Oklahoma-based Energy One Federal Credit Union (Energy 1) substantially raised the rates on its long-term Share Certificates this week, with the 36-month Share Certificate offering the most competitive APY. After the addition of 50 bps, the 36-month Share Certificate tiered-APYs are now 1.15% APY ($500 minimum) and 1.25% APY ($100k minimum).
This is the first rate increase in nearly 3 years for the 36-month Share Certificate, with the 1.25% APY being its highest rate since June 2020.
While the 48-, 60-, and 72-month Share Certificates had impressive rate increases of 30, 45, and 50 bps, respectively, the new APYs aren’t as competitive as the 36-month Share Certificate APY.
As stated on the Certificate Disclosure page, the Early Withdrawal Penalty reads as follows:
The penalty for terms over two years is either 180 days’ dividends or $150, whichever is greater.
You may make a total withdrawal of principal from your regular certificate before maturity subject to early withdrawal penalties. Partial withdrawals are not allowed.
Dividends can be withdrawn anytime during the term after they have been credited to the account.
CDs cannot be opened online, but can be opened in-person or over the phone. CSR stated that funds to open a CD must already be on deposit with Energy 1 in a savings or checking account. Energy 1 does not participate in the CO-OP Shared Branch network, so depositing funds must be done by ACH, wire transfer, or by check.
Maturing funds can be distributed through a check to the address on file or deposited into an Energy 1 checking or savings account. There is ten calendar day grace period before a CD automatically renews.
SEG Checking Bonus
Energy 1 is currently offering an exclusive $500 checking bonus for Select Employer Group employees. As stated on the promotion page,
How it works:
- $150 at account opening for opening a checking account, sign up for online/mobile banking and order your debit card.
- Another $150 will be deposited when you sign up for E1 Card Control app, have two payroll direct deposits into the account and achieve 30 debit card/ATM transactions within the first 60 days of opening the account.
- Yet, another $150 can be earned by refinancing your auto, boat or RV loan from another institution to Energy One. The loan amount must exceed $10,000 per loan.
- The last incentive opportunity is a $50 referral if you send us a co-worker or family member and they successfully open a new membership, checking account and debit card.
Headquartered in Tulsa, Oklahoma, Energy One Federal Credit Union’s field of membership (FOM) is industry-based, with employees of more than 150 energy-related companies located in major metro areas in California, Georgia, Oklahoma, and Texas, eligible to join. A list of the membership-eligible companies is available one Energy 1’s website.
Also eligible for membership are employees who work in any of four office complexes in Tulsa, Oklahoma (One Warren Place, Two Warren Place, One Ten Building, and Corporate Woods) or two office complexes in Dallas, Texas (Fourteen 5 and Pinnacle Tower).
Members of Talk of the Town Toastmasters (Dallas), the North Dallas Advanced Toastmasters (Dallas), the International Association of Administrative Professionals (Houston), and the Liquid Pipeline Roundtable (San Antonio) also qualify for membership.
Immediate family and household members of a current Energy 1 member are welcome to apply.
Joining Energy 1 can be done online or at any of the eight full-service branches located in Bakersfield, CA; Tulsa, OK (3); Dallas, Houston (2), and La Porte, TX. The Membership Application is also available as a download that can be returned to a local branch in-person, by mail, or by fax.
A minimum $5 opening deposit in an Ownership Shares account establishes an Energy 1 membership, but a $100 minimum balance is required to earn dividends. The $2 monthly service charge will be waived with a $100 minimum daily balance or if other accounts or loans are held by the member.
As discussed above, opening a CD cannot be done online. Existing members can open CDs either in-person or over the phone. Joining members must wait until membership is established before opening a CD.
Energy 1 participates in the Allpoint and MoneyPass ATM networks, giving members access to more than 80,000 surcharge-free ATMs.
Credit Union Overview
Energy One Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 0.66% (excellent) based on June 30, 2021 data. In the past year, Energy 1 has increased its total non-brokered deposits by $8.52 million, an excellent annual growth rate of 3.67%. Please refer to our financial overview of Energy One Federal Credit Union (NCUA Charter # 256) for more details.
Established in 1935, Energy One Capital Credit Union’s FOM has always been exclusive to employees of the gas and oil industry. The original “branch” consisted of one room and one person running the entire operation. Energy 1 has grown to become the 12th largest credit union headquartered in Oklahoma, with nearly 18,000 members and assets in excess of $268 million.
How the Share Certificate Compares
Given the multi-state FOM, a comparison to nationally available CDs is appropriate. When compared to the similar length-of-term CDs tracked by DepositAccounts.com that that are available nationwide, Energy One Federal Credit Union’s 36-month Share Certificate APY currently ranks first, regardless of minimum deposit requirements.
The above information and rates are accurate as of 12/3/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.