The 1- and 2-year CDs offered by Coastal Community and Teachers Credit Union (CCATCU) currently have two of the highest CD APYs in Texas. The 24-month CD (1.66% APY) and 12-month CD (1.41% APY) can be opened with a minimum $1k deposit.
|1.26%||$1k||-||CoastLife Credit Union||24 Month CD|
|1.12%||$1k||-||CoastLife Credit Union||12 Month CD|
In my January blog post about CCATCU’s 12-month CD Special (no longer available), I made mention of 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 word that is the cause of 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 a poorly worded statement. 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 In other words, the penalty is levied on the entire deposit, not on the amount that’s being withdrawn.
Headquartered in Corpus Christi, Coastal Community and Teachers Credit Union’s field of membership (FOM) is primarily residency 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 CCATCU membership are also eligible to join.
CCATCU’s How to Become a Member page lists more than 30 other ways to qualify for membership, including employment at 50+ companies, schools, and school districts.
The lobbies of CCATCU’s eight Texas branches (Alice, Corpus Christi (5), Kingsville, and Portland) are closed until further notice. There is no online application, but CCATCU’s Membership Application is available for download. Opening a CD requires 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
Coastal Community and Teachers Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.89% (excellent) based on March 31, 2020 data. In the past year, CCATCU has increased its total non-brokered deposits by $11.28 million, an excellent annual growth rate of 3.85%. Please refer to our financial overview of Coastal Community and Teachers Credit Union (NCUA Charter # 68482) for more details.
Chartered in 1965, Coastal Community and Teachers Credit Union is the 61st largest credit union in Texas, with more than 37,200 members and assets in excess of $366 million. CCATCU is also one of the more socially active credit unions on the Texas Gulf Coast through its FOCUS (For Our Children’s Ultimate Success) Foundation. FOCUS was formed in January 2005 and has awarded more than $208k to over 100 schools and educational organizations in Aransas, Duval, Jim Wells, Kleberg, Nueces, and San Patricio Counties.
How the CDs Compare
When compared to 217 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and require a similar minimum deposit, Coast Community and Teachers Credit Union's 24-month CD APY currently ranks first.
When compared to 227 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and require a similar minimum deposit, Coast Community and Teachers Credit Union's 12-month CD APY currently ranks first.
The above rates are accurate as of 8/3/2020.
Looking for the best CD rates, either nationwide and state specific? Please refer to our CD Rates Table page.