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