Earlier this week, First Service Credit Union (First Service) added a new 18-month Promotional CD (1.55% APY) and raised the rate on its 12-month Promotional CD (1.35% APY). The minimum opening deposit for both CDs is $1K, but the 18-month CD requires new money; there is no balance cap for either CD.
In the year since the 12-month Promotional CD was first introduced, there have been four rate changes, ranging from a low of 0.50% APY in December 2014 to a high of 1.40% APY in March 2015.
As stated in First Service’s Truth In Savings document, 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 has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.42% (excellent), based on June 30, 2015 data. In the past year, First Service has increased its total deposits by $58.1 Million, an excellent annual growth rate of 12.93%. Please refer to our financial overview of First Service Credit Union for more details.
Today’s First Service Credit Union (NCUA Certificate # 68605) 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 to better reflect 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 54,600 members and assets in excess of $577 Million.
How the CDs Compare
When compared to the 488 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Texas residents, First Service Credit Union’s 12-Month Promotional CD currently ranks first.
When compared to the 324 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Texas residents, First Service Credit Union’s 18-month Promotional CD also ranks first.
The above rates are accurate as of 9/24/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.