First Castle Credit Union (Louisiana) recently raised the rates on its Money Market Account, with the uppermost rate being 1.25% APY on balances between $100K and $175K.
The minimum to open this account is $100, but balances under $2K do not earn any interest, and there is a maximum balance cap of $175K.
First Castle Credit Union tiers the Money Market Account interest rates into five levels:
- 1.25% APY - $100K-$175K
- 1.00% APY - $50K+
- 0.75% APY - $25K+
- 0.60% APY - $10K+
- 0.50% APY - $2K+
There is no monthly service fee attached to this account, but there is a $5 fee for each withdrawal beyond the standard six monthly withdrawals. For more details, please refer to First Castle Credit Union’s Savings Account page.
Anyone who lives, works, worships, attends school or volunteers in St. Tammany Parish, LA, is eligible for membership in First Castle Credit Union. All United States Army Corps of Engineers (New Orleans District) full-time and part-time employees who do work in, or for St. Tammany Parish are eligible for membership.
Members in good standing can remain lifelong members, even if they leave St. Tammany Parish or the employment of the Corps.
Joining First Castle Credit Union can be done with an in-person visit to any of three branches located in Covington, New Orleans and Slidell, or by downloading an application and returning it via fax or mail. While First Castle Credit Union does offer online account management features, opening the Money Market Account (or any other product) requires a branch visit.
Credit Union Overview
First Castle Credit Union (NCUA Certificate # 5) has an overall health rating of B+ at DepositAccounts.com, with a Texas Ratio of 6.32% (excellent) as of June 30, 2014. In the past year, First Castle Credit Union has increased its total deposits by $5.82 Million, an excellent growth rate of 11.26%. Please refer to our financial overview of First Castle Credit Union for more details.
First Castle Credit Union is celebrating its 80th anniversary. Originally founded in 1934, specifically for the Corps of Engineers New Orleans District, First Federal Credit Union is the second oldest federally chartered credit union in the United States. Today, First Federal Credit Union has over 6,200 members and assets in excess of $63 Million.
How the Rate Compares
When compared to other Money Market Accounts tracked by DepositAccounts.com, requiring a minimum $100K deposit, and available to residents of Louisiana, First Castle Credit Union Money Market Account is very competitive:
|Interest Rate||Account Name||Institution|
|1.25% APY||Money Market Account||First Castle Credit Union|
|1.15% APY||Money Market Account||Connexus Credit Union|
|1.01% APY||Money Market Account||ASI Credit Union|
The above rates are accurate as of 9/24/2014.