Focus First Federal Credit Union (Focus First) recently raised the rate on its 12-month Certificate (1.27% APY), making it a “Special” of sorts.
The minimum opening deposit is $500 and there is no stated maximum balance cap. Although not mentioned on Focus First’s website, this Certificate Special does require new money, which is defined as "funds that have not been on deposit at Focus First FCU within the past 90 days of CD purchase."
As stated in Focus First’s Disclosure document, the Early Withdrawal Penalty reads as follows:
For certificates with terms of 12 months or greater, the
early withdrawal penalty is the equivalent of 120 days interest.
Headquartered in Rochester, Focus First Federal Credit Union's Field of Membership has been expanded to include the following:
Joining Focus First and opening a CD requires an in-person visit to sole branch located on Lyell Avenue in Rochester. At this time, Focus First’s online banking services are limited to account management and bill pay for current members.
Credit Union Overview
Focus First Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 1.37% (excellent) based on March 31, 2016 data. In the past year, Focus First has increased its total deposits by $194k, an above average annual growth rate of 2.12%. Please refer to our financial overview of Focus First Federal Credit Union for more details.
Focus First Federal Credit Union (NCUA Certificate # 10220) was originally founded in 1955 as the Lyell Federal Credit Union, serving local employees of General Motors and its subsidiaries, Delco, ITT, and Valeo Wipers. Following the decline of eligible members due to a shrinking employee base, the FOM was recently expanded to include all residents of Monroe County (Rochester area).
How the Certificate Compares
When compared to the 170 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available to Monroe County residents, Focus First Federal Credit Union's 12-month Certificate Special currently ranks second.
The above rates are accurate as of 7/18/2016.