5Point Credit Union Adds Limited-Time 12-Month High Rate CD Special

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Deal Summary: 12-month High Rate CD Special, 3.36% APY, $1k minimum deposit, new money only

Availability: 16 Southeast Texas counties

For a limited time, 5Point Credit Union (5Point) is offering a 12-month High Rate CD Special earning 3.36% APY. The minimum opening deposit is $1k and new money is required. Star Saver account holders (members aged 0-12) can open a High Rate CD Special with a $100 minimum deposit of new money. (There is no definition of “new money” on the 5Point website.)

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.36%$1k-FivePoint Credit Union12 Month High Rate CD Special - New Money
3.36%$100-FivePoint Credit Union12 Month Star Saver High Rate CD Special - New Money
Rates as of October 1, 2022.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

Terms of 12 months or less – 90 days' dividends

If the CD has not yet earned enough dividends or if the dividends have already been paid out, the penalty will be deducted from the principal.

Partials withdrawals are permitted but,

We may require you to give written notice seven (7)
to sixty (60) days prior to any intended withdrawal.

Funding a 12-month High Rate CD Special can be done by ACH, wire transfer, or check. 5Point participates in the CO-OP Shared Branch network, facilitating the transfer of funds.

Earned/credited dividends can compound, be transferred into a 5Point savings or checking account, or be distributed by check to the address on file.

Maturing funds will be distributed through an internal transfer or by cashier's check to the address on file. There is a seven day grace period before the 12-month High Rate CD Special automatically renews as a regular 12-month Term Share Certificate (currently earning 2.28% APY.)

Unlimited beneficiaries can be designated (equal shares) and Social Security numbers are required for all named beneficiaries.

Availability

Headquartered in Nederland, Texas, 5Point Credit Union’s field of membership (FOM) is primarily community-based, with U.S. citizens and permanent resident aliens (18 years or older) who live, work, worship, or attend school in the Texas counties of Chambers, Galveston, Grimes, Hardin, Harris, Jasper, Jefferson, Liberty, Montgomery, Newton, Orange, Polk, San Jacinto, Tyler, Walker, or Waller eligible to join.

Immediate family members (parent, child, sibling, spouse) of a current 5Point member also qualify for membership.

Joining 5Point can be done online, or at any of nine full-service Texas branches located in Beaumont, Bridge City, Conroe, Lumberton, Nederland (2), Orange, Port Arthur, and Spring.

Opening a High Rate CD Special cannot be done online, but can be opened at any of the above-mentioned branches.

If you're already a member, give us a call at 1.800.825.8829 (menu option 2) to open your CD or come into any of our branches.

A minimum $5 deposit in a Share Savings account is required to establish a 5Point membership.

5Point participates in both the CO-OP Shared Branch network and ATM network.

Credit Union Overview

5Point Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.44% (excellent) based on June 30, 2022 data. In the past year, 5Point has increased its total non-brokered assets by $35.7 million, an excellent annual growth rate of 5.11%. 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 "the big bright Texaco star" Texaco jingle was an earworm in the 1960s.) 5Point Credit Union is currently the 43rd largest credit union headquartered in Texas, with more than 50,000 members and assets in excess of $838 million.

How the 12-Month High Rate CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than offered on the 5Point Credit Union 12-month High Rate CD Special. The following table compares the 12-month High Rate CD Special to the two highest-rate CDs from other banks, the two highest-rate CDs from other major online banks and the two highest-rate CDs from credit unions.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
3.36%12-Month High Rate CD Special (EWP=30 days)5Point Credit Union
3.21%12-Month Certificate (EWP=90 days)Connexus Credit Union
3.14%1-Year Fixed CD (EWP=180 days)Lafayette Federal Credit Union
3.10%1-Year Term CD (EWP=90 days)Rising Bank
3.10%13-Month CD (EWP=180 days)ConnectOne Bank

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

The above information and rates are accurate as of 9/12/2022.

Related Pages: Houston CD rates, Beaumont CD rates, 1-year CD rates

Comments
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Deal Summary: 18-month High Rate CD, 2.68% APY, $1k minimum deposit, new money only.

Availability: 16 Southeast Texas counties

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