Fort Worth-based EECU started the month by adding a limited-time 13-month CD Special, earning 2.75% APY. The minimum opening deposit is $1k of new money, which is defined as funds “from an external source not with EECU.” While advertised as "limited-time offer," there is no end-date listed on the website. According to CSR, no specific end-date has been announced.
The CD Special is also available as an IRA (Traditional, Roth, CESA, and SEP), earning the same APYs with the same funding requirements. CSR stated that IRAs must be opened at a branch location; no online or phone applications will be accepted.
According to CSR, the Early Withdrawal Penalty (EWP) for a CD term of a year or longer is 180 days of interest. When I asked about the EWP, CSR said something I didn’t understand at first: “The earlier in the term you make a withdrawal, the higher the penalty will be.” I realized what he meant was that any withdrawal made within the first 180 days of the term would result in a penalty that would eat into the principal.
Thanks to DA reader, calebwelty, for his Forum post about EECU’s new CD Special.
Headquartered in Fort Worth, EECU’s field of membership (FOM) is open to all Texas residents through membership in one of two associations.
In partnership with EECU, America’s Charities offers a complimentary Individual Associate Membership, which qualifies any Texas resident for EECU membership.
A complimentary Friend of Tarleton Alumni Association membership also qualifies for membership in EECU. Located in Stephenville, Tarleton State University is a member of the Texas A&M University System.
Also qualifying for membership are:
1. Individuals who live or work in the Texas counties of Hood, Johnson, Palo Pinto, Parker, or Tarrant.
2. Employees or retirees of any educational institution, business, association, hospital, or municipality in the Fort Worth area, including Erath, Hood, Jack, Palo Pinto, Somervell, Wise, and Young Counties.
3. Employees or members of more than 600 Select Employee Groups (complete list available on online application.
4. Relatives or household members of a current EECU member.
Joining EECU and/or opening a CD Special can be done online, by phone (817.882.0800), or in person at any of 14 Texas branches, located in Arlington (2), Burleson, Fort Worth (5), Hurst, Mansfield, Saginaw, Southlake, Watauga, and Weatherford.
Establishing a new EECU membership requires opening a Regular Savings account with a minimum $5 deposit. A minimum $100 balance is required to earn the stated APY.
In addition to the CO-OP Share Branch and ATM networks, EECU participates in the Allpoint ATM network, giving its members access to over 5,000 Service Centers and more than 85,000 fee-free ATMs throughout the world.
Credit Union Overview
EECU has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.09% (excellent) based on June 30, 2019 data. In the past year, EECU has increased its total non-brokered deposits by $159.19 million, an excellent annual growth rate of 8.41%. Please refer to our financial overview of EECU (NCUA Certificate # 67928) for more details.
EECU was established in 1934 as the Fort Worth Teachers Credit Union. Ten Fort Worth educators and administrators each contributed $5 and the Credit Union was open for business. While the name might suggest an FOM limited to teachers, EECU has been serving Dallas/Fort Worth area communities for 85 years. As one of North Texas’ largest locally owned financial institutions, EECU currently has nearly 212,000 members and assets in excess of $2.3 billion.
How the CD Special Compares
When compared to 560 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Texas residents, EECU’s 13-Month CD Special APY currently ranks first.
The above rates are accurate as of 9/4/2019.
To look for the best CD rates, either nationwide state-specific, please refer to our CD Rates Table page.