Eastman Credit Union (TN/VA/TX) Adds 6-Year CD

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Deal Summary: 6-year Investment Certificate, 3.05% APY, $1k minimum deposit; 6-year Jumbo Investment Certificate, 3.10% APY, $100k minimum deposit.

Availability: Residents of seven Tennessee, seven Virginia, and two Texas counties; 75+ SEGs.

Tennessee-based Eastman Credit Union (ECU) has just added a 6-Year Investment Certificate (3.05% APY, $1k minimum) and a 6-Year Jumbo Investment Certificate (3.10% APY, $100k minimum) to its product line. These new long-term Certificates are advertised as limited-time offers, but there is no end-date specified.

Even though the term is over five years, it's nice to see a 3%+ CD. We haven't seen many of these this year. I hope it's a sign of things to come.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.65%$100k-Eastman Credit Union6 Year Jumbo Investment Certificate
2.60%$1k-Eastman Credit Union6 Year Investment Certificate
Accounts mentioned in this post. Rates as of December 13, 2017.

Both Certificates are also offered as IRAs (Traditional, Roth, and CESA), earning the same APYs and with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.65%$100k-Eastman Credit Union6 Year Jumbo IRA Investment Certificate (Traditional, Roth, CESA)
2.60%$1k-Eastman Credit Union6 Year IRA Investment Certificate (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of December 13, 2017.

According to ECU’s Investment Certificate page, the Early Withdrawal Penalty is “365 days dividends.” The fine print on the Investment Certificate page states,

Dividends earned on all accounts may be transferred to another account at ECU.
You may elect to receive a check only for dividends earned on investment certificates.

Availability

Headquartered in Kingsport, Tennessee, Eastman Credit Union’s field of membership is primarily residency based, although 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 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 (including Eastman Chemical Company) qualify for membership.

Employment: Individuals who work regularly in the healthcare industry in Carter, Hamblen, Johnson or Unicoi Counties in Tennessee; or Buchanan, Russell, Smyth, Tazewell or Wise Counties in Virginia, are also eligible for membership.

Relationship: Family members of ECU membership-eligible individuals also qualify for membership. In other words, if your mother is eligible to join, you can apply for membership, whether your mother is a member or not.

If you’d like to join ECU but aren’t sure you qualify for
membership, please contact us for assistance at 800.999.2328.

Joining Eastman Credit Union and/or opening an Investment Certificate can be done online, or by visiting of any of the 19 Tennessee branches located in Blountville, Bristol, Gray, Greenville, 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 has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.13% (excellent) based on June 30, 2017 data. In the past year, Eastman CU has increased its total non-brokered deposits by $399 million, an excellent annual growth rate of 13.44%. Please refer to our financial overview of Eastman Credit Union (NCUA Charter # 68095) 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 194,300 members and assets in excess of $3.9 billion. In January, ECU awarded $12 million to its members through its Extraordinary Dividends program. In the past 19 years, ECU has paid its members more than $92 million in year-end bonuses.

How the Investment Certificates 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 6-Year Jumbo Investment Certificate and 6-Year Invest Certificate APY currently rank first and second respectively, regardless of minimum deposit.

The above rates are accurate as of 10/26/2017.

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

Related Pages: Tri-Cities CD rates, Tyler CD rates, 5-year CD rates

Comments
Bill
Bill   |     |   Comment #1
Although I don't qualify, I'm glad to see this. Maybe other CU's will follow.
Newbie 1
Newbie 1   |     |   Comment #2
I agree with your comment. I live in a desert of locally available deals. It is refreshing to see a 50 basis point increase from their last offering in September. Is this the sign of a rising rate environment? I do wonder at what term 3% becomes unwise?
Robb
Robb   |     |   Comment #3
@Newbie I was thinking the same thing. 6 years is not too bad but would not bet the farm on this one but its the best rate I've seen in a while. Unfortunately its out of my area or I'd put put some $$$ into it. Long rates have been moving up some this week ahead of the key Fed chair announcement due soon.
deplorable 1
deplorable 1   |     |   Comment #4
This is a very good rate and hopefully is a sign of better rates to come. All my CD's have 3 years or less to go currently and range from 2-5% APY. I'm sticking with short term CD's for now and betting higher rates are just around the corner. I don't want to be locking in a 7 year 3% CD when in 2 years or less you might be seeing 5% 5 year CD's again. I'm optimistic about rates now that Obama is gone.
Edward
Edward   |     |   Comment #5
There is no more 5% CD. That was over 10 years ago. Like 10 years ago, the Fed has only 800 M balance sheet and can raise 1% each quarter. Not now when the Fed has over $5 Trillion balance sheet and are scared to raise more than 0.25% per quarter.
gregk
gregk   |     |   Comment #6
A bit more than a year ago I decided against Andrews' FCU 7 year 3% offer as "unwise", - but have sometimes regretted my decision since. Would I jump on a similar offer now? It would be quite a dilemma, but I think not.
Kaight
Kaight   |     |   Comment #8
Your post conjures up memories. Last year I signed up for the 7 year Andrews deal. Don't think I would do that now, since I sort of agree with you. But last year my take was different. Anyway, during the course of opening my Andrews membership and account a strange fluke occurred in an email exchange with them. I prefer to avoid too much detail, but that fluke resulted in my getting a 5 year Andrews CD at 3% APY, only a teensy bit less than the 7 year CD's APY. So now my CD has four years to go. That is still a very long time. But it is less than 6 years.


