AMOCO Federal Credit Union Has Limited-Time Top Rate 24-Month CD


Deal Summary: Special 24-month CD, 3.04% APY, $1k minimum deposit, now through July 31, 2022.

Availability: Greater Houston/Galveston, Texas metro area

Now through July 31, 2022, AMOCO Federal Credit Union (AMOCO) is offering a Special 24-month CD, earning 3.04% APY. The minimum opening deposit is $1k, with no stated balance cap. (Note: while AMOCO offers tiered rates on all its other CDs ($1k, $100k, $200k), the 3.04% APY applies to all deposit levels.)

According to the promotion page,

This special 24-month term share is not valid with Member Loyalty, Bump Up Certificates, or Hassle Free Certificates.

FYI – Member Loyalty Rewards can add 10, 20, or 30 bps to an AMOCO CD.

As stated on the promotion page, the Early Withdrawal Penalty reads as follows:

Terms of 24 – 36 months = 120 days’ dividends

Funding a 24-month CD can be done by ACH or through an internal transfer. AMOCO participates in the CO-OP Shared Branch network, so transferring funds into an AMOCO Savings account should be relatively simple.

Earned interest can automatically be transferred into an AMOCO checking or savings account.

Maturing funds will be distributed by check to the address on file or transferred into an AMOCO checking or savings account. There is a ten day grace period before a CD automatically renews.

Unlimited beneficiaries can be designated (equal shares) and Social Security numbers are required for all named beneficiaries.

Hassle Free Certificate

AMOCO also offers three 12-month Hassle Free Certificates, with tiered rates based on deposit levels of $1k, $100k, and $200k.

A Hassle Free Certificate is AMOCO’s version of a no-penalty CD.

A Hassle Free Certificate will allow members to close their certificate at any time during the term and will not be subject to an early withdrawal penalty. A Hassle Free Certificate has all the same terms as regular certificates, but the interest rates are .15 bps lower across the board. Our Member Loyalty Rewards Bump Up can be applied to Hassle Free Certificates.


Headquartered in Texas City, Texas, AMOCO Federal Credit Union has substantially expanded its field of membership (FOM). Individuals who live, work, worship, attend school, or frequently do business within 477 census tracts in Texas are eligible to join.

The Field of Membership Expansion page describes the 477 Texas census tracts as “north to south from Liberty, Texas to the shoreline just south of the Justin Hurst Wildlife Management Area and east to west from High Island Beach to Mission Bend neighborhood of Houston.”

I was hoping there would be a map on the AMOCO website that would easily show the census tracts, but there isn’t. Using the boundaries described above, it appears that most of the Houston/Galveston metro area is included in the FOM.

Joining AMOCO and/or opening a 24-month CD can be done online, or at any of the 10 full-service Texas branches located in Alvin, Dickinson, Friendswood, Galveston, Houston (2), League City, Santa Fe, and Texas City (2),

When you join AMOCO Federal Credit Union you begin your membership by opening a basic savings with no minimum deposit. The CU will deposit $1 as a complimentary gift for opening your new account.

AMOCO participates in the CO-OP Shared Branch network, but not the ATM network.

Credit Union Overview

AMOCO Federal Credit Union has an overall health grade of "A" at, with a Texas Ratio of 2.45% (excellent) based on March 31, 2022 data. In the past year, AMOCO has increased its total non-brokered deposits by $75.02 million, resulting in an excellent annual growth rate of 7.19%. Please refer to our financial overview of AMOCO Federal Credit Union (NCUA Charter # 2441) for more details.

Founded in 1937 as the Pan Am Employees Federal Credit Union, the original FOM was exclusive to the employees of Pan American Refining Corporation in Texas City. The FOM expanded ten years later to include employees of Amoco Chemicals in Texas City. The credit union rebranded as the Amoco Federal Credit Union in 1955, to reflect Pan American Refining’s new name: Amoco Oil Refinery.

The 1998 merger between British Petroleum and Amoco Oil resulted in BP Amoco, later simply known as BP. According to the Our History page,

With that change, Amoco Federal Credit Union made a choice to keep its name the same because it represented stability and familiarity in the community. Hence, the board and management decided to make only one minor change. The “Amoco” name was changed to represent an acronym, making it AMOCO (A Member Owned Cooperative Organization) Federal Credit Union.

As the 24th largest credit union headquartered in Texas, AMOCO currently has more than 96,000 members and assets in excess of $1.3 billion.

How the 24-Month CD Compares

When compared to similar length-of-term CDs tracked by which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the AMOCO Federal Credit Union 24-month CD. The following table compares the 24-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 7/28/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Houston CD rates, 1-year CD rates, 5-year CD rates

  |     |   Comment #1
Your membership requirements smack of very narrow-minded chauvinism !! True patriotism would take into account non-resident US citizens and expats who joined the US armed forces to defend
our great nation.
  |     |   Comment #2
Nelling: You might want to post your comments on one of Amoco's pages so that they will see your feedback. This is just a DA column about Amoco, so they are very unlikely to see your comment here. I was also surprised by the narrowness of their membership requirements.
  |     |   Comment #3
I agree completely!

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