In May, Founders Federal Credit Union's (Founders FCU) 60-month Share Certificate became a rate leader, earning a “wow-worthy” 3.29% APY. At the risk of repeating myself, it's “wow-worthy” time again: 77 bps were added to the 60-month Share Certificate, giving it a hot rate of 4.06% APY and putting it at the top of the leader board, once again. The minimum opening deposit is $500, with no stated balance cap.
|4.16%||$500||-||Founders Federal Credit Union||60 Month IRA Special (Traditional, Roth, CESA)|
|4.06%||$500||-||Founders Federal Credit Union||60 Month Share Certificate|
The 60-month Share Certificate is also offered as an IRA (Traditional, CESA, Roth) at a higher rate of 4.16% APY, with the same funding requirements.
While conventional wisdom holds that past performance is not a guarantee of future performance, if interest rates continue to rise as they have in the past year, it is possible the 60-month Share Certificate APY could be near 5% in another year.
As stated in the Disclosure Page (attached to the online application) the Early Withdrawal Penalty reads as follows:
Unless stated otherwise, the amount of the early withdrawal penalty is based on
the term of your account. For terms of 24 months or greater, 360 days’ dividends.
Thanks to DA reader, July2022, who “stumbled” across this hot deal.
12-month Loyalty Advantage Certificate
Founders FCU is also offering a 12-month Loyalty Advantage Certificate, which currently earns 3.03% APY. Unfortunately, there’s no “wow” for this Certificate, because it’s capped at $3k and there’s a limit of one certificate per member. On the other hand, the ability to make additional deposits (up to $3k) at any time during the term makes it more like a savings account with a great rate, but with extremely limited access for a year.
|3.03%||$50||$3k||Founders Federal Credit Union||12 Month Loyalty Advantage Certificate|
Headquartered in Lancaster, South Carolina, Founders Federal Credit Union’s field of membership (FOM) offers a variety of ways to join.
Residency: Individuals, who live, work, worship, attend school, or volunteer in the South Carolina counties of Chester, Chesterfield, Laurens, and Union, and the South Carolina towns of Duncan and Wellford are eligible for membership.
On the first screen of its online application, Founders FCU also lists 69 Census Tracts (Cherokee, 8; Lancaster, 3; Richland County, 26; Spartanburg, 20; Yorktown, 12) that qualify for membership. A link to the FFIEC Geocoding/Mapping System website is provided to help determine Census Tract eligibility.
Employment: Employees, retirees, and volunteers of more than 1,000 businesses in South Carolina and North Carolina are eligible to join.
Associations/Organizations: Individuals who are members, or attend, worship, or volunteer at over 180 listed associations/organizations are eligible to join. The 180+ groups listed include, among others, many churches, schools, and home owners associations.
Other: Immediate family members and household members of current Founders FCU members are welcome to apply.
Joining Founders FCU and/or opening a Share Certificate can be done online, or at any of 33 South Carolina branches located in Cheraw, Chester (3), Chesterfield, Clemson, Clinton (2), Columbia (3), Duncan, Fort Mill (3), Gaffney, Indian Land, Kershaw, Lancaster (4), Laurens, Pageland, Rock Hill (4), Spartanburg (4), and Union. Founders FCU also has a single North Carolina branch, located on S. Tyron Street in Charlotte.
Credit Union Overview
Founders Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.94% (excellent) based on June 30, 2018 data. In the past year, Founders FCU has increased its non-brokered total deposits by $117.4 million, an excellent annual growth rate of 6.73%. Please refer to our financial overview of Founders Federal Credit Union (NCUA Charter # 24063) for more details.
In 1950, Colonel Elliott White Springs established the Springs Employee Credit Union for the benefit of the employees of Springs Mill. After years of organic growth and several mergers, the Founders Federal Credit Union rebrand occurred in 1993. The Credit Union begin distributing capital dividends in 2000, and to date, has returned more than $36 million in dividends to members. Founders FCU is currently the largest credit union in South Carolina, with more than 221,300 members and assets in excess of $2.2 billion.
How the Share Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Founders Federal Credit Union's 60-month Share Certificate APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|4.06% APY||60-Month Share Certificate||Founders Federal Credit Union|
|4.00% APY||60-Month Certificate||Connexus Credit Union|
|3.75% APY||60+ Month CD Special||Northpointe Bank|
The above rates are accurate as of 11/15/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.