Security Service Federal Credit Union continues to offer several competitive CD and IRA CD rates. The top rate is now 3.50% APY for a 7-year term and a $100K minimum deposit. The following is a few of the top CD rates as listed in the credit union's rate sheet as of 1/19/2011:
- 3.50% APY 7-year CD, $100K min
- 3.00% APY 5-year CD, $100K min
- 2.35% APY 3-year CD, $100K min
- 1.25% APY 15-month CD, $100K min
Rates are slightly lower for smaller deposits. For a $500 minimum deposit, the rates are 15 basis points lower than the rates listed above. These rates are available for both CDs and IRA CDs.
For more details about these CDs, please refer to the credit union's truth in savings disclosure and search for "share certificate". In this section, the early withdrawal penalties are described. Unlike Nationwide Bank's disclosure that I reviewed yesterday, Security Service FCU's early withdrawal penalties are not straight forward. There is one sentence that states "You may not make withdrawals of principal from your account before maturity." However, it also lists early withdrawal penalties. The penalties can vary as described below:
If your account has an original maturity of more than one year, but less than five years: We may impose a penalty of all dividends earned not to exceed 180 days with a minimum of 60 days dividends, whether earned or not.
If your account has an original maturity of five years or more: We may impose a penalty of all dividends earned not to exceed 360 days with a minimum of 90 days dividends, whether earned or not.
Changes at Security Service FCU
My last post on this credit union was in August, and during that time the credit union has made some changes. First, the credit union's website has been redone. Second, it has expanded by acquiring credit unions that were liquidated by the NCUA. These include Norbel Credit Union in Fort Collins, Colorado and Beehive Credit Union in Salt Lake, Utah. Security Service FCU is growing into a very large credit union. It currently has $5.95 billion in assets.
One thing that hasn't changed much is the membership requirements. Membership is still pretty much limited to parts of Texas and Colorado.
Credit union membership is open to those who live, work or worship in Central Texas counties of Atascosa, Medina, Uvalde or South Bexar in addition to other areas. In South Texas the eligible counties include Aransas, Cameron, Hidalgo, Nueces and San Patricio. In Colorado the eligible counties include El Paso, Pueblo and Denver.
There are several groups which can also qualify you for membership including the UT at San Antonio Alumni Association and the FiftyPlus Club.
Please refer to the credit union's membership page for the full details. Membership requires a $5 minimum deposit into a share savings account.
Branches are located in several Texas cities including Brownsville, McAllen, Corpus Christi and San Antonio. Branches are also located in several Colorado cities including Colorado Springs, Denver, Aurora, Fountain and Pueblo.
Credit Union Overview
The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 13.78% (excellent) based on September 2010 data. Please refer to our financial overview of Security Service Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 11065).
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.