Since the beginning of the year, Texas-based InTouch Credit Union (ITCU) has offered a variety of competitive Certificate Specials. The newest is an 8-month Certificate Special, earning 2.20% APY. The minimum deposit is $1k, with a balance cap of $95k. There’s also a limit of one 8-month Certificate Special per member.
DA readers may recall my March blog post about ITCU’s 21-month Jumbo Certificate Special, which had an initial 2.50% APY for deposits of $95k+. The rate was raised on Monday to 2.65% APY. The 21-month is also available as a regular Certificate ($1k+), earning 2.40% APY.
The Certificate Specials are available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.
According CSR, the Early Withdrawal Penalty is a mild three months of interest.
Headquartered in Plano, Texas, InTouch Credit Union’s field of membership (FOM) may seem somewhat disjointed at first glance, but its origins lay with the original Electronic Data Systems (EDS) Employees Federal Credit Union.
The Membership Eligibility, page states that “InTouch Credit Union membership generally includes those who live, work, worship or attend school within the geographies of each of our branches, but there are other eligibility criteria, too.” Those branches are located in the Dallas-Fort Worth area (10), Las Vegas (4), northern Detroit suburbs (3), and Northern Virginia (2).
The Membership Eligibility page breaks down the geographic areas as follows:
Michigan – Oakland County
Nevada – Cities of Enterprise, Henderson, Las Vegas, North Las Vegas, Paradise, Spring Valley, Summerlin South, Sunrise Manor, Whitney, and Winchester.
Texas – Collin, Dallas, and Denton Counties
Virginia – Fairfax and Loudon Counties
In 2014, ITCU merged with Tennessee-based Hospitality Federal Credit Union (HFCU), establishing a presence in Memphis. HFCU’s FOM was SEG-based, primarily companies in the hospitality industry. Due to state regulations, a change to a community FOM was not permitted. Bottom line, the “within the geographies of each branch” membership eligibility does not apply in the Memphis area.
Employees of several SEGs, including EDS and the Dr. Pepper Snapple Group, are also eligible to join.
Immediate family members of current ITCU members are welcome to apply.
Joining ITCU and/or opening a Certificate Special can be done online, or by visiting any of the above mentioned branches.
Credit Union Overview
InTouch Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.75% (excellent) based on December 30, 2017 data. In the past year, ITCU has increased its total non-brokered deposits by $3.74 million, an above average annual growth rate of 0.54%. Please refer to our financial overview of InTouch Credit Union (NCUA Charter # 68505) for more details.
InTouch Credit Union was established in 1974 as the Electronic Data Systems Employees Federal Credit Union (EDSEFCU). In 2002, EDSEFCU became a Texas state chartered credit union, known as EDS Credit Union. Following a merger with First American Federal Credit Union in 2009, the InTouch Credit Union rebrand occurred. Between 2013 and 2015, ITCU merged in three more credit unions (Dr Pepper Employees FCU, Hospitality FCU, and New Mount Zion CU), becoming the 29th largest credit union in Texas, with more than 93,600 members and assets in excess of $805 million.
How the Certificate Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, InTouch Credit Union’s 8-month Certificate Special APY currently ranks first.
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, InTouch Credit Union’s 21-month Jumbo Certificate Special APY currently ranks third, regardless of minimum deposit requirement.
The above rates are accurate as of 5/2/2018.
To review the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.