Although rates were decreased in August, First Source’s 24-month (2.50% APY), 36-month (2.70% APY), and 48-month (2.75% APY) Share Certificates are still very competitive. Any First Source Share Certificate can be opened with a $1k minimum deposit.
First Source also offers a 24-month My Terms Share Certificate, which earns 2.50% APY but requiring only a $500 minimum deposit. According to CSR, a My Terms Share Certificate is a “secured CD that you can use acquire a credit card or get a loan.”
All First Source Share Certificates are also offered as IRAs (Traditional, Roth, SEP), earning the same APYs with the same funding requirements.
Share Certificate dividends are compounded and credited monthly, and can be credited back into the Share Certificate or deposited into another First Source account.
As stated in the Term Share Certificate Disclosure, the Early Withdrawal Penalty reads as follows:
For accounts with terms of 12 months or longer, the amount of early withdrawal penalty for your account is all accrued dividends up to 180 days’ dividends but not less than seven (7) days' dividends.
Headquartered in New Hartford in New York's Mohawk Valley, First Source’s field of membership (FOM) includes individuals who live, work, worship, or attend school in the counties of Herkimer or Oneida.
Joining First Source and/or opening a Share Certificate can be done at any of five New York branches located in Herkimer, New Hartford, Rome, and Utica (2).
The ”Become a Member” page has a “Make An Appointment” form, to start the application process.
If you qualify for membership, when you open your account, you’ll deposit a minimum of $5, which is your “owner share” of the credit union.
First Source participates in the CO-OP and Share Net ATM networks, giving members access to more than 30,000 surcharge-free ATMs nationwide.
Credit Union Overview
First Source has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.79% (excellent) based on June 30, 2019 data. In the past year, First Source has increased its total non-brokered deposits by $36.89 million, an excellent annual growth rate of 7.85%. Please refer to our financial overview of First Source (NCUA Charter # 2658) for more details.
First Source is currently the 25th largest credit union in New York, with nearly 50,000 members and assets in excess of $627 million. Originally established in 1938 as the Utica Teachers Federal Credit Union,
we were born out of necessity to provide financial assistance for educators in our area. In the midst of the Depression, teachers found it difficult to secure credit. Eleven teachers applied to the National Credit Union Administration for a credit union charter and Utica Teachers FCU was born.
More than 50 years later, the Credit Union rebranded as First Source Federal Credit Union as the FOM expanded and became more diverse.
How the Share Certificates Compare
When compared to 222 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, First Source's 24-month Share Certificate APY currently ranks second.
When compared to 218 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, First Source's 36-month Share Certificate APY currently ranks second.
When compared to 184 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, First Source's 48-month Share Certificate APY currently ranks second.
The above rates are accurate as of 12/19/2019.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.