In the beginning of this year, I wrote about Founders Federal Credit Union’s (Founders FCU) 60-month Share Certificate. At that time, the APY was competitive but not really "wow-worthy;" that changed on Monday with an increase of 25 basis points, resulting in a 2.52% APY.
|2.37%||$500||-||Founders Federal Credit Union||60 Month IRA (Traditional, CESA, Roth)|
|2.27%||$500||-||Founders Federal Credit Union||60 Month Share Certificate|
The minimum opening deposit is $500, with no maximum balance cap. The 60-month Share Certificate is also offered as an IRA (Traditional, CESA, Roth) at a higher rate of 2.63% APY, with the same funding requirements.
As stated on Founders FCU’s Disclosure Page, the Early Withdrawal Penalty reads as follows:
Unless stated otherwise, owners of accounts with a stated term of more than one year shall forfeit an amount equal to 180 days dividends on the amount withdrawn, or the length of the term, whichever is less, when any withdrawal is allowed.
Headquartered in Lancaster, South Carolina, Founders Federal Credit Union offers membership through a variety of ways:
Residency: Individuals, who live, work, worship or attend school in the SC counties of Chester, Chesterfield, Laurens, and Union and the SC towns of Duncan and Wellford are also eligible for membership.
On the first screen of its online application, Founders FCU also lists 43 Census Tracts 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 over 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 also eligible to join.
While you can join Founders FCU online, opening a CD requires an in-person visit to any of 28 South Carolina branches located in Cheraw, Chester (2), Chesterfield, Clinton, Columbia, Duncan, Fort Mill (3), Gaffney, Indian Land, Kershaw, Lancaster (5), Laurens, Pageland, Rock Hill (3), Spartanburg (3), Union, and Wellford, or the sole North Carolina branch in Charlotte.
Credit Union Overview
Founders Federal Credit Union (NCUA Certificate # 24063) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.04% (excellent) based on September 30, 2015 data. In the past year, Founders FCU has increased its total deposits by $55.4 Million, an excellent annual growth rate of 4.01%. Please refer to our financial overview of Founders Federal Credit Union for more details.
In 1950, the original Springs Employee Credit Union was formed by Colonel Elliott White Springs to serve the employees of Springs Mill. Following years of growth and several mergers, the name was changed to Founders Federal Credit Union in 1993. In the past 14 years, Founders FCU returned over $36 Million in capital dividends to members. Founders FCU is the largest credit union in South Carolina, with over 202,000 members and assets in excess of $1.8 Billion.
How the CD Compares
When compared to the 152 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available to South Carolina residents, Founders Federal Credit Union's 60-month Share Certificate currently ranks first.
The above rates are accurate as of 12/23/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.