Family First Federal Credit Union’s (Family First) is offering a Bonus Rate of 1.25% APY on its Money Market Platinum account, guaranteed through June 2017. Deposits of $100k - $250k will earn the stated Bonus Rate, with deposits between $10k and $99,999.99 earning 1.00% APY.
All deposits made during the Bonus Period (now through June 2017) must be new money, which is defined as “funds not on deposit at Family First in the last 90 days.”
As stated on the Money Market Platinum Disclosure page, there are several transaction limitations, with the last sentence having the most impact.
No checks may be processed against this account. If attempted, they will reject and a fee may be charged.
During any statement period, no more than three withdrawals may be made to another Credit Union account or a third party by means of pre-authorized or automatic transfer, telephone order, or written instruction.
Any transaction that exceeds the transfer limitations or reduces the balance below $10,000.00, subjects the account to closure and fees.
No additional deposits will be accepted during the Bonus period.
Family First is currently offering a 17-month CD Special (1.20% APY). The minimum deposit is $500, with no stated balance cap. According to CSR, the Early Withdrawal Penalty is 180 days dividends. While Family First Jumbo CDs ($100k+) earn an additional 0.15%, that feature is not available on the 17-month CD Special.
Headquartered in Rochester, Family First Federal Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work (or work for a company that is headquartered), worship, volunteer, or attend school in Monroe County or the Wayne County towns of Macedon, Ontario, Walworth, are eligible for membership.
Immediate family members (spouse, child, sibling, parent, grandparent or grandchild, including step and adoptive relationships of each) and household members of eligible individuals also qualify for membership.
For more details can be found on Family First’s Membership Eligibility page.
Joining Family First and opening a Money Market Platinum account requires an in-person visit to any of four New York branches located in East Rochester, Rochester (2), and Webster.
Credit Union Overview
Family First Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.86% (excellent) based on September 30, 2016 data. In the past year, Family First increased its total deposits by $6.3 million, an excellent growth rate of 4.67%. Please refer to our financial overview of Family First Federal Credit Union for more details.
Family First Federal Credit Union was established in 1969 as the Penfield Central Federal Credit Union, for the benefit the Penfield Central School District employees. For more than 30 years, the FOM remained primarily education affiliated, but in 2002 the Credit Union converted to its current community charter. With a member base that now extended far beyond the original locale, a name was chosen that was not descriptive of one area, but based on its philosophy of putting the "Family First." Currently, Family First is New York’s 55th largest credit union, with more than 14,000 members and assets in excess of $172 million.
How the Money Market Platinum Compares
When compared to the Money Market accounts tracked by DepositAccounts.com that require a similar minimum deposit and are available to residents within the FOM, Family First Federal Credit Union’s Money Market Platinum APY currently shares the top spot with State Bank of Texas’ Jumbo Money Market Deposit Account.
With the 1.25% APY guaranteed through June 2017, comparing the Money Market Platinum to 6-month CDs also makes sense. Therefore, when compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available to residents within the FOM, Family First Federal Credit Union’s Money Market Platinum APY currently ranks first, regardless of minimum deposit. It can also be compared to Ally Bank's 11-month No Penalty CD (which currently has a 1.25% APY) since this CD can be closed without penalty at anytime from 7 days to 11 months.
The above rates are accurate as of 12/16/2016.