Founders FCU Bumps Up Rate On 60-Month CD

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Availability: Residents of South Carolina (SC) counties of Chester, Chesterfield, Laurens, and Union; SC towns of Duncan and Wellford; 43 SC Census tracts; hundreds of SEGs.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.37%$500-Founders Federal Credit Union60 Month IRA (Traditional, CESA, Roth)
2.27%$500-Founders Federal Credit Union60 Month Share Certificate
Accounts mentioned in this post. Rates as of August 27, 2016.

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of accounts with a stated term of more than one year shall forfeit an amount equal to 180 days dividends on the amount withdrawn, or the length of the term, whichever is less, when any withdrawal is allowed.

Availability

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.

Comments
Founders FCU Offers Competitive Rate 60-month CD and IRA

Availability:

Residents of South Carolina (SC) counties of Chester, Chesterfield, Laurens, and Union; SC towns of Duncan and Wellford; 43 SC Census tracts; hundreds of SEGs.

Founders Federal Credit Union (Founders FCU) is offering a competitive rate 60-month Share Certificate (2.27% APY). The minimum opening deposit is $500 and there is no maximum balance cap. This 60-month Share Certificate (CD) is also offered as an IRA (Traditional, CESA, Roth) at a higher rate of 2.37% APY, with the same funding requirements.

As stated on Founders FCU’s Disclosure Page,...

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Top 4-Year CD and IRA CD Rates at Founders Federal Credit Union in SC/NC - Local Only

Founders Federal Credit Union is offering a very competitive 4-year CD with a 3.03% APY. The 3-year CD is also competitive with a 2.02% APY. The IRA CDs have rates that are even higher: 3.14% APY for 4 years and 2.12% APY for 3 years. Minimum deposit is $500. These rates are listed in the credit union's rates page as of 3/28/2011.

Membership is limited to those who live, work, worship, volunteer or attend school in certain designated areas. The credit union's eligibility page doesn't provide details. Three years ago it...

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4.06% 48-Month CD & 3.29% 36-Month CD at Founders FCU in SC/NC - Local Only
Founders Federal Credit Union is offering some very competitive long-term CD rates. These include:
  • 4.06% APY 48 months
  • 3.29% APY 36-47 months
  • 2.50% APY 24-35 months
Minimum deposit is $500. Rates are 10 basis points higher for IRA CDs. These rates are listed at the credit union's rates page as of 12/08/09.

Membership is limited to those who live, work, worship, volunteer or attend school in certain designated areas. The credit union's eligibility page doesn't provide details. Two years ago it used to list Chester and Chesterfield counties of South Carolina and the cities of...


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5.61% 13-Month CD at a Carolina CU (Founders)
Founders Federal Credit Union is offering a special 5.61% APY 13-month fixed rate share certificate. The minimum deposit is $500. There's also a 13-month IRA certificate special with a yield of 5.72% APY.

Unfortunately, this current special rate is much lower than what they offered last year when the 13-month CD special yield was 6.14% APY.

Membership is open to those who live, work or worship in Chester and Chesterfield counties of South Carolina. The cities of Wellford and Duncan are also included. In addition, there's a long list of eligible companies...



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6.14% 13-Month / 6.14% 48-Month CD at a Carolina CU (Founders)
Founders Federal Credit Union is offering a 6.14% APY 13-month and 48-month share certiciate. The minimum deposit is $500. It's available as a regular or IRA CD.

I had last reported on this credit union in June when it was offering a 5.61% 9-month CD.

The field of membership includes those who live, work or worship in Chester and Chesterfield counties of South Carolina. The cities of Wellford and Duncan are also included. In addition, there's a long list of eligible companies and organizations.

Founders has branches in the South Carolina counties of...





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