Houston-based Energy Capital Credit Union (ECCU) recently raised the rates on the 12-month CD (4.33% APY) and 18-month CD Special (4.44% APY). The minimum opening deposit is $500, with no stated balance cap.
Following dramatic rate increases since the beginning of the month, the 12-month CD and 18-month CD Special not only offer the highest rates in the Houston area, but also have the top rates for all 1-year and 18-month CDs in the country.
As stated in the Current Rates page, the Early Withdrawal Penalty reads as follows:
We will impose a penalty if you withdraw any of the funds in your Certificate Account prior to the maturity date. The penalty shall be equal to 90 days of dividends for Terms of less than 12 months and 180 days of dividends for Terms 12 months or greater.
The penalty is calculated as a forfeiture of part of the dividends that have been or would be earned on the account. In other words, if the account has not yet earned enough dividends or if the dividend has already been paid, the penalty will be deducted from the principal.
There is no language in the Disclosure document that allows ECCU to deny an early withdrawal.
According to CSR,
- Funding – ACH, Shared Branch transfer, internal transfer, or check (in-branch opening)
- Maturing Funds – distributed by check to address on file or through internal transfer
- Grace Period – ten calendar days before a CD automatically renews
- Beneficiaries – unlimited, percentages available, Social Security number required
- Dividends – compounded and credited monthly, can be transferred to an ECCU savings or checking account
- Credit Check – Soft pull
Headquartered in Houston, Texas, Energy Capital Credit Union’s field of membership (FOM) is primarily community-based, with individuals who live in Harris County or Montgomery County eligible to join.
According to ECCU’s online application, individuals who live, work, or worship in any of 43 specified Zip Codes in Harris and Montgomery Counties also qualify for membership.
Employees and contractors of 17 Houston area businesses (including ExxonMobile) are also eligible to join.
Relatives and household members of a current ECCU member are welcome to apply. ECCU does not provide a definition of “relatives” on its website.
Joining ECCU and/or opening a CD can be done online or at any of the three Texas branches located in Houston and Spring (2). Access to the ExxonMobile Campus branch location in Spring is limited to ExxonMobile employees.
Every member at Energy Capital begins with a Regular Savings Account. It’s the
first account you open and where your original $5 membership share lives.
ECCU participates in both the CO-OP Shared Branch network and the ATM network.
Credit Union Overview
Energy Capital Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.59% (excellent) based on June 30, 2022 data. In the past year, ECCU has increased its total non-brokered deposits by $23.14 million, an excellent annual growth rate of 10.96%. Please refer to our financial overview of Energy Capital Credit Union (NCUA Charter # 61936) for more details.
Energy Capital Credit Union is currently the 86th largest credit union headquartered in Texas, with more than 18,500 members and assets in excess of $268 million. Founded in 1934, the chartering members were Humble Oil employees who “decided to lend to each other to help free one another from the harsh lending practices” of local loan sharks.
While a well-known brand in Texas, Humble Oil and Refinery (founded in 1911) is not that familiar to most Americans. A 50% interest in the company was acquired by Standard Oil of New Jersey in 1919, with the remainder of Humble Oil acquired in 1959. Standard Oil of New Jersey rebranded as Exxon Corporation in 1973.
How the 12-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions currently have higher rates than offered on the Energy Capital Credit Union 12-month CD. The following table compares the ECCU 12-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 18-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions currently have higher rates than offered on the Energy Capital Credit Union 18-month CD Special. The following table compares the ECCU 18-month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 10/15/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.