In December 2015, Founders Federal Credit Union’s (Founders FCU) 60-month Share Certificate was a rate leader, with a "wow-worthy" 2.52% APY. That rate lasted about six months before dropping to 2.37% APY. It’s time to say “wow” again, as the 60-month Share Certificate is now earning 3.29% APY. The minimum opening deposit is $500, with no stated balance cap.
The 60-month Share Certificate is also offered as an IRA (Traditional, CESA, Roth) at a higher rate of 3.39% APY, with the same funding requirements.
|3.39%||$500||-||Founders Federal Credit Union||60 Month IRA (Traditional, CESA, Roth)|
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, ILsaver, for his email about this hot deal.
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 28 South Carolina branches located in Cheraw, Chester (3), Chesterfield, Clemson, Clinton (2), Columbia (2), Duncan, Fort Mill (3), Gaffney, Indian Land, Kershaw, Lancaster (4), Laurens, Pageland, Rock Hill (4), Spartanburg (4), and Union. Founders FCU 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 5.25% (excellent) based on December 31, 2017 data. In the past year, Founders FCU has increased its non-brokered total deposits by 114.77 million, an excellent annual growth rate of 6.97%. 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. Following years of growth and several mergers, the name was changed to Founders Federal Credit Union in 1993. The Credit Union begin distributing capital dividends in 2000, and to date, has returned over $36 million in to members. Founders FCU is currently the largest credit union in South Carolina, with more than 216,500 members and assets in excess of $2.1 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|
|3.29% APY||60-Month Share Certificate||Founders Federal Credit Union|
|3.15% APY||5-Year Appreciation Certificate (Heritage Club)||Northwest Federal Credit Union|
|3.03% APY||5-Year CD||State Bank of Indai|
The above rates are accurate as of 5/9/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.