CoastLife Credit Union (TX) Offers 6.00% APY On 6-Month CD - Expired

CoastLife Credit Union (CoastLife) is helping you to “aim high and earn more” with its 6-month CD. Following a considerable 464 bps increase, the 6-month CD currently earns a market-leading 6.00% APY. The minimum opening deposit is $1k, with no stated balance cap.

It's nice to still see a 6% CD, even though it's a short-term CD that's not nationally available. I know many were hoping to see 6%+ long-term CDs, like what PenFed offered in 2007. Even though the federal funds rate reached a higher level in this cycle then in the 2004-2007 cycle, long-term rates didn't reach the levels seen in 2006 and 2007.

Early Withdrawal Penalty

I was pleasantly surprised to see that CoastLife has change its previously poorly worded and seemingly incomprehensible Early Withdrawal Penalty (EWP) to a straightforward EWP. As stated in the Truth-in-Savings disclosure, the EWP now reads:

For Certificate and Traditional IRA Certificate accounts, the amount of early withdrawal penalty is 90 days’ dividends.

The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. It applies whether or not the dividends have been earned.

CSR confirmed that partial withdrawals are allowed, but the principal will not be protected.

Availability

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.

Account Opening

Joining CoastLife and/or opening a CD can be done at any of the eight full-service Texas branches, which are located in Alice, Corpus Christi (5), Kingsville, and Portland. The IBEW branch (located in the IBEW Local 278 building) in Corpus Christi has limited access. Current CoastLife members can also open CD by contacting the Call Center (361.958.6810).

There is no online membership application, but the Membership Application Account Card is available as a download and can be submitted via fax or email.

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.

Funding and Other Details

The following information is from the Truth-in-Savings disclosure and a conversation with CSR.

• Funding – ACH, wire (no fee), check, or internal transfer.
• CO-OP Shared Branch Participant – No.
• Ownership – Individual, joint, or trust.
• Dividends – Compounded/credited monthly and can be paid by check or transferred to another CoastLife account.
• Maturing Funds – Cashier’s check to address on file or transferred into a CoastLife checking or savings account.
• Beneficiaries – Unlimited with equal shares, Social Security numbers are required.
• Grace Period –7 calendar days before automatic renewal.
• Credit Check – ChexSystems.

Credit Union Overview

CoastLife Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 10.32% (excellent) based on September 30, 2023 data. In the past year, CoastLife’s total non-brokered deposits decreased by -$4.06 million, an average annual growth rate of -0.95%. 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. On the no-longer-available Name Change FAQs page, the credit union addressed the rebrand: “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.” CoastLife Credit Union is currently the 62^nd largest credit union headquartered in Texas, with more than 37,400 members and assets in excess of $495 million.

How the 6-Month CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the CoastLife Credit Union 6-Month CD. The following table compares the 6-month CD to the four highest-rate similar length-of-term CDs from other banks/credit unions.

The above information and rates are accurate as of 1/23/2024.

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