Last week, FivePoint Credit Union (FivePoint CU) added a new 24-month Share Certificate Special (1.51% APY), available now through October 31, 2016. The minimum opening deposit on this limited-time offer is $1k of new money, with no stated balance cap.
As stated in the Truth In Savings Disclosure document, the Early Withdrawal Penalty reads as follows:
Terms of greater than 12 and up to 24 months - 180 days' dividends
Headquartered in Nederland, Texas, FivePoint Credit Union’s field of membership is residency based, with individuals who live, work, worship, or attend school in Hardin, Jasper, Jefferson, Newton, or Orange Counties, eligible to join.
In addition, individuals who live, work, worship, or attend school or within the boundaries of the Conroe or Magnolia Independent School Districts also qualify for membership.
Opening a Share Certificate requires an in-person visit to any of the previously mentioned branches.
Credit Union Overview
FivePoint Credit Union (NCUA Charter # 68643) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.71% (excellent) based on March 31, 2016 data. In the past year, American United has increased its total assets by $20.11 million, an excellent annual growth rate of 4.61%. Please refer to our financial overview of FivePoint Credit Union 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, depositing a total of $247. The name was changed to FivePoint Credit Union in 2004; “FivePoint” was chosen as the new brand because the Credit Union was established with “service with star quality.” (I now have the Texaco jingle stuck in my head.) Coincidentally, FivePoint Credit Union is marking its 81st anniversary today, with more than 49,800 members and assets in excess of $523 million.
How the Share Certificate Compares
When compared to the 165 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to residents of the Beaumont-Port Arthur, Texas area, FivePoint Credit Union's 24-month Share Certificate Special APY currently ranks seconds.
The above rates are accurate as of 8/1/2016.