Communication Federal Credit Union Offers Competitive CD Rates

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Deal Summary: Share Certificates – 1-year (0.75% APY), 2-year (0.85% APY), 3-year (0.95% APY), and 4-year (1.05% APY), $1k minimum deposit.

Availability: Easy membership requirement for residents of Kansas and Oklahoma.

The Share Certificates rates offered by Oklahoma-based Communication Federal Credit Union (CFCU) have held steady for the past seven months, becoming more competitive as a majority of CD rates fell during that time frame. Of the seven term lengths in the product line, the 1-, 2-, 3- and 4-year Share Certificates have the most competitive APYs. The minimum opening deposit is $1k, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.05%$1k-Communication Federal Credit Union4 Year Share Certificate
0.95%$1k-Communication Federal Credit Union3 Year Share Certificate
0.85%$1k-Communication Federal Credit Union2 Year Share Certificate
0.75%$1k-Communication Federal Credit Union1 Year Share Certificate
Rates as of October 23, 2021.

The 2-, 3- and 4-year Share Certificates are also available as Step-Up Share Certificates, which offer a one-time rate increase at any time during the term. An additional deposit (no limit) can be made if the rate increase option is exercised.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.05%$1k-Communication Federal Credit Union4 Year Step-Up Share Certificate
0.95%$1k-Communication Federal Credit Union3 Year Step-Up Share Certificate
0.85%$1k-Communication Federal Credit Union2 Year Step-Up Share Certificate
Rates as of October 23, 2021.

The Share Certificates and Step-Up Share Certificates are also offered as an IRA Certificates and IRA Step-Ups (Traditional and Roth), earning the same APY with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.05%$1k-Communication Federal Credit Union4 Year Step-Up IRA Certificate (Traditional, Roth)
1.05%$1k-Communication Federal Credit Union4 Year IRA Certificate (Traditional, Roth)
0.95%$1k-Communication Federal Credit Union3 Year Step-Up IRA Certificate (Traditional, Roth)
0.95%$1k-Communication Federal Credit Union3 Year IRA Certificate (Traditional, Roth)
0.85%$1k-Communication Federal Credit Union2 Year IRA Certificate (Traditional, Roth)
0.85%$1k-Communication Federal Credit Union2 Year Step-Up IRA Certificate (Traditional, Roth)
0.75%$1k-Communication Federal Credit Union1 Year IRA Certificate (Traditional, Roth)
Rates as of October 23, 2021.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty (EWP) reads as follows:

If funds are withdrawn prior to maturity, you will forfeit an amount equal to half of the interest on the full term of the certificate. If the account has not yet earned enough interest or if the interest has already been paid, the penalty will be deducted from the principal. The penalty will be computed using the interest rate in effect at the time of early withdrawal.

Funding and Maturing Share Certificates

Funding a Share Certificate can be done by ACH, wire transfer, or check. CSR stated that the easiest way to fund a new Share Certificate is through an internal transfer. CSR suggested using the CO-OP Shared Branch network to deposit funds into a Share Savings account, allowing for a simple transfer into a Share Certificate. Maturing funds can be distributed by check to the address on file, by wire, or transferred to a CFCU checking/savings account.

Dividends are credited monthly and can compound in the Share Certificate, be deposited into another CFCU account, or transferred to another financial institution.

Share Certificates automatically renew. According to the Truth-in-Savings disclosure,

Your certificate account will automatically renew at maturity. You will have a grace period of 10 days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.

For Step-Up Certificates, the renewal term will be the same term as the original certificate, but will not be renewed as a Step-Up Certificate.

Availability

Headquartered in Oklahoma City, Communication Federal Credit Union field of membership (FOM) has an easy membership requirement for all Oklahoma and Kansas residents through membership in OEJ/NREF, which are two “citizen’s coalitions that work together to promote a better understanding of our resources and to promote full-employment in the energy sector.”

Joining OEJ/NREF can be done either in-branch or during the online application process. The one-time $5 OEJ/NREF membership fee will be subtracted from your initial membership opening deposit.

Individuals who live, work, or worship in the Oklahoma counties of Carter or Pottawatomie, or in Broken Arrow, Oklahoma are also eligible to join.

Employees/retirees of more than 500 Business Partners also qualify for membership.

Immediate family members (spouse, child, sibling, parent, grandparent or grandchild) of a current CFCU member are also welcome to apply.

