Gulf Coast Federal Credit Union (TX) Offers Rate-Leading 18-Month CD

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Deal Summary: Share Certificates – 18-month (5.95% APY), 6-month (5.70% APY), $500 minimum deposit

Availability: Three South Texas counties (Corpus Christi metropolitan statistical area)

Following a recent rate increase of 40 bps, the Gulf Coast Federal Credit Union (GCFCU) 18-month Share Certificate is offering a rate-leading 5.95% APY. The 6-month Share Certificate also gained 40 bps, upping its rate to 5.70% APY. The minimum opening deposit for a GCFCU Share Certificate is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.80%$500-Gulf Coast Federal Credit Union18 Month Share Certificate
Rates as of February 28, 2024.

The 18-month has been the most competitive Share Certificate in the GCFCU product line for the last three years. This is the third time I’ve written about the 18-month Share Certificate in as many years.

While GCFCU does offer three IRA Share Certificates, the 18-month and 6-month terms are not available as IRA Share Certificates.

Early Withdrawal Penalty

There is a Truth-in-Savings disclosure available on GCFCU’s website, but it provides no information about Share Certificates. According to CSR, the Early Withdrawal Penalty for terms longer than 12 months is 180 days of dividends, with partial withdrawals allowed; terms of less than 12 will incur an EWP of 90 days of dividends. The principal is not protected and will be reduced if a withdrawal is made within 180 days of account opening.

Availability

Headquartered in Corpus Christi, Texas, Gulf Coast Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school in the Texas counties of Jim Wells, Nueces, and San Patricio eligible to join.

Immediate family members of current GCFCU members also qualify for membership, regardless of where they live or work.

Joining GCFCU and/or opening a Share Certificate must be done at any of five full-service Texas branches located in Alice, Corpus Christi (2), Port Aransas, and Portland.

Simply bring in $7.50 to anyone of our convenient branch locations. $5.00 must stay in the share account (savings) at all times to keep the account open and the $2.50 is a one-time membership fee.

While GFCFU launched its new website about four years ago, the online banking platform continues to be limited to account management and bill payment services.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire, or internal transfer.
  • Ownership – Individual, joint, or trust.
  • CO-OP Shared Branch Participant – No.
  • Dividends – Compounded/credited monthly; dividends can automatically be paid out by cashier’s check to address on file or transferred to a GCFCU Share Savings account.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to a Share Savings account.
  • Beneficiaries – Unlimited and percentages can be assigned; Social Security numbers are required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check – Hard pull through Equifax, Experian, or Transunion.

Credit Union Overview

Gulf Coast Federal Credit Union has an overall health grade of "C+" at DepositAccounts.com, with a Texas Ratio of 21.98% (above average) based on June 30, 2023 data. In the past year, GCFCU has increased its total non-brokered deposits by $18.01 million, an excellent annual growth rate of 8.48%. Please refer to our financial overview of Gulf Coast Federal Credit Union (NCUA Charter # 4060) for more details.

Founded in 1940, Gulf Coast Federal Credit Union “transitioned from numerous core groups and now proudly has a community charter.” With nearly 17,000 members and assets in excess of $320 million, GCFCU is the 81st largest credit headquartered in Texas.

How the 18-Month Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Gulf Coast Federal Credit Union 18-month Share Certificate. The following table compares the 18-month Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 6-Month Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, have fixed rates, and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Gulf Coast Federal Credit Union 6-Month Share Certificate. The following table compares the 6-Month Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 12/18/2022.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Corpus Christi CD rates, 1-year CD rates

Comments
RichReg
  |     |   Comment #1
WOW... 18-month at almost 6%
While '7% or bust' is a nice barometer, I believe its that time again;;
Start TELEWORSHIPPING today on ZOOM !!
txFish1
  |     |   Comment #2
I tried! I am up in North Texas and tried to join on their Website and by calling customer service but no luck. Very limited membership and I could have used that 18 month at 5.95%
RichReg
  |     |   Comment #3
Seriously?
So you reside in either Jim Wells, Nueces, or San Patricio?

Oh wait...odds are probably slim that you're in one of those 3.
I see on Google maps there are (wow) 254 counties in Texas?!?!?!

But if you are ...and they still said no, then Ridiculous!
txFish1
  |     |   Comment #4
No I am up in North Texas over 200 miles away from those 3 counties. I thought I would give it a try as I just had a jumbo CD mature that I would have liked to open this 5.95% CD with. CSR was nice but no way to join. I will keep looking
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Availability: Three South Texas counties (Corpus Christi metropolitan statistical area)

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