Financial Resources Federal Credit Union Adds 13-Month CD Special
New Jersey-based Financial Resources Federal Credit Union (FRFCU) is currently offering a 13-month CD Special, which has a base APY of 5.64%. A Relation Premium APY* of up to 5.96% is possible and is explained below. The minimum opening deposit is $500, with no stated balance cap.
The 13-month CD Special is also available as an IRA CD Special (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
*Relationship Premium Rates for Certificates and IRAs include a rate premium based on your account services with the credit union. Rates indicated include premiums of:
0.10% for an active checking account (active checking account requires either (A) existing checking acct with minimum monthly Direct Deposit of $500.00, or (B0 FRFCU debit card with minimum 5 transactions in previous month, or (C) Active Bill Pay Account);
0.10% for an existing consumer loan (excludes Credit Builder and Personal Lines of Credit);
0.10% for a FRFCU Mortgage or Investment Account.
Early Withdrawal Penalty
As stated in the Consumer Disclosure document (page 24), the Early Withdrawal Penalty reads as follows
If your account has an original maturity of 13 to 23 months: The penalty we may
impose will equal nine months dividends on the amount withdrawn subject to penalty.
CSR confirmed that partial withdrawals are allowed, although the principal is not protected.
Availability
Headquartered in Bridgewater in northern New Jersey, Financial Resources Federal Credit Union’s field of membership (FOM) includes an easy membership requirement. U.S. citizens and resident aliens (18 years or older) who have a valid Social Security number are eligible to join through membership in the American Consumer Council (ACC).
As stated on the first page of the FRFCU online application,
If you wish to qualify for FRFCU membership via a no cost ACC membership click here.
Individuals who live, work, worship, or attend school in the New Jersey communities of Greater New Brunswick Area, Flemington Borough (Hunterdon County), City of Elizabeth (Union County), or Jersey City (Hudson County) are also eligible to join.
Employees/members of nearly 800 participating companies/associations qualify for membership. (A complete list is on the first page of the online application.)
Family members of a current FRFCU member are welcome to apply. In this instance, “family members” is generously defined as parent, sibling, spouse, child, in-laws, niece, nephew, grandparent, grandchild, aunt, uncle, stepchild, stepparent, and first cousin.
Account Opening
Joining FRFCU and/or opening a 13-month CD Special can be done online or at any of seven New Jersey branches opened to the public, which are located in Bridgewater, Elizabeth, Flemington, Green Brook, Hillsborough, Jersey City, and Somerset.
Your FRFCU relationship begins with as little as a $10 Membership Savings account ($5 for Youth Savings), enabling you to take advantage of exclusive banking benefits and lifelong membership advantages.
FRFCU participates in the Allpoint ATM network, giving members access to 55,000 surcharge-free ATMs coast-to-coast.
Funding and Other Particulars
The following information is from the FRFCU website and a conversation with CSR.
- Funding – ACH or internal transfer. Funds should ideally be on deposit at FRFCU before opening a CD Special.
- Ownership – Individual, joint, trust (in-branch only).
- CO-OP Shared Branch Participant – No.
- Dividends – compounded/credited monthly; dividends can automatically be credited to the CD Special or transferred to another FRFCU account.
- Maturing Funds – Cashier’s check or internal transfer to an FRFCU checking or savings account.
- Grace Period – 10 calendar days before automatic renewal.
- Beneficiaries – Unlimited with equal shares and Social Security numbers required for all beneficiaries.
Credit Union Overview
Financial Resources Federal Credit Union has an overall health rating of "C" at DepositAccounts.com, with a Texas Ratio of 15.96% (above average), based on September 30, 2023 data. In the past year, FRFCU’s total non-brokered deposits decreased by -$37.68 million, a below average annual growth rate of -7.15%. Please refer to our financial overview of Financial Resources Federal Credit Union (NCUA Charter # 6665) for more details.
Chartered in 1950, Financial Resources Federal Credit Union was originally known as the Ethicon Employees Federal Credit Union (EEFCU), established by employees of Ethicon Suture Laboratories (part of the Johnson & Johnson Corporation). The first of several major changes occurred in late 1998 when McNeil-Ortho Federal Credit Union merged into EEFCU. Three months later, Raritan Federal Credit Union (the oldest chartered credit union in New Jersey) join EEFCU. The Financial Resources rebrand occurred in May 2000, as the credit union began to expand its FOM. In February 2003, a “Multiple Common Bond Charter” was adopted, allowing FRFCU to include companies and organizations other than Johnson & Johnson companies in the FOM. Just four months later, FRFCU received permission from the NCUA to expand the FOM to include individuals and businesses in the underserved areas of New Brunswick, Highland Park, and portions of Somerset, NJ. Financial Resources Federal Credit Union is currently the third largest credit union in New Jersey, with nearly 29,000 members and assets in excess of $613 million.
How the 13-Month Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, two banks currently have higher rates than offered on the Financial Resources Federal Credit Union 13-Month CD Special. The following table compares the 13-Month CD Special to the four highest-rate similar length-of-term CDs from other banks/credit unions within the FOM.
The above information and rates are accurate as of 1/22/2024.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
