Amplify Credit Union (Amplify) recently sent an email to its members announcing “an early holiday gift” – a 15-month CD Special that earns 3.00% APY on deposits between $500 and $10k. There is a limit of one CD Special per member.
This limited-time CD Special has tiered rates, with each tier of the total balance adding up to a blended APY.
- 3.00% APY – $500-$10,000
- 3.00% - 2.40% APY – $10,000.01-$25,000
- 2.40% - 1.35% APY – $25,000.01+
The landing page provides examples of possible blended APYs, based on several deposit amounts.
Each tier of your total balance adds up to a blended APY. For example, a $15,000 deposit will earn a blended APY of 2.67%. A $25,000 deposit will earn a blended APY of 2.40%. A $50,000 deposit will earn a blended APY of 1.70%.
As stated in the CD FAQs, the Early Withdrawal Penalty reads as follows
Terms of 11 months or less: 180 days' interest or interest earned since the date of
issuance or renewal (whichever is less); however, not less than seven (7) days' interest.
Funding a CD can be done by ACH, wire, or check. Amplify participates in the CO-OP Share Branch network making the funding process relatively easy. Maturing funds can be distributed by check or deposited into an Amplify savings account. There is a 10-day grace period before the 15-month CD Special renews as a 12-month CD.
Headquartered in Austin, Texas, Amplify Credit Union offers two ways for almost any Texas resident to join.
Easy membership (limited): Residents of Texas can qualify for Amplify membership by joining the Texas Consumer Council (TXCC), which is a chapter of the American Consumer Council. According to About TXCC page, “There are no membership dues or fees you pay as long as you’re a member of Amplify Credit Union.” Note: use Promo Code “Amplify” on the TXCC application.
Since I last wrote about Amplify, another limited easy membership requirement has been added: members of the American Red Cross Central & South Texas Region are now eligible to join Amplify. The Central & South Texas Region is made up of five local chapters, located in Austin, Kerrville, Midland, San Antonio, and Woodway.
Residency: Individuals who live, work, worship, or attend school in the Texas counties of Bastrop, Caldwell, Hays, Travis, or Williamson are eligible to join.
Personal Relationship: Immediate family members (spouse, parent, child, sibling, grandparent, grandchild, including step and adoptive relationships) of current Amplify members are welcome to apply.
At account opening, Amplify requires $5 to be deposited into the Savings Account to secure the member’s share of ownership in the credit union. It represents the member’s voting rights at the Member Annual Meeting.
Credit Union Overview
Amplify Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.56% (excellent) based on June 30, 2019 data. In the past year, Amplify has increased its total non-brokered deposits by 31.7 million, an excellent annual growth rate of 4.55%. Please refer to our financial overview of Amplify Credit Union (NCUA Charter # 68681) for more details.
Established in 1967 as the IBM Texas Employees Federal Credit Union, Amplify Credit Union is currently the 23rd largest credit union in Texas, with assets in excess of $978 million. In 2004, Amplify expanded its field of membership to include five Texas counties. Two years later, the Credit Union rebranded as Amplify and between 2006-2010 opened six new branch locations. Since the expansion campaign began in 2004, the membership has nearly doubled, from 29,475 in March 2004 to 59,793 in June 2019.
How the CD Special Compares
Amplify’s 15-month CD Special is somewhat of a problem child when it comes to making an accurate comparison because of the blended APY. When compared to 375 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Texas residents, Amplify Credit Union's 15-month CD top APY currently ranks first, regardless of low balance caps. Applying the law of diminishing returns (as investment increases, the return diminishes progressively), deposits greater than $25k result in blended APYs that are not competitive.
The above rates are accurate as of 11/15/2019.
Looking for the best CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.