Houston-based Members Choice Credit Union (Members Choice) is offering disaster assistance to its members affected by Hurricane Harvey, including mortgage assistance payments, emergency loans, and help with filing insurance claims. If you know a member who could use some assistance, please help them to take advantage of this offer.
Members Choice has recently raised the rates on its 24- and 36-month CDs, adding between 50-55 bps points. While the regular versions of both CDs have been part of the product line since 2009, the Jumbo CDs were added this past June. The minimum deposit for the CDs is $500, with Jumbo CDs requiring a minimum of $50k; there is no stated balance cap.
|3.10%||$50k||-||Members Choice Credit Union||36 Month Jumbo CD|
|3.00%||$500||$50k||Members Choice Credit Union||36 Month CD|
|2.85%||$50k||-||Members Choice Credit Union||24 Month Jumbo CD|
|2.75%||$500||$50k||Members Choice Credit Union||24 Month CD|
DA readers may recall that Members Choice upped its 18-month CD Special rate to 1.70% APY in June. The good news is that rate is still in effect. The better news is that the 18-month Jumbo CD Special’s rate (only 1.25% APY in June) is now 1.80% APY.
All of Members Choice’s CDs are offered as IRAs (Traditional, Roth), earning the APY with the same funding requirements.
In a Live Chat, CSR stated that the Early Withdrawal Penalty for certificates with terms of 18 months or greater 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, and Harris County eligible to join. The Join Now page has a list of nearly 120 Zip Codes that are 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 6.47% (excellent) based on June 30, 2017 data. In the past year, Members Choice has increased its total non-brokered deposits by $12.71 million, an excellent annual growth rate of 2.58%. 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 41st largest credit union in Texas, Members Choice has more than 39,200 members and assets in excess of $564 million.
How the Jumbo CD Compares
When compared to the similar length of term CDs tracked by DepositAccounts.com that are available within the FOM, Members Choice Credit Union's 36-month Jumbo CD APY currently ranks third, regardless of minimum deposit requirement.
The above rates are accurate as of 9/25/2017.