It’s been more than four years since I last wrote about 5Point Credit Union (5Point). The most competitive Share Certificate in 5Point’s product line is the 60-month Share Certificate, which currently earns tiered rates of 1.87% APY ($99k), 1.77% APY ($50k), and 1.66% APY ($1k).
The 60-month Share Certificate is also available as an IRA Certificate, earning the same tiered APYs with the same deposit requirements.
In the past seven months, the 60-month Share Certificate fell from an all-time high of 2.74% APY to the current 1.87% APY in five rate changes.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
Terms of greater than 24 months - 360 days' dividends
Partials withdrawals are permitted but,
We may require you to give written notice seven (7)
to sixty (60) days prior to any intended withdrawal.
Dividends can compound, be transferred into a 5Point savings or checking account, or distributed by check to the address on file.
Headquartered in Nederland, Texas, 5Point Credit Union’s field of membership (FOM) is residency based, with U.S. citizens/permanent resident aliens who live, work, worship, or attend school in Hardin, Jasper, Jefferson, Newton, or Orange Counties eligible to join.
In addition, those who live, work, worship, or attend school within the boundaries of the Conroe or Magnolia Independent School Districts, or within a 10-mile radius of the Spring or Conroe 5Point offices also qualify for membership.
Opening a Share Certificate requires an in-person visit to any of the previously mentioned branches, which are currently operating with limited capacities.
There will be a limit of one member per 5Point representative allowed inside of our lobbies. We will offer controlled teller transactions inside all lobbies. Only a certain amount of members will be allowed to wait for teller transactions inside the lobby.
A minimum $25 deposit in a Share Savings account is required to establish a 5Point membership.
5Point participates in both the CO-OP Shared Branch and ATM networks.
Credit Union Overview
5Point Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.55% (excellent) based on June 30, 2020 data. In the past year, 5Point has increased its total non-brokered assets by $88.6 million, an excellent annual growth rate of 16.06%. Please refer to our financial overview of 5Point Credit Union (NCUA Charter # 68643) for more details.
On August 1, 1935, the Texas Company (Texaco) P.A.W. Employees Federal Credit Union opened its doors for business inside the refinery. At the end of the first month, 57 employees had joined with total deposits of $247. The name was changed to 5Point Credit Union in 2004; “5Point” was chosen as the new brand because the Credit Union was established with “service with star quality.” (The Texaco jingle is now an earworm.) 5Point Credit Union is currently the 40th largest credit union headquartered in Texas, with more than 47,600 members and assets in excess of $744 million.
How the Share Certificate Compares
When compared to 214 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, 5Point Credit Union's 60-month Share Certificate Special top APY currently ranks first, regardless of minimum deposit requirement.
The above rates are accurate as of 10/14/2020.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.