At the beginning of the week, Amplify Credit Union (Amplify) more than doubled the rate on its 18-month CD (3.03% APY). This limited-time offer can be opened with a minimum $500 deposit; there is no stated balance cap.
DA began tracking the 18-month CD in 2011 when the APY was 1.00%. Until March of this year, the APY was decidedly forgettable, ranging from a low of 0.15% to a “high” of 1.01%. A total of 238 bps has been added in three rate increases in the past seven months, with a substantial 157 bps added this week.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows
Terms of 12 months to 59 months – 365 days’ dividends or dividends earned since the date of issuance of renewal (whichever is less); however, not less than seven (7) days’ dividends.
Headquartered in Austin, Texas, Amplify Credit Union offers a way 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.
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.
Credit Union Overview
Amplify Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.31% (excellent) based on June 30, 2018 data. In the past year, Amplify has increased its total non-brokered deposits by $45.73 million, an excellent annual growth rate of 7.03%. 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 $934 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 58,637 in June 2018.
How the Share Certificate Compares
When compared to 395 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Amplify Credit Union's 18-month CD APY currently ranks second.
The above rates are accurate as of 11/1/2018.
Looking for the best CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.