Member One Federal Credit Union (VA) Adds 10-Month CD Special
Member One Federal Credit Union (Member One) has added a 10-month CD Special offering a competitive 5.20% APY. The minimum opening deposit is $10k of new money, which is defined as funds from “sources other than Member One Federal Credit Union.”
|5.20%||$10k||-||Member One Federal Credit Union||10 Month CD Special - New Money|
The 10-month CD Special has the highest CD rate offered by Member One: the majority of Member One CDs have APYs of 1.00% or less.
As stated in the Consumer Member Account Agreement brochure (page 31), the Early Withdrawal Penalty reads as follows:
Any certificate term equal to or less than 12 months will be a 90-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. The Consumer Member Account Agreement also states,
You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal.
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 more than 900 Partner Companies/Organizations are eligible to join.
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 can be done online. Member One has 14 Virginia “retail centers” (branches) located in Christiansburg, Daleville, Hardy, Lynchburg (2), Roanoke (6), Rocky Mount, Salem, and Vinton.
Your primary membership account begins with a $5 deposit.
The 10-month CD Special is not listed on the online application. According to CSR, a branch visit is required because the 10-month CD Special requires new money and the online application is limited to a maximum of $2.5k in electronic transfers.
Member One belongs to four ATM networks: Allpoint, AFFN, Credit Union 24, and STAR.
Funding and Other Details
The following information was obtained in a Live Chat with CSR.
- Funding – Check or cash. Funds must be available when the CD Special is opened.
- CO-OP Shared Branch Participant – “One-sided: Your Member One account can be accessed at shared branches, but if you have a shared branching account we won’t be able to access it here.”
- Ownership – Individual, joint, or trust.
- Maturing Funds – ACH, wire, check to the address on file or internal transfer to a Member One savings account.
- Dividends – Compounded/credited monthly, dividends paid to another account every month rather than credited to the CD Special.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security number required for each named beneficiary.
- Grace Period – 10 calendar days before automatic renewal as a 12-month CD.
- Credit Check – ChexSystems for verification.
Credit Union Overview
Member One Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.63% (excellent) based on December 31, 2022 data. In the past year, Member One has increased its total non-brokered deposits by $51.88 million, an excellent annual growth rate of 3.94%. 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 eleventh largest credit union headquartered in Virginia, with nearly 144,000 members and assets in excess of $1.5 billion.
How the 10-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the Member One Federal Credit Union 10-Month CD Special. The following table compares the 10-Month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 5/8/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.