Tennessee-based Cornerstone Financial Credit Union (CFCU) began the month by raising the tiered rates on its 36-month Certificates by a uniform 81 bps. All of CFCU’s Certificates have tiered APYs based on deposits of $1k, $25k, and $50k, with each tier five bps higher.
The 36-month Certificates have been offered for more than six years, and this month’s new APYs are substantially higher than any offered in the past.
CFCU’s Certificates are also available as IRAs (Traditional), earning the same tiered APYs and having the same funding requirements.
As stated on CFCU’s Rates page, the Early Withdrawal Penalty reads as follows:
The amount of the early withdrawal penalty is based on the term of your account.
The penalty schedule is as follows:
terms of 12 months or less – 90 days dividends;
terms of greater than 12 months – 180 days dividends.
Headquartered in Nashville, Tennessee, Cornerstone Financial Credit Union’s field of membership (FOM) provides a way for almost any resident of Tennessee or Kentucky to join.
Easy Membership: Tennessee and Kentucky residents who allow CFCU to send their name, address, and email to Adventure Science Center for a 60-day free trial are eligible for membership. “You do not have to retain membership with the Adventure Science Center after your 60-day free trial to remain a CFCU member.”
FYI – Adventure Science Center is sponsoring the “Music City Solar Eclipse Festival and Viewing Party Indoor Festival” on August 19-21. Whether you are interested in joining or not, Adventure Science Center is offering outdoor (free) and indoor (ticketed) activities to safely watch the total solar eclipse.
Residency: Individuals who live or work in the Tennessee communities of Antioch, Dickson, Franklin, Murfreesboro, Goodlettsville, and three Nashville Zip Codes (37212, 37103, 37011) qualify for membership.
Education Affiliation: All employees of Tennessee public and private schools, colleges, and universities are eligible to join.
Employment: Employees and retirees of many SEGs also qualify.
Complete membership details are available on CFCU’s Membership page.
Credit Union Overview
Cornerstone Financial Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.65% (excellent), based on March 31, 2017 data. In the past year, CFCU has increased its total non-brokered deposits by $30.88 million, an excellent annual growth rate of 11.55%. Please refer to our financial overview of Cornerstone Financial Credit Union (NCUA Charter # 67972) for more details.
Cornerstone Financial Credit Union is currently the 15th largest credit union in Tennessee, with more than 35,600 members and assets in excess of $331 million. Founded in 1955 by a group of Davidson County (Nashville) teachers, the Credit Union's name was changed in 1992 as the FOM had expanded to include a more diverse membership. Not forgetting its education-based roots, CFCU sponsors a scholarship program to “assist those students who display outstanding character and perseverance in achieving their goals.” This year, the Cornerstone Financial Credit Union Scholarship Program awarded $25,000 to “rising seniors in Middle Tennessee.”
How the Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, all of Cornerstone Financial Credit Union’s 36-month Certificates APYs top the list.
The above rates are accurate as of 8/5/2017.