Earlier this week, Member One Federal Credit Union (Member One) raised the rate on its “Make Your Own Luck” 14-month Share Certificate (1.60% APY). The minimum opening deposit is $25k, with no stated balance cap.
Added to the product line in September 2015, the 14-month Share Certificate’s initial rate was 1.15% APY. The first rate change occurred in June 2017, when the APY was raised to 1.35%. This week’s rate increase resulted in a total of 45 bps added in the past two months.
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.
Headquartered in Roanoke, Virginia, Member One Federal Credit Union’s field of membership (FOM) is based on residency and Partner Company or Partner Organization relationship.
Residency: Individuals who live, work, worship, or attend school in the communities of Altavista, Radford, 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 Share Certificate can be done online, or at any of 13 Virginia branches located in Christiansburg, Fairlawn, Forest, Hardy, Lynchburg (2), Roanoke (4), Rocky Mount, Salem, and Vinton.
Credit Union Overview
Member One Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.08% (excellent) based on March 31, 2017 data. In the past year, Member One has increased its total non-brokered deposits by $77.89 million, an excellent annual growth rate of 11.21%. 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 13th largest credit union in Virginia, with more than 101,800 members and assets in excess of $863 million. The Roanoker Magazine’s annual Readers' Poll awarded Member One the Platinum Award for Best Credit Union for the past three years.
How the Share Certificate Compares
When compared to the 239 similar length-of-term CDs tracked by DepositAccounts.com that available within the FOM, Member One Federal Credit Union’s 14-month Share Certificate APY currently shares the top spot with the 1-year CDs offered by TIAA Direct, Pacific National Bank, and EverBank, regardless of minimum deposit.
The above rates are accurate as of 8/26/2017.