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.
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.
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.
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If funds are withdrawn prior to maturity, you will forfeit an amount equal to half of the interest on the full term of the certificate.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.
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.