Generations FCU (TX) Raises Rates On Long-Term CDs

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Availability: Residents of the Texas counties of Atascosa, Bandera, Bexar, Comal, Guadalupe, Kendall, Medina, and Wilson.

It’s been almost 2 years since Generations Federal Credit Union (GFCU) had any note-worthy products. That changed this week with rate increases on its 48- and 60-month Share Certificates (both Regular and Jumbo). The minimum deposit for a Regular Share Certificate is $1k, with the Jumbo requiring a $100k minimum.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.91%$100k-Generations Federal Credit Union60 Month Jumbo Regular Term Share Certificate
1.86%$1k-Generations Federal Credit Union60 Month Regular Term Share Certificate
1.58%$100k-Generations Federal Credit Union48 Month Jumbo Term Share Certificate
1.53%$1k-Generations Federal Credit Union48 Month Regular Term Share Certificate
Accounts mentioned in this post. Rates as of February 23, 2017.

With the exception of the 60-month Jumbo Share Certificate, the new APYs equal or surpass the highest rates since the Share Certificates were added to the product line.

The 48- and 60-month Certificates are also available as IRAs (Traditional, Roth, SEP) earning the same APYs as the Regular Certificates, but requiring a lower minimum deposit of $250.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.86%$250-Generations Federal Credit Union60 Month IRA Term Share Certificate (Traditional, Roth, SEP)
1.53%$250-Generations Federal Credit Union48 Month IRA Term Share Certificate (Traditional, Roth, SEP)
Accounts mentioned in this post. Rates as of February 23, 2017.

As stated on Generations FCU’s Truth In Savings Disclosure page, the Early Withdrawal Penalty reads as follows:

For all accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:

Terms of 36, 48 and 60 months 365 days’ dividends.

In addition you will be charged a $25.00 Service Fee for all early withdrawals regardless of the term of your account.

Availability

Headquartered in San Antonio, Texas, Generations Federal Credit Union has expanded its field of membership (FOM) significantly since I last wrote about them. The FOM now includes anyone who lives, works, worships, volunteers, attends school, or owns a business in the Texas counties of Atascosa, Bandera, Bexar, Comal, Guadalupe, Kendall, Medina, and/or Wilson.

In addition, immediate family members of current GFCU members are also eligible.

Joining GFCU and opening a CD can be done online simultaneously or in-person at any of 14 Texas branches located in San Antonio (13) and Schertz (1).

Credit Union Overview

Generations Federal Credit Union (NCUA Certificate # 4015) has an overall health grade of "C+" at DepositAccounts.com, with a Texas ratio of 15.01% (above average) based on September 30, 2016 data. In the past year, Generations FCU increased its total deposits by $69.45 million, an above average annual growth rate of 13.48%. Please refer to our financial overview of Generations Federal Credit Union for more details.

Founded in 1940 by a group of San Antonio City employees, Generations Federal Credit Union is the 44th largest credit union in Texas, with more than 54,000 members and assets in excess of $639 million. The original field of membership included employees of the City of San Antonio, the San Antonio Fire Department and the San Antonio Police Department. Generations FCU has been recognized in local, regional, and national forums for innovative, award winning services, including opening a branch in a San Antonio Goodwill Store with the primary purpose to help people who do not typically have access to financial services.

Credit union employees will sit down with Goodwill customers, conduct a one-to-one
needs assessment interview and then recommend programs and services that fit their
situations. The credit union will also plan financial literacy courses.

How the Share Certificates Compare

When compared to the 194 similar length-of-term CDs tracked by DepositAccounts.com, that are available to Bexer County residents, Generations Federal Credit Union's 48-month Jumbo and Regular Certificate APYs, rank first and second, respectively.

When compared to the 203 similar length-of-term CDs tracked by DepositAccounts.com, that are available to Bexer County residents, Generations Federal Credit Union's 60-month Jumbo and Regular Certificate APYs, rank first and third, respectively.

The above rates are accurate as of 12/7/2016.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.

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