Credit Human 12-17 Month CD Is New Rate Leader

Over the weekend, Texas-based Credit Human boosted the rate on its 12-17 Month CD. Following a substantial 60 bps increase, the 12-17 month CD currently earns 5.80% APY – the highest and most competitive rate in the Credit Human CD product line. Since I last wrote about Credit Human CDs, the minimum opening deposit has dropped to $500, with no stated balance cap.

The 12-17 month CD is also available as an IRA CD (Traditional, Roth, and CESA), earning the same APYs with the same deposit requirements.

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

For all accounts, the amount of the early withdrawal penalty is the greater of $50.00 or an amount equal to the number of days' dividends as determined in accordance with the following penalty schedule:

Terms of 6 months – 180 days’ dividends

Terms of 12 months – 270 days’ dividends

Terms of 36 months – 365 days’ dividends

Terms of 60 months – 730 days' dividends

Terms of 84 to 120 months – 1,095 days' dividends […]

If the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.

Even though the TIS has been updated since my March 2023 blog post, the above EWPs continue to not match the CD terms currently offered by Credit Human, i.e., 12-17 months. CSR was unable to confirm what the EWP would be for a 13-, 14-, 15-, 16-, or 17-month CD. When CSR begins every sentence with “I think” or “I believe,” my confidence level drops. At best, the EWP for all 12-17 month CD term lengths would be the greater of $50 or 270 days of dividends.

12-month Liquid CD

The 12-month Liquid CD also had a recent 60 bps rate increase and now offers 5.50% APY. The Liquid CD is a combination add-on/no-penalty CD and its new APY is currently the highest offered on any nationally available No Penalty CD. Look for it in tomorrow’s Latest Liquid Bank Account Rates Summary.

Your Credit Human Liquid Share Certificate lets you make a fixed, 1-year term commitment and earn monthly dividends on balances of $5,000 or more. Make unlimited deposits during the year commitment. You can also make two, no-penalty withdrawals during the term as long as you maintain a minimum balance of $5,000.

Availability

Headquartered in San Antonio, Texas, Credit Human’s field of membership (FOM) includes a way for virtually any U.S. citizen or resident alien (with valid Social Security numbers) to join. Credit Human’s online application lists six paths to membership:

”I am an employee, member or volunteer of one of the following organizations” (more than 250 named organizations, including several state, county, and local government agencies).

”I live, work, worship or attend school in Credit Human’s San Antonio service area.”

”I live, work, worship or attend school in Credit Human’s New Orleans service area.”

”I am a veteran, a retiree, an active duty member or a dependent of a member of the U.S. Armed Forces or National Guard.”

”I study at the following trade school, college or university” (47 named schools, including Texas Tech University System).

”I am related to or live with a Credit Human member” (no definitions listed).

And finally,

None of the above membership categories apply to me. I would like to enroll in the Louisiana Consumer Council (LACC) if I live in Louisiana or in the American Consumer Council (ACC) if I live in any other state so I may open an account with Credit Human. I understand the LACC and ACC provide consumer education to its members and that once I am a member I am eligible for Credit Human membership. Credit Human handles the application and the initial fee to join the ACC.

Account Opening

Joining Credit Human and/or opening a CD or Liquid CD can be done online or at any of 22 Texas branches, located in Houston, Live Oak, San Antonio (19) and Schertz. Credit Human also has two New Orleans branch locations, both opened earlier this year.

Existing members can also open a CD using the Credit Human online banking platform.

Membership begins with a $5 required minimum balance in a share savings account.
There are no monthly fees, and dividends are paid on balances of $100 or more.

Credit Human is a member of the CO-OP Shared Branch Network, allowing members to “make basic transactions at over 5,000 shared credit union branches nationwide.” As stated on Credit Human’s Locations page,

Credit Human does not participate in the ATM Co-Op. ATM transactions at Co-Op ATMs are subject to fees imposed by the ATM owner. Credit Human does not support Vcom transactions at 7-Eleven locations.

Credit Human is a member of the Allpoint ATM Network, which provides members free access to more than 55,000 ATMs worldwide.

Funding and Other Details

The following information is from a conversation with CSR.

• Funding – Funds must be on deposit in a Credit Human share account before opening a CD. Can be deposited by ACH, wire (no fee), or shared branch transfer.
• CO-OP Shared Branch Participant – Yes.
• Dividends – Compounded/credited monthly and can be transferred to a Credit Human share account.
• Maturing Funds – After automatically transferred to a Credit Human share account, can be distributed by ACH, wire ($12-$15 fee), or cashier’s check.
• Beneficiaries – Unlimited with equal shares, Social Security number required.
• Grace Period – 10 calendar days before automatic renewal.
• Credit Check – Soft pull and ChexSystems

Credit Union Overview

Credit Human has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 19.48% (above average), based on June 30, 2023 data. In the past year, Credit Human has increased its total non-brokered deposits by $174.1 million, an excellent annual growth rate of 6.71%. Please refer to our financial overview of Credit Human (NCUA Charter # 24382) for more details.

Originally established in 1935 as the National Federation of Federal Employees Local No. 28, the founding members were twelve federal government workers. By the end of the first year of operation, 37 loans had been made, providing a profit of nearly $43 (approximately $835 in 2021 dollars). The credit union has rebranded three times: Government Employees Credit Union (1949), San Antonio Credit Union (1987), and Credit Human (2016). Each name change reflected the growing and expanding FOM. With more than 228,000 members, Credit Human is currently the ninth largest credit union headquartered in Texas, with assets in excess of $3.7 billion.

How the 12-17 Month CD Compares to 1-Year CDs

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Credit Human 12-17 month CD. The following table compares the 12-17 month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 12-17 Month CD Compares to 18-Month CDs

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, no banks or one credit unions have higher rates than currently offered on the Credit Human 12-17 month CD. The following table compares the 12-17 month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 9/19/2023.

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