InvesTex Credit Union (InvesTex) began the month by offering its Jumbo CD rates on its 3-year CD (2.25% APY), 4-year CD (2.50% APY), and 5-year CD (2.75% APY). InvesTex Jumbo CDs require a $50k minimum deposit to earn the higher rates, but with these Promo Rates, the minimum deposit is only $5k. (Currently, rates for non-Jumbo and non-Promo CDs are much lower).
As stated in the Truth-In-Savings Disclosure document, the Early Withdrawal Penalty reads as follow:
Terms of longer than 12 Months - 180 days' dividends
Headquartered in Humble, Texas, InvesTex Credit Union’s field of membership (FOM) includes much of the north Houston area, with individuals who live or work within a 10-mile radius of InvesTex’s six branch locations eligible to join.
Those who live or work in the geographic region of the Lone Star College System, as well as school districts in that region, qualify for membership. The school districts include Aldine, Conroe, Cypress-Fairbanks, Humble, Klein, Magnolia, New Caney, Splendora, Spring, Tomball, and Willis.
Employees of retail merchants belonging to the Retail Merchants Association of Houston are also eligible for membership.
Joining InvesTex Credit Union can be done online or in person at any of six Texas branches located in Houston (2), Humble (2), Spring, and Tomball. The Membership Application is also available as a download, and can be returned by mail or in person at any branch location.
Opening a Promo Rate CD requires a branch visit, as InvesTex’s online banking platform is devoted to account management and bill payment services.
Credit Union Overview
InvesTex Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.75% (excellent) based on March 31, 2017 data. In the past year, InvesTex has increased its total non-brokered deposits by $3.15 million, an above average annual growth rate of 1.87%. Please refer to our financial overview of InvesTex Credit Union (NCUA Charter # 67637) for more details.
InvesTex Credit Union was founded in 1952 as the Adeline Teachers Credit Union, which had over $5k in assets, 89 members, and had made 73 loans by the end of its first year. The first expansion of the FOM occurred in 1973, and the Credit Union was re-branded as InvesTex in 2004, following a second FOM expansion. Mergers in 2007 and 2013 with Associates Mutual Credit Union and StarTrust Federal Credit, respectively, not only added members, but further expanded the FOM. Currently, InvesTex Credit Union is the 87th largest credit union in Texas, with more than 23,500 members and assets in excess of $191 million.
How the Promo Rate CDs Compare
When compared to the 284 similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, InvesTex Credit Union's 3-year Promo Rate CD APY currently ranks first.
When compared to the 237 similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, InvesTex Credit Union's 4-year Promo Rate CD APY currently ranks first.
When compared to the 254 similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, InvesTex Credit Union's 5-year Promo Rate CD APY currently ranks first.
The above rates are accurate as of 7/9/2017.