Now through September 8, 2023, Meritus Credit Union (Meritus CU) is offering a 6-Month Share Certificate Special, with a very competitive 6.09% APY. (The 6.09% APY is nearly three times the rate offered on the Meritus CU regular Share Certificate.) The minimum opening deposit is $2.5k of new money; “transfers from any type of account at Meritus Credit Union do not qualify as new funds.” There is no stated balance cap.
Early Withdrawal Penalty
As stated in the fine print on the landing page, the Early Withdrawal Penalty reads as follows:
For all accounts, the amount of the early withdrawal penalty is based on the term of your account before the maturity date. The penalty for terms of 12 months or less is 90 days' dividends.
If the Share Certificate Special has not earned enough dividends when a withdrawal is made, the penalty will be deducted from the principal.
Headquartered in Lafayette, Louisiana, Meritus Credit Union’s field of membership (FOM) is community-based, with those who live, work, worship, or attend school in the Louisiana parishes of Acadia, Iberia, Lafayette, St. Martin, or Vermilion, eligible for membership.
Immediate family members of current members also qualify for membership. Meritus CU defines immediate family as “spouse, child, sibling, parent, grandparent, grandchild, stepparents, stepchildren, step-siblings, and adoptive relationships.”
Joining Meritus CU can be done online or at any of four Louisiana branches, located in Carencro, Crowley, Lafayette, and New Iberia. Opening a savings account with a minimum balance of $25 establishes a Meritus CU membership.
Opening a Share Certificate Special must be done at any of the four branches mentioned above.
Funding and Other Details
The following information is from the Truth-in-Savings disclosure and a conversation with CSR.
- Funding – ACH, wire (no fee), or check.
- CO-OP Shared Branch Participate – No.
- Ownership – Individual or joint.
- Dividends – Compounded daily/credited at maturity; cannot be withdrawn since all dividends are credited at the end of the 6-month term.
- Maturing Funds – ACH, wire ($10 fee), cashier’s check to address on file, or transferred to a Meritus CU liquid account.
- Beneficiaries – Unlimited, with equal shares; Social Security numbers are required.
- Grace Period – 10 calendar days before automatic renewal.
- Credit Check – Soft pull.
Credit Union Overview
Meritus Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.35% (excellent) based on March 31, 2023 data. In the past year, Meritus CU’s total non-brokered deposits decreased by -$20.98 million, a below average annual growth rate of -8.7%. Please refer to our financial overview of Meritus Credit Union (NCUA Charter # 9643) for more details.
Meritus Credit Union is currently the 18th largest credit union headquartered in Louisiana, with more than 24,000 members and assets in excess of $250 million. Established in 1954 by eight teachers (with $60 in deposits), the credit union was originally known as Lafayette Parish Teachers Federal Credit Union. The initial FOM was exclusive to employees and board members of the Lafayette Parish school system. In 2000, the FOM expanded to include the Acadia Parish School System, with the Iberia Parish School System added in 2007. A community charter was granted in 2014, prompting the Meritus rebrand.
"Meritus” is a derivative of the Latin word meritum, meaning "to act worthy of praise."
The name "Meritus” demonstrates our commitment to integrity and member service.
How the 6-Month Share Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that available nationally and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Meritus Credit Union 6-Month Share Certificate Special. The following table compares the 6-Month Share Certificate 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 8/14/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.