Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Firstmark Credit Union1.85%$100k-5 Year Jumbo CD
Firstmark Credit Union1.80%$50k-5 Year Super CD
Firstmark Credit Union1.75%$500-5 Year Regular CD
Accounts mentioned in this post. Rates as of July 31, 2014

Top 5-Year CD Rates at Firstmark Credit Union in San Antonio - Easy Membership

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Update 1/24/13: Firstmark Credit Union no longer permits, as a basis for membership, the joining of Friends of the San Antonio Parks.

Firstmark Credit Union is offering very competitive rates on its 5-year CD. The credit union provides three rate tiers: Jumbo CDs with $100K minimum deposit, Super CDs with a $50K minimum and Regular CDs with a $500 minimum. The Jumbo 5-year CD has a 2.85% APY, the Super has a 2.80% APY and the Regular has a 2.75% APY. The credit union also offers a special Step-Up 5-year CD with rates that are 25 basis points lower than above. These rates are listed in the credit union's deposit rates page as of 9/22/2011.

According to the credit union's step-up CD page, "60 month allows a total of three step-ups". Minimum deposit is $10,000.

The early withdrawal penalty for all 5-year CDs is harsh. As described in the credit union's CD page, the early withdrawal penalty for the 5-year CD "equals 365 days interest, whether earned or not."

Online Application and Easy Eligibility

At first glance, Firstmark appears to be primarily limited to residents in the San Antonio area. However, the last line of the credit union's membership qualifications page states "Other eligible persons". If you click "open an account" button, it'll take you to a page where you can select "become a member". That takes you to the application eligibility page. If you select "Other Eligible Groups" and "none of the above", and then select "next", it will display the following:

You are eligible to 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.

Bingo! That sounds like everyone is eligible to me.

On the next page of the application, it states that IRAs, minor accounts, and business account must be opened at one of their branches. Once you review the disclosures and select "next", it'll take you to the account selection page. All of the CDs can be selected including the Jumbo CDs and the special CDs.

That is as far as I went in the application. If you go all the way through, please leave a comment if all went well or if you experienced any complications or limitations. Sometimes these online applications have limitations on the electronic funding.

Checking Account Perks

Firstmark's Free Cash Back Checking has some small perks which may interest some readers if they happen to join for the CDs. One perk is 10 cents cash back when you make signature-based debit card purchases. It also offers the first box of checks for free and offers a $25 bonus for choosing online statements, using your debit card, paying one bill with online bill pay and signing up with direct deposit. The checking account has no monthly service fees, and the credit union is part of a nationwide ATM network.

Firstmark Locations and Overview

Firstmark Credit Union branches are all located in San Antonio, Texas. Unfortunately, they don't seem to be part of the shared branch network.

The credit union has an overall health score of 4 stars (out of 5) with a Texas Ratio of 13.85% (above average) based on June 2011 data. Please refer to our financial overview of Firstmark Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 62509).

How the 5-year CD Rates Compare

Firstmark's Jumbo, Super and Regular CD rates top the 2.68% APY that Melrose Credit Union offers. Melrose has long been known as an all-access credit union which allows anyone in the nation to join. The best nationally available 5-year CD rate from a bank is 2.24% APY at First Internet Bank. These rates are accurate as of 9/22/2011.

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: Firstmark Credit Union, CD rates, Texas, checking account

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Comments
5 Comments.


Comment #2 by Anonymous posted on
Anonymous
"You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal."  https://www.firstmarkcu.org/Info/TIS_091806.pdf

 

3
Comment #4 by Sabretooth (anonymous) posted on
Sabretooth
Opened a 5yr here was simple enough no fee to join a organization (they pay first yr no need to renew). Fill out paperwork online took 10min on phone and was finished. Confirmed everything on phone with CS given my member # and certificate info had them mail signature to me to mail back(could've printed and mailed). The bad for some has hard and softy Equifax and telechex now living in Texas I understand why they do it. Also did Senate better rate mine was less <.50 of a point on 25K but still have to fund lots of hoops plus the $35

3
Comment #5 by jacob posted on
jacob
This credit union seems to offer the highest rates for a 5 year cd, I am curious why there isnt more commentary on this rate and why more people arent taking them up on their offer. Does anyone know a reason to avoid this institution?

2
Comment #6 by Anonymous posted on
Anonymous
One of the reasons people are staying away is the harsh penalty for early withdraw. The 5 year CD carries a one year interest penalty earned OR unearned which means that if you take it out before the year is over it eats into the principal.

I opened their 5 year Jumbo CD today. I opted for the step-up one whch had an APY of 2.6% (the regular 5 year is currently at 2.75%APY). With the step-up you are allowed one increase per year for the first 3 years. I figured the way the economy looks, it is doubtful that the rates will go up in the next year so I am not worried about having to dig into the principal to get it out.

The process was a bit lengthy but pleasant we did everything over the phone. I had to fax them a copy of a bill for verification of address and they also ran a hard credit report.

Online access was established immediately and the CD was funded via Ally bank. Piece of cake. I can now go get coffee and forget about the depressing fact that my hard earned $$ ain't gonna see any bright days any time soon.. :-)

Cheers!

 

3
Comment #7 by Saver posted on
Saver
I just spoke with a representative and confimed that you have to visit one of their locations in order to be able to open an IRA.

1