First Source (NY) Offers Competitive 12-Month CD


Deal Summary: 12-month Share Certificate, 2.25% APY, $1k minimum deposit.

Availability: Residents of Herkimer and Oneida Counties, New York.

I had planned on writing about First Source’s 12-month Share Certificate last week. I’m glad I didn’t, as the rate dropped to 2.25% APY over the weekend. I would have been railing against the rate gods for their bad timing. That's the bad news. The good news is given the current rate climate, the 2.25% APY is still quite competitive. The minimum opening deposit is $1k, with no stated balance cap.

First Source offers a 12-month My Terms Share Certificate, which also earns 2.25% APY, but only requires 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.”

The 12-month Share Certificate is also offered as an IRA (Traditional, Roth, SEP), earning the same APY 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 Herkimer or Oneida Counties.

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, with a Texas Ratio of 8.33% (excellent) based on September 30, 2019 data. In the past year, First Source has increased its total non-brokered deposits by $52.45 million, an excellent annual growth rate of 11.43%. 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 more than 50,000 members and assets in excess of $635 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.

The “First Source” rebrand occurred more than 50 years later as the FOM expanded and became more diverse.

How the Share Certificate Compares

When compared to 235 similar length-of-term CDs tracked by that require a similar minimum deposit and are available within the FOM, First Source's 12-month Share Certificate APY currently ranks second.

The above rates are accurate as of 1/28/2020.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

Related Pages: Utica CD rates, Syracuse CD rates, 1-year CD rates


First Source (NY) Offers 48-Month CD Earning 2.75% APY
Deal Summary: Share Certificates – 24-month (2.50% APY), 36-month (2.70% APY), 48-month (2.75% APY), $1k minimum deposit.

Availability: Residents of Herkimer and Oneida Counties, New York.

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...

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