First Community Credit Union (First Community) recently added 60 bps to its 5-year CD, which now offers rates of 1.55% APY ($100k minimum deposit) and 1.50% APY ($500 minimum deposit). The current rates are the 5-year CD’s highest APYs in about 18 months.
First Community CDs are also available as IRA CDs (Traditional, Roth, CESA, SEP), earning the same rates with the same deposit requirements.
As stated in the Deposit Agreement disclosure, the Early Withdrawal Penalty reads as follows:
We will impose a penalty of one hundred-eighty (180) days of interest if the term of your CD is greater than one year. The penalty will be imposed whether interest representing the penalty has been earned or not.
Any withdrawal which reduces the CD balance below the minimum required balance to open the CD shall be considered a withdrawal of the entire CD balance, in which event, the penalty shall be computed as if the entire CD balance had been withdrawn. The entire CD balance shall be distributed to you and your CD will be closed.
CSR stated the easiest way to fund a new CD is through an internal transfer from a First Community savings or checking account. FCCU has recently joined the CO-OP Shared Branch network, which can facilitate the transfer of funds.
Dividends will be compounded daily and credited monthly, and can be transferred to another First Community account or distributed by check to the address on file.
There is grace period of ten business days before a CD automatically renews.
Headquartered in Houston, Texas, First Community Credit Union’s field of membership (FOM) is primarily community-based, with individuals who live, work, or worship in the Texas counties of Fort Bend, Harris, or Montgomery, eligible to join.
As stated on the first page of First Community’s online application, employees of more than 100 Houston area Select Employee Partner businesses are also eligible to join.
Relatives of a current First Community member are welcome to apply. FCCU does not provide a definition of “relatives” on its website.
Joining First Community and/or opening a CD can be done online or at any of 17 Texas branches located in Cypress (2), Houston (6), Katy (3), Missouri City, Richmond, Spring, Sugarland, The Woodlands, and Tomball. Appointments are available and can be scheduled online or by phone (281.856.5300).
All FCCU members start with a Primary Savings. A savings account is required to establish and maintain membership in the credit union. Become a member of the FCCU family for $5.
First Community participates in the CO-OP Shared Branch network and the Allpoint ATM network. If you text the Zip Code you are in to 91989, FCCU will provide a list of nearby Shared Branch locations.
Credit Union Overview
First Community Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.22% (excellent) based on June 30, 2021 data. In the past year, First Community has increased its total non-brokered deposits by $189.7 million, an excellent annual growth rate of 12.4%. Please refer to our financial overview of First Community Credit Union (NCUA Charter # 66818) for more details.
First Community Credit Union is currently the 15th largest credit union headquartered in Texas, with nearly 139,000 members and assets in excess of $1.9 billion. Established in 1954, the founding members were employees of the Spring Branch Independent School District. While the FOM was expanded in 1983 to include the employees of the Alief Independent School District, the largest expansion occurred in 1988 when a community charter was granted.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, First Community Credit Union’s 5-year CD APY currently ranks second, regardless of minimum deposit requirements.
The above information and rates are accurate as of 12/1/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.