First Service Credit Union (First Service) began December with the debut of its High Yield Checking account, which earns 2.25% APY on qualifying balances up to $20k. First Service is ending the month by raising the rates on most of its Certificates to competitive levels. The vast majority of these new rates are the highest APYs seen in more than five years for First Service Certificates.
All of First Service’s Certificates have two APY tiers that are separated by 10 basis points and based on deposit levels of $1k and $50k.
First Service Certificates are also available as IRAs (Traditional, Roth, and CESA), earning the higher APY tier with only a $1k minimum deposit.
As stated in First Service’s Rates and Fees schedule, the Early Withdrawal Penalty reads as follows:
The amount of the penalty is half of the interest that would be earned
on the account from the date of withdrawal through the maturity date.
Headquartered in Houston, First Service Credit Union membership eligibility is both residency and employment based.
Residency: Individuals who live, work, worship, or attend school in the Texas counties of Harris and Waller are eligible to join.
Employment: Employees of over 140 SEGs, including KBR, Halliburton, CenterPoint, and Baker Hughes, are eligible for membership.
Credit Union Overview
First Service Credit Union (NCUA Charter # 68605) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 5.90% (excellent), based on September 30, 2016 data. In the past year, First Service has increased its total deposits by $10.84 million, an above average annual growth rate of 2.15%. Please refer to our financial overview of First Service Credit Union for more details.
Today’s First Service Credit Union can trace its roots to the Brownbuilder Federal Credit Union, which opened its doors in 1978 as a credit union for Brown & Root employees. Brownbuilder FCU became Right Choice Credit Union in 2005 - a name that better reflected a new charter and strategic direction. In 2010, Right Choice CU merged with the original First Service Credit Union, assuming its field of membership, all assets, and its name. First Service currently has over 59,400 members and assets in excess of $621 million.
How the Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the field of membership, most of First Service Credit Union's CDs rank in the top five. The most competitive of these is the 24-month Certificate, which currently ranks second.
The above rates are accurate as of 12/21/2016.