Last week, Enrichment Federal Credit Union (Enrichment) added three Share Certificate Specials, with the 59-month having the most competitive rate – 3.56% APY. The minimum opening deposit is $2.5k and “at least 50% must be new money to the Credit Union.” The 59-month Share Certificate Special is also offered as a Youth Certificate, earning the same 3.56% APY, but requiring only a $500 minimum deposit. The new money restriction also applies to the Youth Certificate.
According to CSR, the Early Withdrawal Penalty for the 59-month Share Certificate Special is a low 90 days of dividends, with partial withdrawals allowed.
Headquartered in Oak Ridge, Tennessee, Enrichment Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the Tennessee counties Anderson, Blount, Claiborne, Knox, Loudon, Roane, Scott, or Union eligible to join.
Enrichment has a online membership application of sorts: it collects basic personal information, and “upon approval, you will be contacted to come in and finalize your paperwork.” Joining Enrichment and/or opening a Share Certificate Special can also be done at any of nine Tennessee branches located in Clinton, Harriman, Kingston, Knoxville (4), New Tazewell, and Oak Ridge.
Credit Union Overview
Enrichment Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.25% (excellent) based on September 30, 2018 data. In the past year, Enrichment has increased its total non-brokered deposits by $12.59 million, an excellent annual growth rate of 3.09%. Please refer to our financial overview of Enrichment Federal Credit Union (NCUA Charter # 6778) for more details.
Chartered in 1950, Enrichment Federal Credit Union is currently Tennessee’s 11th largest credit union, with more than 43,500 members and assets in excess of $494 million. While the use of “Enrichment” in the name might sound trendy, it’s literally descriptive of the original FOM: employees of the Oak Ridge Gaseous Diffusion Plant (K-25), which enriched uranium for the Manhattan Project.
In 1942, the United States federal government chose the area as a site for developing materials for the Manhattan Project. Major General Leslie Groves, military head of the Manhattan Project, liked the area for several reasons. Its relatively low population made acquisition affordable, yet the area was accessible by both highway and rail, and utilities such as water and electricity were readily available due to the recent completion of Norris Dam. Finally, the project location was established within a 17-mile-long (27 km) valley. This feature was linear and partitioned by several ridges, providing natural protection against the spread of disasters at the four major industrial plants—so they wouldn't blow up "like firecrackers on a string."
How the Share Certificate Special Compares
When compared to 204 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit requirements and are available within the FOM, Enrichment Coast Federal Credit Union’s 59-month Share Certificate Special APY currently ranks first.
The above rates are accurate as of 2/11/2019.
Looking for the best CD rate, either nationwide or in your state? Please refer to our CD Rates Table page.