Family Savings Credit Union (AL/GA) Adds Rate-Leading 18-Month CD

Early Withdrawal Penalty

As stated in the Fee Schedule, the Early Withdrawal Penalty reads as follows:

If you withdraw any of the funds from the certificate before the maturity date, you will pay an early withdrawal penalty of 2.00% of the principal balance or 1 year of interest, whichever is less.

According to CSR, partial withdrawals are allowed, but the principal is not protected.

Excess Share Insurance

In addition to NCUA insurance, Family Savings offers Excess Share Insurance.

Deposit accounts at Family Savings Credit Union are insured up to $1,000,000. This exceptional level of coverage is attained through a combination of federal insurance provided by the National Credit Union Administration (NCUA) and private insurance from Excess Share Insurance Corporation (ESI).

Availability

Headquartered in Gadsden, Alabama, Family Savings Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, attend school, or regularly conduct business in the Alabama counties of Blount, Calhoun, Cherokee, Cleburne, Cullman, DeKalb, Etowah, Jackson, Madison, Marshall, Morgan, St. Clair, or Talladega eligible for membership.

Individuals who live or work in the Georgia counties of Bartow, Carroll, Catoosa, Chattooga, Cherokee, Cobb, Dade, Douglas Floyd, Gordon, Haralson, Murray, Paulding, Polk, Whitfield, or Walker also qualify for membership.

Account Opening

Joining Family Savings and/or opening an 18-month CD Special can be done online or at any of the five full-service Alabama branches located in Albertville, Anniston, Gadsden, Rainbow City, and Scottsboro, or the six Georgia branches located in Calhoun, Cartersville (2), Hiram, Rockmart, and Rome.

A $5 minimum deposit in a Regular Share Savings account establishes a Family Savings membership.

Funding and Other Details

The following information is from the Family Savings website and a conversation with CSR.

Funding – ACH, Shared Branch transaction, or internal transfer.
CO-OP Shared Branch Participant – Yes.
Ownership – Individual or joint.
Dividends – Compounded/credited quarterly and cannot be withdrawn penalty-free.
Maturing Funds – Cashier’s check to address on file or internal transfer.
Beneficiaries – Unlimited with equal shares; Social Security numbers are preferred but not required.
Grace Period – 10 calendar days before automatic renewal.
Credit Check – ChexSystems.

Credit Union Overview

Family Savings Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.15% (excellent), based on June 30, 2023 data. In the past year, Family Savings has increased its total non-brokered deposits by $103.95 million, an excellent annual growth rate of 16.42%. Please refer to our financial overview of Family Savings Credit Union (NCUA Charter # 68628) for more details.

Established in 1951, Family Services Credit Union’s founding members were seven Goodyear Tire and Rubber employees at the Gadsden plant, who each deposited $5.25. The original FOM only included employees at the Goodyear Gadsden plant. Over the course of several years, the FOM expanded to include other Goodyear plants and warehouses in Alabama and Georgia, and finally to include ten Alabama and ten Georgia counties. Family Services is currently the twelfth largest credit union headquartered in Alabama, with nearly 73,000 members and assets in excess of $878 million.

How the 18-Month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Family Savings Credit Union 18-month CD Special. The following table compares the 18-month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 11/30/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.