Education First Federal Credit Union (TX) Offers Top 5-Year CD Rate

POSTED ON BY

Deal Summary: CDs – 5-year (2.38% APY), 3-year (1.92% APY), 2-year (1.46% APY), 1-year (1.26% APY), $500 minimum deposit.

Availability: Residents of six East Texas counties, employees of East Chambers or High Island Independent School Districts.

CDs with an APY of 2.00% or greater are now a rare find, but they do exist! Education First Federal Credit Union’s (Education First) 5-year CD currently earns 2.38% APY, making it the highest 5-year CD rate available in Texas. The 3-year (1.92% APY), 2-year (1.46% APY), and 1-year (1.26% APY) CDs are also competitive. The minimum opening deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.76%$500-Education First Federal Credit Union5 Year CD
1.41%$500-Education First Federal Credit Union3 Year CD
1.21%$500-Education First Federal Credit Union2 Year CD
0.90%$500-Education First Federal Credit Union1 Year CD
Rates as of September 29, 2020.

In a Live Chat, CSR stated the Early Withdrawal Penalty for,

CD accounts with a term of 1 year or more are charged 180 days worth of dividends.

Partial withdrawals are not allowed: Education First CDs can only be closed early.

Unlimited beneficiaries (equal shares) can be named. Social Security numbers are not required for beneficiaries: only name, address, and relationship to the owner of the CD are needed.

Availability

Headquartered in Beaumont, Texas, Education First Credit Union’s field of membership (FOM) uses residency and employment as determinants.

Individuals who live, work, worship, volunteer, or attend school in the Texas counties of Hardin, Jasper, Jefferson, Newton, Orange, or Tyler qualify for membership

Current and retired employees of the East Chambers or High Island Independent School Districts are eligible to join.

Immediate family members (spouse, child, parent, sibling) of a current Education First member also qualify for membership.

Joining Education First and/or opening a CD would normally be done at any of the five Texas branches (Beaumont (4) and Jasper) but,

In light of the increased cases of COVID-19 in our community, Education First FCU has made the decision to temporarily close the lobbies of the Lamar, Laurel, Jasper and Rosedale branches, as well as the Administration Building.

Please note that all branch services are available at the drive-thru, including account opening, card replacement, cashiers checks, etc.

According to CSR, joining and/or opening a CD can be done by calling Member Services (409.898.3770). The Membership Application is also available as a download and can be returned by snail mail.

Once we have received your application and deposit, a Member Services Representative will contact you to complete the enrollment process.

Establishing a Education First membership requires opening a Savings Account, with a minimum $5 deposit.

Education First belongs to the CO-OP Shared Branch network, “ensuring that any credit union member has access to in-branch services at any credit union in the network.”

Credit Union Overview

Education First Federal Credit Union has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 2.76% (excellent) based on March 31, 2020 data. In the past year, Education First has increased its total non-brokered deposits by $10.67 million, an above average annual growth rate of 2.82%. Please refer to our financial overview of Education First Federal Credit Union (NCUA Charter # 24470) for more details.

Established in 1951 as the South Park Teachers Credit Union (SPTCU), the founding members were ten teachers who pooled $50. SPTCU’s first president and treasurer, Mr. Peavy, used his classroom as the credit union’s home for ten years. As the membership grew and the FOM expanded (including the Beaumont Independent School District), the name was changed to Teachers Credit Union of Beaumont. The Education First rebrand occurred in 2006 when a community charter was adopted. Education First Federal Credit Union is currently the 57th largest credit union headquartered in Texas, with nearly 36,000 members and assets in excess of $429 million.

How the CD Compares

When compared to 195 similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit of and are available within the FOM, Education First Federal Credit Union’s 5-year CD APY* currently ranks first.

The above rates are accurate as of 8/6/2020.

Looking for the best CD rates, either nationwide or state-specific? Please refer to our CD Rates Table page.

*We continue to work to keep our rates up-to-date, but there have been just too many rate cuts for us to process quickly. For the time being, please be aware that the rates listed at DepositAccounts.com may not reflect the latest rates published by the banks and credit unions.

Related Pages: Beaumont CD rates, 1-year CD rates, 5-year CD rates

Comments

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.