Missouri-based First Community Credit Union (First Community) is currently offering 5.00% APY on its 36-month and 60-month CDs. The minimum deposit for either CD is $500, with no stated balance cap.
The CDs are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
As stated on the Rates and Service Charges page, the Early Withdrawal Penalty reads as follows:
For accounts of 36 months or more, the penalty is
equal to 365 days’ dividends on the amount withdrawn.
The Rates and Service Charges page also states,
As an added benefit, when an account is an IRA and the IRA owner is over the age of 59 ½, the Credit Union will allow the owner to make a change in term and rate of the IRA investments once per account number during a 365-day period without incurring a penalty for early withdrawal.
Funding and Maturing Funds
According to CSR,
- Funding – Funds must be on deposit at First Community prior to opening a CD. Deposits can be made by ACH (using Funds Transfer platform), wire, or check.
- Interest – Compounded/credited annually and can be withdrawn without penalty.
- Maturing Funds – Wire ($15 fee), cashier’s check to address on file, or internal transfer to an existing savings/checking account.
- Grace Period – 10 calendar days before automatic renewal.
Headquartered in Chesterfield, Missouri, First Community Credit Union's field of membership (FOM) is residency based, with U.S. citizens/resident aliens (18 years or older) who live or work in the Missouri counties of Franklin, Jefferson, St. Charles, St. Louis and Warren, and the southwest Illinois counties of Madison, Monroe, and St. Clair, eligible for membership.
Those who live or work in the City of St. Louis are also eligible. While the City of St. Louis borders on St. Louis County, it is an independent City and not part of St. Louis County (or any county).
Immediate family of current First Community members and membership-eligible individuals also qualify for membership. Immediate family is generously defined as “spouse, child, sibling, parent, grandparent, grandchild, aunt, uncle, niece, nephew, first cousin or legal guardian and includes step, in-law and legally adoptive relationships.” The “immediate family” definition may allow many more people to qualify than one might expect. If you have a cousin or niece who lives in the Greater St. Louis metropolitan area, you could qualify for membership.
Joining First Community can be done online, or at any of 33 Missouri branches located in Arnold (2), Bridgeton, Chesterfield, Cottleville, Creve-Coeur, Des Peres, Ellisville, Eureka, Fenton, Festus, Florissant (2), High Ridge, Kirkwood, Lake Saint Louis, Manchester, Maplewood, O’Fallon (3), Richmond Heights, Saint Charles (2), Saint Louis (5), Saint Peters, Warrenton, Washington, and Wentzville. First Community also has eight southern Illinois branches located in Belleville, Collinsville, Fairview Heights, Glen Carbon (2), Godfrey, Granite City, and Waterloo.
While checking and savings accounts can be opened online, CDs cannot. Opening a CD can be done at any of the above-mentioned branch locations or by phone (636.728.3333 or 800.767.8880). If opening by phone, funds for the CD need to be already on deposit at First Community. First Community does not participate in the CO-OP Shared Branch network; if funds for opening a CD are coming from another financial institution, an ACH, wire transfer, or check must be used.
A $1 deposit in a Share Savings account makes you a member of First
Community and you must maintain $1 balance to qualify for membership.
Unlimited beneficiaries, with equal shares, can be designated and Social Security numbers required for all named beneficiaries.
A hard pull credit check will be run as part of the application process.
Credit Union Overview
First Community Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.59% (excellent), based on September 30, 2022 data. In the past year, First Community increased its total non-brokered deposits by $226.26 million, an excellent annual growth rate of 6.8%. Please refer to our financial overview of First Community Credit Union (NCUA Certificate # 67619) for more details.
Founded in 1934, First Community Credit Union is the largest credit union in Missouri, with more than 372,000 members and assets in excess of $3.8 billion. Three year ago, First Community began a partnership with Southern Illinois University Edwardsville for the naming rights to the Vadalabene Center arena for ten years.
Beginning August 2019, the facility will be known as First Community Arena. This partnership represents the largest corporate naming rights arrangement at SIUE and the very first time First Community has had naming rights. SIUE has been the fastest growing university in Illinois for the last 20 years. They have a NCAA Division 1 basketball program with 17 national championships and a passion for athletics.
First Community has been growing our presence in Illinois for many years now. We have over 25,000 members in Illinois, several members of our staff are SIUE graduates and current students as well. We are proud to be partnering with a university that has such a great reputation. We plan to leverage this relationship to grow our business in Illinois and support the local community in a big way.
How the 36-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the First Community Credit Union 36-month CD. The following table compares the 36-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 60-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the First Community Credit Union 60-month CD. The following table compares the 60-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 12/16/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.