The 3-year CD offered by Education First Federal Credit Union’s (Education First) is a “New To Summary” CD in this week’s CD Rates Summary. While the 3-year CD’s current 1.41% APY is appreciably lower than the 1.92% APY offered just a few months ago, it’s still a very competitive rate. The minimum opening deposit is $1k, with no stated balance cap.
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.
Headquartered in Beaumont, Texas, Education First Credit Union’s field of membership (FOM) uses residency and employment to determine eligibility.
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 employees and retirees of the East Chambers or the High Island Independent School District are also 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 can done at any of the five Texas branches located in Beaumont (4) and Jasper. The branch lobbies re-open to walk-in traffic more than a month ago.
Our staff is excited to welcome you back into our lobbies and to serve you. Lobby Hours are Monday - Friday from 9 A.M. to 5 P.M.
Upon arrival, you will be greeted by an Education First team member who will sign you in, and obtain the details of your visit. Please note, if our lobby is at maximum capacity, you may be asked to wait in your vehicle until we can safely assist you.
According to CSR, joining and/or opening a CD can also 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 "A" at DepositAccounts.com, with a Texas Ratio of 2.98% (excellent) based on June 30, 2020 data. In the past year, Education First has increased its total non-brokered deposits by $37.07 million, an exellent annual growth rate of 9.87%. 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 56th largest credit union headquartered in Texas, with nearly 35,000 members and assets in excess of $454 million.
How the CD Compares
When compared to 225 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 3-year CD APY currently ranks first.
The above rates are accurate as of 12/3/2020.
Looking for the best CD rates, either nationwide or state-specific? Please refer to our CD Rates Table page.