First Community Credit Union Hikes 72-Month CD Rate To 3.75% APY
Over the weekend, First Community Credit Union (First Community CU) raised the rates on two of its long-term CDs: 72-month (3.75% APY) and 60-month (3.50% APY). 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 funding requirements.
The 3.75% APY is the highest rate offered on the 72-month CD in almost ten years. In the past year, a total of 185 bps were added to this long-term CD. For those who feel uncertain about interest rates in the near future, long-term CDs with competitive rates may offer a safe harbor.
19-Month CD Special
The new addition to the product line is a 19-month CD Special earning 3.04% APY. This limited-time CD Special requires a $500 minimum opening deposit and “has a maximum deposit of $250,000 per person.”
According to the fine print on the Rates page, the CD Special does not renew and,
Upon maturity the balance will be transferred to your savings account.
As stated on the Rates and Service Charges page, the Early Withdrawal Penalty reads as follows:
For accounts of greater than one year but less than 36 months,
the penalty is equal to 180 days’ dividends on the amount withdrawn.For accounts of 36 months or more, the penalty is
equal to 365 days’ dividends on the amount withdrawn.
Availability
Headquartered in Chesterfield, Missouri, First Community Credit Union's field of membership (FOM) is residency based, with individuals 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.
Individuals 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 CU 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.”
Joining First Community CU and/or opening a CD can be done online or at any of 27 Missouri branches located in Arnold (2), Bridgeton, Chesterfield, Creve Coeur, Des Peres, Ellisville, Eureka, Fenton, Festus, Florissant, High Ridge, Lake Saint Louis, Manchester, Maplewood, O’Fallon (2), Richmond Heights, St. Charles (2), St. Louis (3), St. Peters, Warrenton, Washington, and Wentzville. First Community also has five Illinois branches, which are located in Belleville, Collinsville, Fairview Heights, Glen Carbon, and Granite City.
Credit Union Overview
First Community Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.31% (excellent), based on September 30, 2018 data. In the past year, First Community CU increased its total non-brokered deposits by $145.17 million, an excellent annual growth rate of 7.12%. 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 312,200 members and assets in excess of $2.5 billion. A committed member of its community, First Community CU actively supports more than 25 non-profit organizations, including Habitat for Humanity, Make A Wish Foundation, and the Alzheimer’s Association.
How the CDs Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, First Community Credit Union’s 72-month CD APY currently ranks first.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 3.75% APY | 72-Month CD | First Community Credit Union |
| 3.48% APY | 6-Year Step Rate CD (blended rate) | BMO Harris Bank |
| 3.45% APY | 6-Year CD | INOVA Federal Credit Union |
When compared to similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, First Community Credit Union’s 19-month CD Special APY currently ranks third.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 3.15% APY | 19-Month CD | INOVA Federal Credit Union |
| 3.10% APY | 15-Month CD Special | Premier America Federal Credit Union |
| 3.04% APY | 19-Month CD Special | First Community Credit Union |
The above rates are accurate as of 1/15/2019.
To search for the best CD rates, both nationwide and state specific, please refer to DepositAccounts.com’s CD Rates Table page.
Ally money coming due today.
I'm setting up that 5yr 3.75 I was offered to match Navy by my other CU here. This isn't what they have as "advertised" rates, far from it, so I won't bother to mention them with out proper clearance. I'm just getting real tired of having to conduct myself like some stock market trader watching the ****ed ticker every sec waiting for that "majestic" number to appear.
And those 4% deals may take another year or 2 to start to show up more main stream than a couple CU's here and there.and even if they do, they most likely won't be around my area , besides I will have 3 CD's coming due in around 2yrs, plenty time to watch rates, and at 3.75 even the spread on 4 won't break me.
Hope you CD savers find your own workable deals so you can worry about other things.
One worry I had was eliminated today at my wife's post surgical procedure visit, "not cancer" but was close.... So there are other issues that can put rates on the back burner.
But, I think FRED is the biggest HAWK!