Member One Federal Credit Union’s (Member One) 19-month CD currently earns 1.15% APY. The minimum opening deposit is $10k, with no stated balance cap.
Added to the product line in August 2019, the 19-month CD initially offered a 1.75% APY. That rate lasted until this past June, when it dropped to 1.15%. As other rates have fallen in the past four months, the 19-month CD’s APY has become competitive.
As stated in the Terms and Conditions brochure, the Early Withdrawal Penalty reads as follows:
Any certificate term greater than 12 months will be a 180 day interest penalty.
Partial withdrawals are allowed, but if a withdrawal brings the account balance below the required $10k minimum, the certificate may be closed.
12-month No-Penalty CD
Member One is also offering a 12-month No-Penalty CD earning 0.90% APY. In a Live Chat, CSR stated that unlimited penalty-free withdrawals are allowed throughout the term, as long as the balance does not fall below the $1k minimum opening deposit. While most No-Penalty CDs permit an early closure without a penalty, if this 12-month No-Penalty CD is closed early, there is a penalty of 90-days of interest.
Headquartered in Roanoke, Virginia, Member One Federal Credit Union’s field of membership (FOM) is based on residency or Partner Company/Organization relationship.
Residency: Individuals who live, work, worship, or attend school in the communities of Altavista, Radford, or Vinton, or Franklin County or Montgomery County are eligible for membership.
Residency: Individuals who live, work, worship, or attend school in the communities of Amherst, Bedford, Botetourt, Campbell, Forest, Lynchburg, Roanoke, Salem, or Pittsylvania County, MAY be eligible for membership.
Partner Company/Organization: Individuals who are employed by, retired from, or volunteer at any of the nearly 600 Partner Companies/Organizations are eligible.
Relationship: Individuals who are related to current or eligible members by blood, marriage, or adoption qualify for membership. Individuals who live in the household of current or eligible members also qualify.
Questions about determining membership eligibility can be answered by calling 800.666.8811.
Joining Member One and/or opening a CD can be done online. Member One has 14 Virginia branches located in Christiansburg, Daleville, Hardy, Lynchburg (2), Radford, Roanoke (5), Rocky Mount, Salem, and Vinton. Nine of these branch locations are temporarily closed, with only the Christiansburg, Lynchburg Timberlake, Roanoke (Electric Road and 4th Street NE), and Rocky Mount branch lobbies are currently open to walk-in traffic. The Retail Center Closures page provides details on all branch locations.
Your primary membership account begins with a $5 deposit.
In addition to participating in the CO-OP Shared Branch network, Member One belongs to five ATM networks, including Allpoint, AFFN, The Exchange, Credit Union 24, and STAR.
Credit Union Overview
Member One Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.49% (excellent) based on June 30, 2020 data. In the past year, Member One has increased its total non-brokered deposits by $160.85 million, an excellent annual growth rate of 17.03%. Please refer to our financial overview of Member One Federal Credit Union (NCUA Charter # 4035) for more details.
Member One Federal Credit Union was originally chartered in 1940 to serve Norfolk & Western Railroad employees. Norfolk & Western locomotives were built at the Roanoke Shops, which is still in operation. Member One has grown to be the 11th largest credit union in Virginia, with more than 131,000 members and assets in excess of $1.2 billion.
How the CD Compares
When compared to 196 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available within the FOM, Member One Federal Credit Union’s 19-month CD APY currently ranks first.
The above rates are accurate as of 9/30/2020.
Looking for the best CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.