I have to admit when I saw Keesler Federal Credit Union’s (KFCU) new 7-month Share Certificate Special listed at 5.00% APY, I thought it was probably a mistake. When CSR confirmed the 5.00% APY was correct, I expected to be told there was a low balance cap. Again, I was wrong. The 7-month Share Certificate Special (5.00% APY) can be opened with a $1k minimum deposit, with no stated balance cap.
This very competitive Share Certificate Special is also offered as an IRA (Traditional and Roth), earning the same APY with the same funding requirements.
As stated in the Truth-in-Savings Disclosure, the Early Withdrawal Penalty reads as follows:
If the withdrawal does not reduce the certificate funds below the required minimum balance for this type of certificate, the member shall forfeit at the certificate rate an amount equal to the lesser of:
1. All dividends for 90 days from the amount withdrawn for certificates with a term of 1 year or less; or all dividends for 180 days on the amount withdrawn for certificates greater than 1 year; or
2. All dividends on the amount withdrawn since date of issuance or renewal.
Headquartered in Biloxi, Mississippi, Keesler Federal Credit Union’s field of membership (FOM) is quite varied, including residency, employment, and association membership as determinants.
Residency – Individuals who live, work, worship, or attend school in the Mississippi counties of Forrest, Hancock, Harrison, or Pearl River, or select census tracts in Hinds or Jackson Counties are eligible to join. Also qualifying for membership are those who live, work, worship, or attend school in select census tracts in St. Tammany or Orleans Parish, Louisiana.
Military Relationship – Active or retired military who can use the services at Keesler Air Force Base or at Royal Air Force Bases in the UK qualify for membership.
Personal Relationship – Immediate family members (spouse, parent, grandparent, sibling, child, grandchild, significant other) of a current KFCU member are welcome to apply.
SEGs – Employee and/or members of more than 300 SEGs are eligible for membership.
The fourth option on the first page of KFCU’s online membership application is “I am a member of the following association.” The first association listed is the American Cancer Society Cancer Action Network (ACS CAN), a “nonprofit, nonpartisan advocacy affiliate of the American Cancer Society” that anyone can join. Hoping this could possibly be an easy membership backdoor, I called KFCU, only to be disappointed. At first, CSR said any ACS CAN member is qualified to join KFCU, but after checking with a supervisor, she stated that only residents of Mississippi or Louisiana can qualify through ACS CAN. I wasn’t able to find this residency requirement anywhere on KFCU’s website, so I’m not 100% convinced of this limitation.
UPDATE 8/17/2018: After contacting KFCU this morning, I was told that following so much “out-of-area interest” in the 7-month Share Certificate Special, the FOM has recently been expanded to allow any U.S. citizen or resident alien to join through an ACS CAN membership, no matter their residency status.
Joining Keesler Federal Credit Union and/or opening a Share Certificate Special can be done online, or at any of 21 full-service Mississippi branches, located in Biloxi (2), Diamondhead, D’Iberville, Gautier, Gulfport (3), Hattiesburg (2), Jackson (2) Long Beach, Ocean Springs, Pascagoula, Petal, Picayune, Stennis Space Center, Vancleave, Waveland, and Wiggins. KCFU also has four Louisiana branches, located in Covington, Mandeville, and Slidell (2).
Credit Union Overview
Keesler Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.16% (excellent) based on March 31, 2018 data. In the past year, KFCU has increased its total non-brokered deposits by $61.9 million, an above average annual growth rate of 2.87%. Please refer to our financial overview of Keesler Federal Credit Union (NCUA Charter # 5561) for more details.
Chartered in 1947, Keesler Federal Credit Union was established by ten civil services employees at Keesler Field, the predecessor of Keesler AFB. At the end of the first year of operations, KFCU had approximately 270 members and $7k in assets. KFCU will be celebrating its 71st anniversary next month as the largest credit union in Mississippi, with more than 214,400 members and assets in excess of $2.6 billion.
How the Share Certificate Special Compares
Let me state the obvious – when compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Keesler Federal Credit Union’s 7-Month Share Certificate Special APY currently ranks first.
The above rates are accurate as of 8/15/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.