The summer solstice occurs next week and Ferguson Federal Credit Union (Ferguson FCU) is marking the beginning of summer with a 24-month CD Special (2.00% APY). The minimum opening deposit is $1k, with no stated balance cap.
According to CSR, no partial withdrawals are permitted: the only way to withdraw funds before maturity is to prematurely close the CD. In doing so, you will lose all earned interest and will be assessed a $25 early closure fee.
About a year ago, Ferguson FCU introduced its Rewards Checking account, which currently earns 3.00% APY on qualifying balances between $500 and $20k. Qualifying balances of $20k+ earn 0.25% APY, as do non-qualifying balances.
- At least ten non-PIN debit card transactions with an aggregate total of at least $200 during a calendar month.
- At least one ACH deposit and/or direct deposit totaling at least $500 per calendar month.
- Enroll and receive e-Statements.
The Rewards Checking account has no monthly service fee, but does require a $500 minimum balance to qualify for the 3.00% APY. Foreign ATM fees will be reimbursed up to $25 per month, if the qualifying requirements are met.
Headquartered in Monticello, Mississippi, Ferguson Federal Credit Union’s field of membership (FOM) is primarily residency based, with the residents of the southwest Mississippi counties of Amite, Copiah, Franklin, Jefferson, Jefferson Davis, Lawrence, Lincoln, Marion, Pike, Simpson, Walthall, and South Rankin, eligible to join.
In addition, employees of Georgia Pacific’s Ferguson Mill also qualify for membership.
Joining Ferguson FCU and opening a CD and/or Rewards Checking account can be done in person at any of two full-service Mississippi branches in Monticello. There is also a “cashless branch” in Brookhaven and a student-run branch in Lawrence County High School. According to the Credit Union’s website, a new branch in Columbia is “opening soon.”
The Membership Application is available as a download to facilitate the process.
Credit Union Overview
Ferguson Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.84% (excellent) based on March 31, 2017 data. In the past year, Ferguson FCU has increased its total non-brokered deposits by $1.78 million, an excellent annual growth rate of 3.56%. Please refer to our financial overview of Ferguson Federal Credit Union (NCUA Charter # 18515) for more details.
Ferguson Federal Credit Union was established in 1968 for benefit of the employees of St. Regis (now Georgia Pacific). For many years, membership in Ferguson FCU was limited to several SEGs, primarily those associated with the pulp and paper industry. In 2014, the FOM was expanded to include the residents of Lawrence County, and in 2016, an expansion to add 11 southwest Mississippi counties was approved by the NCUA. While currently not a large credit union, Ferguson FCU is poised to grow exponentially in the near future.
How the CD Special Compares
When compared to the 214 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Ferguson Federal Credit Union's 24-Month CD Special APY currently ranks first.
How the Rewards Checking Compares
When compared to the 29 High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available within the FOM and have maximum qualifying balances of at least $20k, Ferguson Federal Credit Union’s Rewards Checking APY currently ranks second.
The above rates are accurate as of 6/17/2017.