CoastLife Credit Union (CoastLife) has had only three CDs in its product line in the almost 12 years DA has been tracking their rates. For a limited time, CoastLife will be offering a fourth – a 15-month CD Promo, which earns 3.09% APY. The CD Promo can be opened with a $1k minimum deposit and there is no stated balance cap.
The CD Promo is also available as an IRA CD Promo (Traditional, Roth, CESA), earning the same APY with the same deposit requirements.
In a previous blog post, I pointed out the seemingly incomprehensible Early Withdrawal Penalty (EWP), which can be found in the Truth-in-Savings disclosure. Here’s how it reads and I’ve bolded the single word that causes the confusion.
Amount of Penalty. For Certificate accounts, the amount of early withdrawal
penalty for your account is 50% of the remaining days left and the original amount.
If you change “and” to “on,” the meaning becomes clearer, although it’s still needs some translation. The EWP is 50% of the dividends that would be earned during the remaining days of the term based on the original amount deposited in the CD. In other words, the penalty is levied on the entire deposit, not on the amount that’s being withdrawn.
Funding can be done by ACH, wire transfer, check, or internal transfer. Maturing funds will be distributed by cashier’s check to the address on file or transferred into a CoastLife checking or savings account. There is a 7 calendar day grace period before automatic renewal.
Dividends are compounded and credited monthly. As stated in the Truth-in-Savings disclosure,
For Certificate accounts, dividends must be added to the certificate OR
have dividends paid out (paid by check or transferred to another account).
Unlimited beneficiaries (equal shares) can be designated, with Social Security numbers required for all named beneficiaries.
Headquartered in Corpus Christi, CoastLife Credit Union’s field of membership (FOM) is primarily community-based, offering membership to individuals who live or work in the Texas Gulf Coast counties of Aransas, Duval, Jim Wells, Kleberg, Nueces, or San Patricio.
Immediate family members (defined as spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, stepsibling and adoptive relationships) of current CoastLife members are also eligible to join.
The CoastLife Membership page lists more than 30 other ways to qualify for membership, including employment at 80+ companies, schools (including Texas A&M – Corpus Christi), and school districts.
Members of the Texas A&M University-Corpus Christi Alumni Association also qualify for membership, regardless of where they live.
Joining CoastLife and/or opening a CD Promo can be done at any of the eight full-service Texas branches, which are located in Alice, Corpus Christi (5), Kingsville, and Portland. Current CoastLife members can also open CD by contacting the Call Center (361.958.6810).
Take the first step to becoming a member of our Credit Union family by
opening a savings account with only a $5 deposit and a one-time $5 fee.
Credit Union Overview
CoastLife Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.69% (excellent) based on March 31, 2022 data. In the past year, CoastLife has increased its total non-brokered deposits by $41.46 million, an excellent annual growth rate of 11.21%. Please refer to our financial overview of CoastLife Credit Union (NCUA Charter # 68482) for more details.
Chartered in 1965 as Coastal Community and Teachers Credit Union, the CoastLife rebrand occurred in December 2020. As stated in the Name Change FAQs,
Why are we changing our name? A fresh look and a new name to depict the culture of our credit union was needed. We serve many families in our community – not just one industry. Residents of our counties need to know we are there for them throughout their life. CoastLife is not a place, it’s a feeling. A financial institution that helps you learn about financial literacy, grow in your knowledge, and succeed in life. Learn. Grow. Succeed.
CoastLife Credit Union is currently the 63rd largest credit union headquartered in Texas, with more than 37,400 members and assets in excess of $473 million.
How the 15-month CD Promo Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the CoastLife Credit Union 15-month CD Promo. The following table compares the 15-month CD Promo to the two highest-rate CDs from other credit unions and to the two highest-rate CDs from banks.
The above information and rates are accurate as of 8/4/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.