In an early September posting, I wrote in reference to Family First Federal Credit Union’s (New York) two CD Specials: a 22-month CD (2.00% APY) and an 11-month CD (1.00% APY). While those two CD Specials are no longer available, Family First Federal Credit Union (Family First) has just introduced a 14-month CD Special (1.30% APY).
The minimum opening deposit is a low $500 and there is no maximum balance cap. This 14-month CD Specials is also offered as an IRAs (Traditional, Roth and CESA) with the same funding requirements. N.B. While Family First offers an additional 15 basis points on its other CDs with a $100K minimum balance (Jumbo Certificates), that offer is not valid for the 14-month CD Special.
According to Family First’s "Truth In Savings Disclosure" page, the Early Withdrawal Penalty reads as follows:
If the certificate term is less than one year, a penalty of 90 days dividends will be imposed based on the current rate of the account. If the certificate term is one year or greater, a penalty of 180 days dividends will be imposed. This may invade the principal.
|2.00*%||-||$10k||Family First Of NY Federal Credit Union||Pinnacle Checking|
Family First is also offering 2.00% APY on its First Checking Pinnacle account.
- No minimum balance required and no monthly fee.
- 2% APY - Dividends are compounded daily and credited monthly; rates based on average daily balance.
- To obtain the APY, member must have $250 in direct deposit each month, 12 signature based debit card transactions (processed as credit) per month, and enrollment in online banking and e-statements.
- Interest earned on balances up to $10,000.00. The APY on balances of $10,000.01 and above is 0.10%.
- If all requirements to earn interest in any given month are not made, there are no fees and there is no dividend distributed for that month.
Membership in Family First Federal Credit Union is residency based, with the field of membership (FOM) covering the eastern portion of Monroe County and the western portion of Wayne County.
Individuals who live, work (or work for a company who is headquartered within Family First’s geographical charter), worship, volunteer or attend school in any of the areas listed below are eligible for membership. In addition, the FOM also includes immediate family members of those individuals.
Family First’s geographical charter:
- The City of Rochester that lies east of the Genesee River
- The adjoining Monroe County townships of Brighton, Henrietta, Irondequoit, East Rochester, Mendon, Penfield, Perinton, Pittsford, Rush and Webster
- The Wayne County Townships of Ontario, Walworth, and Macedon.
For more details, please refer to Family First’s Membership Eligibility page.
Joining Family First and opening a CD requires an in-person visit to any of four branches located in Rochester, East Rochester, Henrietta, 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 3.14% (excellent) based on June 30, 2014 data. In the past year, Family First increased its total deposits by $5.63 Million, an excellent growth rate of 4.72%. Please refer to our financial overview of Family First Credit Union for more details.
Family First Credit Union had gone through name changes (Penfield Central Federal Credit Union and Penfield Federal Credit Union) and FOM changes in the 45 years since it was first chartered. The most important change occurred in 2002 when the credit union converted to the current community charter. With a member base that 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." Today’s Family First has assets in excess of $135 Million with more than 11,000 members.
How the CD Compares
Based on similar length-of-term CDs tracked by DepositAccounts.com, with a $500 or less minimum deposit and available to New York State residents, Family First’s 14-month CD Special ranks at the top.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.