Joining CFCU and/or opening a Share Certificate can be done online or at any of 22 full-service Oklahoma branches, located in Ada, Ardmore, Bixby, Broken Arrow, Edmond (2), Enid, Lawton (2), Muskogee, Norman, Oklahoma City (5), Owasso, Shawnee, Tulsa (2), and Yukon. There’s also a branch located on Wanamaker Road in Topeka, Kansas.

Beginning June 1, most branches will resume regular lobby and drive-thru hours.

Opening a Share Savings account with a minimum $5 deposit is required to establish an CFCU membership.

In addition to participating in the CO-OP Shared Branch and ATM networks, CFCU is a member of the TransFund network, giving members access to thousands of surcharge-free ATMs.

Credit Union Overview

Communication Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.41% (excellent) based on March 31, 2021 data. In the past year, CFCU has increased its total non-brokered deposits by $211.34 million, resulting in an excellent annual growth rate of 19.37%. Please refer to our financial overview of Communication Federal Credit Union (NCUA Charter # 3454) for more details.

Founded in 1939 as the Pioneer Bell Credit Union, the original FOM was exclusive to employees of Southwestern Bell Telephone. The group of Business Partners grew over the years (including AT&T, Goodyear Tire, Oklahoma Gas & Electric, to name a few) leading to the Communication Federal Credit Union re-brand in 1982. Communication Federal Credit Union is currently the third largest credit union headquartered in Oklahoma, with more than 98,000 members and assets in excess of $1.6 billion.

How the Share Certificates Compare

Given the multi-state availability, a comparison to nationally available CDs is appropriate. When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are nationally available and require a similar minimum deposit, Communication Federal Credit Union's 2-year Share Certificate APY currently ranks second.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are nationally available and require a similar minimum deposit, Communication Federal Credit Union's 1-year Share Certificate APY currently ranks third.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are nationally available and require a similar minimum deposit, Communication Federal Credit Union's 3-year Share Certificate APY currently ranks third.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are nationally available and require a similar minimum deposit, Communication Federal Credit Union's 4-year Share Certificate APY currently ranks third.

The above information and rates are accurate as of 7/16/2021.

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

Related Pages: Wichita Falls CD rates, Oklahoma City CD rates, Sherman CD rates, Tulsa CD rates, 1-year CD rates, 5-year CD rates

Comments


Top Reward Checking Account at Communications FCU - Open to All in OK & KS

I first reported on Communications Federal Credit Union and its reward checking account, called Free Performance Checking Account, in May 2008. The rate has fallen, but not nearly as much as the rates of many other accounts. It's now one on the few reward checking accounts in the nation that still has a top yield of 4.00% APY that applies to a reasonably large balance (currently $30K). I'm hoping this doesn't fall with the start of October.

Thanks to reader 51hh, I learned that any resident in Oklahoma or Kansas can...

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2.70% 24-Month CD at Communication FCU in OK - Local Only
Communication Federal Credit Union is offering some competitive share certificate and IRA rates. The most competitive ones include a 1.70% APY 6-month CD, a 2.05% APY 12-month CD and a 2.70% APY 24-month CD. Minimum deposit is $1,000. These rates are listed at the credit union's rates page as of 12/15/09.

The credit union also offers a reward checking account that currently pays 4.25% APY on balances up to $50K (see post).

Membership is open to those who live or work in the city of Broken Arrow or in the counties of...



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High-Interest Reward Checking Account at an Oklahoma CU (Communication)

Update 6/3/2010: The top rate has fallen to 4.00% APY and the balance cap has fallen from $50K to $30K.

Communication FCU is offering a reward checking account called Free Performance Checking that pays 4.00% APY on balances up to $30,000 (1.00% for above) and refunds ATM fees (up to $25 per cycle) if the following monthly requirements are met:

  • 12 signature-based check card purchases
  • one direct deposit of $500
  • one ACH debit or bill pay
  • receive electronic statements


If these are not met, the rate falls to 0.25%. The minimum initial deposit is $25. There...



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2.00% 6-Month CD & 2.20% 12-Month CD at Communication FCU in OK - Local Only
Communication Federal Credit Union is offering some competitive share certificate rates. The most competitive ones include a 2.00% APY 6-month CD, a 2.20% APY 12-month CD, a 2.55% APY 24-month CD and a 3.30% APY 4-year CD. Minimum deposit is $1,000. These rates are listed at the credit union's rates page as of 9/14/09.

The credit union also offers a reward checking account that currently pays 4.25% APY on balances up to $50K (see post).

Membership is open to those who live or work in the city of Broken Arrow or in...



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