Last week, Eastman Credit Union (ECU) raised the rates on its 1-2 Year Investment Certificate (1.30% APY, $1k minimum) and 1-2 Year Jumbo Investment Certificate (1.40% APY, $100k minimum). These new rates are the highest for both Certificates in more than five years
|1.25%||$100k||-||Eastman Credit Union||1 to 2 Year Jumbo Investment Certificate|
|1.15%||$1k||-||Eastman Credit Union||1 to 2 Year Investment Certificate|
As stated on ECU’s Investment Certificate page, the Early Withdrawal Penalty is “90 days dividends.”
Headquartered in Kingsport, Tennessee, Eastman Credit Union’s field of membership is primarily residency based, albeit in three different states.
Residency: Individuals who live, work, worship, attend school, or operate a business in the Tennessee counties of Elizabethton, Greene, Hancock, Hawkins, Sevier, Sullivan, or Washington; the Virginia counties of Bristol, Dickenson, Lee, Norton, Russell, Scott, Washington, or Wise; or the Texas counties of Gregg or Harrison, are eligible to join.
SEGs: Individuals who are employed by ECU’s more than 45 Sponsor Companies and 30+ Approved Contractors qualify for membership.
Employment: Individuals who work regularly in the healthcare industry in the following counties outside ECU’s community charter: Carter, Hamblen, Johnson or Unicoi Counties in Tennessee; Buchanan, Russell, Smyth, Tazewell or Wise Counties in Virginia, are also eligible for membership.
Relationship: Family members of ECU eligible members also qualify for membership.
Joining Eastman Credit Union and/or opening a CD can be done online, or by visiting of any of the 18 Tennessee branches located in Blountville, Bristol, Gray, Johnson City (4), Jonesborough, Kingsport (8), Mount Carmel, and Rogersville. There are also two branches in Longview, Texas, and four branches in southwest Virginia – Abingdon, Bristol, Duffield, and Gate City.
Credit Union Overview
Eastman Credit Union (NCUA Charter # 68095) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 0.73% (excellent) based on March 30, 2016 data. In the past year, Eastman CU has increased its total deposits by $199.32 million, an excellent annual growth rate of 7.31%. Please refer to our financial overview of Eastman Credit Union for more details.
Eastman Credit Union was founded in 1934 by employees of the Eastman Chemical Company, which has been based in Kingsport (TN) since 1920. ECU is currently the largest credit union in Tennessee, with over 170,700 members and assets in excess of $3.3 billion. In 1998, ECU paid its members the first of many year-end dividends; 18 years later, ECU awarded $10 million to the members in January 2016.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available residents in the Tennessee-Virginia Tri-Cities area, Eastman Credit Union’s 1-2 Year Jumbo Investment Certificate and 1-2 Year Invest Certificate currently rank first and second respectively, regardless of minimum deposit.
The above rates are accurate as of 8/24/2016.