First Peoples Community Federal Credit Union (First Peoples) recently raised the rates on its 15-month CD Special (1.50% APY) and 60-month CD Special (2.05% APY), with the 15-month CD Special being the more competitive of the two. The minimum opening deposit for either CD is $500, with no stated balance cap.
The two CD Specials is also available as IRAs (Traditional), earning the same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty "can be up to 180 days," with the final determination made on a case-by-case basis.
First Peoples also offers eFirst Checking, a reward checking account that pays 2.00% APY on qualifying balances up to $25K; balances over $25K pay 0.10% APY. The current APY and qualifying balance limit hasn’t changed since the eFirst Check was first introduced in January 2010.
- One Direct Deposit per calendar month
- Sign-up for and receive e-Statements
- Use First Peoples online bill payment at least once per calendar month
- Make at least five First Peoples VISA Debit Card purchases as a credit (i.e., using your signature) per calendar month
There is a $5 monthly service fee if the above requirements are not met.
Headquartered in Cumberland, Maryland, First Peoples Community Federal Credit Union field of membership (FOM) is residency based, with individuals who live, work, worship, attend school, or regularly do business in Allegany and Garrett Counties, Maryland; Somerset County, Pennsylvania; or Mineral County, West Virginia eligible to join.
Joining First Peoples and/or opening a CD requires an in-person visit to any of ten Maryland branches located in Accident, Cresaptown (2), Cumberland (3), Frostburg, Grantsville, LaVale, Lonaconing, and Oakland; or either of the two Pennsylvania branches in Meyersdale and Somerset; or either of the two West Virginia branches in Keyser and Ridgeley.
First Peoples’ online banking platform, FP@HOME, is currently limited to account management and bill payment services.
Credit Union Overview
First Peoples Community Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 14.04% (above average) based on March 31, 2016 data. In the past year, First Peoples has increased its total assets by $10.17 million, an excellent annual growth rate of 3.54%. Please refer to our financial overview of First Peoples Community Federal Credit Union for more details.
Originally known as the Amcelle Employees Federal Credit Union, First Peoples Community Federal Credit Union (NCUA Charter # 13345) was organized in 1960 to serve the employees of the Amcelle Plant in Cumberland, Maryland. (The Amcelle Plant was part of the Celanese Corporation of America.) Through a series of NCUA approved charter amendments, First Peoples expanded their FOM to include residents of Allegany County, MD (1975), Mineral County, WV (1983), Garrett County, MD (1998), and Somerset County, PA (2001). These charter amendments resulted in a unique credit union offering membership to residents of multiple states, with current membership of over 30,000 individuals.
How the CD Compares
Given that First Peoples’ FOM includes portions of three different states, an "apples-to-apples" comparison is a bit difficult. Therefore, when compared to the 177 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Maryland residents (majority of the membership), First Peoples Community Federal Credit Union's 15-month CD Special APY currently ranks second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.51% APY||15-Month Certificate Special ($100k max)||USALLIANCE Financial|
|1.50% APY||15-Month CD Special||First Peoples Community Federal Credit Union|
|1.40% APY||18-Month VIP CD Special||Lake Michigan Credit Union|
The above rates are accurate as of 7/26/2016.