So I wonder if, last year at Andrews, you would have accepted 3% APY for a five year CD. I'm not so sure you would have. But I'm still OK with my decision . . . at least for now.
deplorable 1
deplorable 1   |     |   Comment #11
@Kaight: Nice fluke! Yes I would have taken 3% for a 5 year CD as well a year ago.
DOA
DOA   |     |   Comment #9
Sounds like you are beginning to think that laddering cd investments might be the better way to go rather keeping in liquid in lower rate savings accounts.
Bogie
Bogie   |     |   Comment #10
For me, laddering CDs was the only way to go. Started many years ago, on Ken's advice I might add. Using the laddering system eliminates all the second guessing of what I should have done or not should have done when it comes to investing in CDs along with being unconcerned about EWPs.
Happy Times
Happy Times   |     |   Comment #7
A 5% CD market would see money flow out of the stock market like a ruptured hoover dam. Won't happen until the debt is reigned in. Also, most of the reasonable "personal financial plans" I've seen in the last few months are using 3% growth and 2% inflation in their calculations. I know, I know the expert advisors charging a 1% fee are projecting infinite growth but I'm talking about self-made, mom and pop millionaires who manage their own funds...and do so quite well. In fact, that's the profile I most often see on this forum...self-managed, conservative, wealth preserving individuals with realistic expectations. Personally, our annual budget is defined down to the penny (with a 10K surprise factor) and my projections are based on a 3% increase in expenses and an average of 2.8% growth in capital. Thankfully, annual income exceeds expenses so our capital grows even in a 0% interest rate environment. If you're living off interest AND/OR depleting capital things can get very risky very fast and you should probably not bank on higher rates down the road. Plan for the worst and hope for the best.
Eastman Credit Union (TN/VA/TX) Ups Rates On 5-Year CDs
Deal Summary: 5-year Investment Certificate, 2.55% APY, $1k minimum deposit; 5-year Jumbo Investment Certificate, 2.60% APY, $100k minimum deposit.

Availability: Residents of seven Tennessee, seven Virginia, and two Texas counties; a variety of SEGs.

Earlier this month, Eastman Credit Union (ECU) raised the rates on its 5-Year Investment Certificate (2.55% APY, $1k minimum) and 5-Year Jumbo Investment Certificate (2.60% APY, $100k minimum). These new APYs are the highest rates for both Certificates in almost seven years.

Both Certificates are also offered as IRAs (Traditional, Roth,and CESA), earning...

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Eastman Credit Union (TN/VA/TX) Raises Rates On 1-Year CDs
Availability: Residents of seven Tennessee, eight Virginia, and two Texas counties; a variety of SEGs.

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

As stated on ECU’s Investment Certificate page, the Early Withdrawal Penalty is “90 days dividends.”

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Headquartered in Kingsport, Tennessee, Eastman Credit Union’s field of membership is primarily residency based,...

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Eastman Credit Union continues to offer competitive certificate rates. The two most competitive ones include a 2.00% APY 12-month CD and a 2.30% APY 2-year CD. Minimum deposit is $1,000. An extra 10 basis points are applied to Jumbo CDs with a $100,000 minimum deposit. These rates are listed in the credit union's deposit rates table as of 2/2/2010.

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Update 10/17/09: The CD rates have fallen, but they remain competitive. New rates include 2.35% APY 12-month, 2.60% APY 24-month and 3.15% APY 36-month.

Eastman Credit Union continues to offer competitive certificate rates. The three most competitive ones include a 2.50% APY 12-month CD, a 2.75% APY 2-year CD and a 3.10% APY 3-year CD. Minimum deposit is $1,000. An extra 10 basis points are applied to Jumbo CDs with a $100,000 minimum deposit. These rates are listed in the credit union's deposit rates table as of 8/21/09.

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