First Choice America Fed Credit Union Offers Competitive 15-Mo CD Rate

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Deal Summary: 15-Month Certificate, 5.33% APY, $500 minimum deposit.

Availability: West Virginia Panhandle, Jefferson County (OH), 13 SW Pennsylvania townships.

West Virginia-based First Choice America Community Federal Credit Union (First Choice America) is currently offering 5.33% APY on its 15-month Certificate. The minimum opening deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.17%$500-First Choice America Community Federal Credit Union15 Month Certificate
5.17%--First Choice America Community Federal Credit Union15 Month IRA Certificate (Traditional, Roth, CESA)
Rates as of April 14, 2024.

The 15-month Certificate is also available as an IRA Certificate (Traditional, Roth, CESA), earning the same APY with the same deposit requirements.

According to the Certificates page,

We also offer Jumbo Certificates to our customers. Jumbo certificate of deposits is stable, low-risk investments made at a minimum of $100,000. Due to a large amount of money involved in this investment, customers typically receive a higher interest rate than that of our traditional certificate of deposits.

CSR stated that higher APYs are possible for large deposits, but the higher rate offered is determined on a case-by-case basis.

7-month Add-Vantage Certificate Special

The other competitive CD in the First Choice America product line is the 7-month Add-Vantage Certificate Special earning 5.12% APY. The Add-Vantage Certificate Special is an add-on CD that offers unlimited additional deposits ($500 minimum) throughout the term, with the exception of the last seven days prior to maturity.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.12%$500-First Choice America Community Federal Credit Union7 Month Add-Vantage Certificate Special
5.12%--First Choice America Community Federal Credit Union7 Month IRA Certificate Special (Traditional, Roth, CESA)
Rates as of April 14, 2024.

The 7-month Add-Vantage Certificate Special is also available as an IRA Certificate Special (Traditional, Roth, CESA), earning the same APY with the same deposit requirements.

Early Withdrawal Penalty

As stated in the Truth-in-Savings disclosure (page 9), the Early Withdrawal Penalty reads as follows,

If your account has an original maturity of more than six months: The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty.

You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal.

Partial withdrawals are allowed, but any withdrawal made within 180 days of account opening will reduce the principal.

Availability

Headquartered in Weirton, West Virgina, First Choice America Community Federal Credit Union’s field of membership (FOM) is community-based with those who live, work, worship, or attend school in any of the following.

West Virginia Counties: Brooke, Hancock, Ohio

Ohio Counties: Jefferson

West Virginia Cities: Benwood, McMechen

Ohio Cities: Bellaire, Shadyside

Pennsylvania Townships: Blaine, Buffalo, Cross Creek, Donegal, East Finley, Hanover, Hopewell, Independence, Jefferson, Morris (Washington County), Smith, South Franklin, West Finley

Immediate family and household members of anyone eligible for First Choice America membership are also welcome to apply.

Account Opening

Joining First Choice America can be done online or at any of six West Virginia branches located in Chester, Weirton (2), and Wheeling (3). There are also two Ohio branches located in Steubenville and Wintersville.

Opening a Certificate can be done at any of the above-mentioned branch locations or by phone (304.748.8600 or 800.427.4835).

Becoming A Member – All it takes is the purchase of a $5 share in a First Choice America savings account and completion of our membership application.

Funding and Other Details

The following information is from the First Choice America website and a conversation with CSR.

  • Funding – Funds must be on deposit in a First Choice America savings account before opening a Certificate. Funds can be deposited via ACH, wire ($5 fee), or check.
  • Ownership – Individual or joint.
  • CO-OP Shared Branch Participant – No.
  • Dividends – Compounded daily/credited monthly; earned dividends can be paid out by check or transferred to First Choice America checking or savings account.
  • Maturing Funds – Check to address on file or transfer to a First Choice America checking or savings account.
  • Beneficiaries – Unlimited, with percentages available. Social Security numbers are required.
  • Grace Period – 5 business days.
  • Credit Check – Soft pull using Transunion when joining First Choice America.

Credit Union Overview

First Choice America Community Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 0.57% (excellent) based on September 30, 2023 data. In the past year, First Choice America total non-brokered deposits decreased by -$12.76 million, a below average annual growth rate of -2.51%. Please refer to our financial overview of First Choice America Community Federal Credit Union (NCUA Charter # 3264) for more details.

Established in 1939 as Steel Works Employees Security League Federal Credit Union, the founding members were employees of the Steel Works Department of Weirton Steel Company. (Founded in 1901, Weirton Steel Company held the distinction of being one of the world’s largest producers of tin plate products.) By the end of the first year of operation, the credit union had 977 members and assets of $20,000. Thirty years of growth and expansion followed the 1977 adoption of a community charter and the rebranding as Steel Works Community Federal Credit Union. The First Choice America Community Federal Credit Union rebrand occurred in 2006, with the merger of Prime Financial Federal Credit Union happening a year later. Currently the second largest credit union headquartered in West Virginia, First Choice America Community Federal Credit Union has nearly 34,000 members and assets of more than $592 million.

How the 15-Month Certificate 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, one bank and two credit unions have higher rates than currently offered on the First Choice America Community Federal Credit Union 15-Month Certificate. The following table compares the 15-Month Certificate to the four highest-rate 18-month CDs from other banks/credit unions within the market area.

How the 7-Month Add-Vantage Certificate Special Compares

When compared to the nationally available Add On CDs tracked by DepositAccounts.com that have term lengths of 12 months or less, require a minimum deposit of $5k or less, and do not have a low balance cap, two credit union offer higher rates than currently offered on the First Choice America 7-Month Add-Vantage Certificate Special. The following table compares the 7-Month Add-Vantage Certificate Special to the four highest-rate add-on CDs from other banks and credit unions within the market area.

The above information and rates are accurate as of 2/27/2024.

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

Related Pages: Wheeling CD rates, 1-year CD rates

Comments

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