Following a weekend rate increase of 130 bps, First Community Credit Union’s (First Community) 24-month CD now earns 2.00% APY. The minimum deposit is $500, with no stated balance cap.
|0.70%||$500||-||First Community Credit Union||24 Month CD|
|0.70%||$500||-||First Community Credit Union||24 Month IRA (Traditional, Roth, CESA)|
The 24-month CD is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
This is the third year in a row that First Community has had a competitive rate on its 24-month CD. The previous two offerings were in conjunction with new branch openings and were available for a very limited time (one week). In addition, there were also balance caps ($10k in 2016 and $50k in 2015). The 24-month CD is currently listed on First Community’s rate page as a "regular" CD with no restrictions, other than the interest is compounded and credited on an annual basis.
As stated in the Truth-In-Savings disclosure, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of more than one year but less than 36 months:
The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty.
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 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 the County. Completed details can be found on First Community CU’s About Us page.
Family members (spouse, child, grandchild, sibling, parent, or grandparent) of current First Community CU members also qualify for membership.
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 "A" at DepositAccounts.com, with a Texas Ratio of 4.30% (excellent), based on March 31, 2017 data. In the past year, First Community CU increased its total non-brokered deposits by $116.15 million, an excellent annual growth rate of 6.05%. 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 278,600 members and assets in excess of $2.3 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 CD Compares
When compared to the 300 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 24-month CD APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||24-Month CD||First Community Credit Union|
|1.81% APY||24-Months CD||First Internet Bank|
|1.75% APY||2-Year CD||KS StateBank|
The above rates are accurate as of 7/24/2017.