Over the weekend, Tennessee-based Cornerstone Financial Credit Union (CFCU) added a 19-month Certificate Special that earns 3.00% APY. A minimum of $5k of new money is required to open the 19-month Certficate Special. While all of CFCU’s non-special Certificates have tiered APYs based on deposits of $500, $25k, and $50k, the 19-month Certificate offers the 3.00% APY on all deposit levels.
According to the fine print on Rates page, the Early Withdrawal Penalty (EWP) reads as follows:
Early withdrawal will result in loss of all dividends earned during the promotional period.
CFCU has two other Certificate Specials that were added to the product line last summer, but their rates aren’t that competitive. Like the 19-month, the 9- and 14-month Certificate Specials require new money, but the minimum deposit is only $500. While three different deposit levels are listed, there is only one APY for each term length. The above mentioned EWP also applies.
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.” Although this option isn’t listed on the Membership page, CSR confirmed it is still available.
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.
Credit Union Overview
Cornerstone Financial Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.39% (excellent), based on September 30, 2018 data. In the past year, CFCU has increased its total non-brokered deposits by $26.23 million, an excellent annual growth rate of 8.64%. 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 nearly 48,000 members and assets in excess of $368 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.” Since 2011, the Cornerstone Financial Credit Union Scholarship Program has awarded $25,000 annually to “rising seniors in Middle Tennessee.”
How the Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that required a similar minimum deposit and are available within the FOM, Cornerstone Financial Credit Union’s 19-month Certificate Special APY ranks third.
The above rates are accurate as of 1/22/2019.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.