the credit union's membership page in which you can qualify for credit union membership. It also states in this page:

If you're unable to qualify for membership based on the above list, you can join the University of Texas Longhorn Foundation

The page has a link to the foundation's application. There's a one-time donation of $20.

The credit union has an online membership application that allows for electronic funding. A $5 minimum balance in the savings account is required for membership. Also, there's a one-time $1 fee.

Branches are located in the Texas cities of Austin, Round Rock and Galveston.

UFCU is a sizable credit union with over $1 billion in assets. It has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 5.21% (excellent) based on September 2010 data. Please see our financial overview of University Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 1367).

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.


  Tags: University Federal Credit Union, CD rates, Texas

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Comments
Comment #1 by Disappointed Texas-Ex (anonymous) posted on
Disappointed Texas-Ex
UFCU has inactivity fees, so beware.  They call them by the very doublespeak name "non-participation fees."  Banks have inactivity fees, but credit unions should not.

Despite it's name, UFCU does not act like a credit union.  They bought the naming rights to UT's Disch-Falk Field where the baseball team plays.  Credit Unions should not be buying naming rights to anything.  Those funds were profits that should have been returned to members as dividends.

A credit union with inactivity fees that buys stadium naming rights might as well be called a bank because they are not operating in the best interests of their members.

 

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