Family First Federal Credit Union (Family First) is currently promoting a Money Market Special that guarantees a 2.50% APY for six months following account opening. When the six-month period has ended, the Money Market account will convert to the standard tiered APYs, which are currently 0.40% APY ($25k+), 0.45% APY ($100k+), and 0.50% APY ($500k+).
This limited-time offer requires a minimum opening deposit of $10k, which is also the minimum balance required to earn the stated APY. Should the end-of-day ledger balance for any day during the monthly cycle drops below $10k, no dividends will accrue for that month.
According to the Truth-in-Savings disclosure, there are several transaction limitations including,.
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.
As DA reader, Carpline, mentioned in a Forum post, Family First has added a limited-time 8-month CD Special, which earns 2.75% APY. The minimum deposit is $500, with no stated balance cap. While Family First Jumbo CDs ($100k+) earn an additional 0.15%, that option is not available for the 8-month CD Special.
The 8-month CD Special is also available as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
Certificates of a term less than 12 (twelve) months
will have a penalty of 90 days of dividends imposed.
Headquartered in Rochester, New York, Family First Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in Monroe County or the Wayne County towns of Macedon, Ontario, or Walworth, eligible for membership.
Immediate family members (spouse, child, sibling, parent, grandparent, or grandchild, including step- and adoptive) and household members of membership-eligible individuals are also welcome to apply.
Joining Family First and/or opening a Money Market Special account or a CD requires an in-person visit to any of five New York branches located in East Rochester, Rochester (3), 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 3.39% (excellent) based on December 31, 2018 data. In the past year, Family First increased its total non-brokered deposits by $11.88 million, an excellent growth rate of 7.81%. Please refer to our financial overview of Family First Federal Credit Union (NCUA Charter # 19304) 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." Family First is currently New York’s 48th largest credit union, with more than 15,600 members and assets in excess of $218 million.
How the Money Market Special Compares
When compared to 197 Money Market accounts tracked by DepositAccounts.com that are available within the FOM, Family First Federal Credit Union’s Money Market Special APY currently shares the top spot with money market APYs offered by All America Bank, Redneck Bank, and Western State Bank.
To search for the best MMA rates, both nationwide and state specific, please refer to our Money Market Accounts Rates Table page.
How the CD Special Compares
When compared to 207 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Family First Federal Credit Union's 8-month CD Special APY currently ranks second.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.
The above rates are accurate as of 3/7/2019.