Members Choice Credit Union (Members Choice) began the month by raising the rate on its 18-month CD Special (1.70% APY). The minimum deposit is $500 and there is a $50k balance cap. This week’s 45 bps increase gives the 18-month CD Special its highest rate since it was added in November 2009. There is also a 18-month Jumbo CD Special for deposits of $50k+, but the rate is an unimpressive 1.25% APY.
|1.70%||$500||$50k||Members Choice Credit Union||18 Month CD Special|
|1.70%||$500||$50k||Members Choice Credit Union||18 Month IRA Special (Traditional, Roth)|
The 18-month CD Special is also offered as an IRA (Traditional, Roth), earning the APY with the same funding requirements.
In a Live Chat, CSR stated that the Early Withdrawal Penalty is 180 days of interest.
Headquartered in Houston, Members Choice Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, attend school, or own a business in the Texas communities of Katy, Cy-Fair, Humble/Kingwood, and Harris County (west of I-45) eligible to join.
The Join Now page has a list of the more than 110 Zip Codes included in the FOM.
Employees of more than 200 Partner Companies (listed on the online application) also qualify for membership.
Family members (including in-laws) of membership-eligible individuals are eligible to join, regardless of where they live.
Credit Union Overview
Members Choice Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.46% (excellent) based on March 31, 2017 data. In the past year, Members Choice has increased its total non-brokered deposits by $11.61 million, an above average annual growth rate of 2.42%. Please refer to our financial overview of Members Choice Credit Union (NCUA Charter # 62708) for more details.
Founded in 1941 as the Conoco Credit Union, Members Choice Credit Union’s original FOM included the employees of the Continental Oil Company exclusively. Members Choice was named a “Preferred Lender” by the SBA in 2011, giving it “the authority to streamline the process necessary to provide financial assistance to the small business community.” At that time, only eight other Texas credit unions could claim Preferred Lender status. Currently the 43rd largest credit union in Texas, Members Choice has more than 40,200 members and assets in excess of $520 million.
How the CD Special Compares
When compared to the 221 similar length of term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Members Choice Credit Union's 18-month CD Special APY currently ranks first.
The above rates are accurate as of 6/3/2017.