While the Mobility Credit Union (Mobility CU) product line has only five CDs, the 9-month, 12-month, and 24-month all currently offer competitive rates. I wrote about the 9-month CD in a May blog post, noting that the 0.75% APY had been in effect for about eight months; that rate has now been in effect for about 13 months.
Like the 9-month CD, the 12-month and 24-month CD rates have remained unchanged since a rate decrease of 26 bps in early October 2020. The minimum opening deposit for any Mobility CU CD is $500, with no stated balance cap.
The 12-month and 24-month CDs are also available as IRA CDs, (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
According to CSR, the early withdrawal penalty (EWP) for any CD is $25 or six months of interest, whichever is higher. Only early closures are allowed; no partial withdrawals are permitted. CSR also stated that while EWPs had been previously suspended during the COVID pandemic, the EWPs have been reinstated.
Funding and Accessing Maturing Funds
CSR stated that easiest way to fund a CD is through a transfer from a Mobility savings account. Mobility CU participates in the CO-OP Shared Branch network, which makes depositing funds relatively easy.
There is a ten calendar day grace period before any Mobility CU CD automatically renews. Maturing funds can be distributed by check or deposited into a Mobility CU savings or checking account.
Mobility CU’s rewards checking account, Earn-It Checking, is fast approaching its first anniversary. The initial 2.53% APY on qualifying balances up to $15k is still in effect. Qualifying balances over $15k earn 0.04% APY, with non-qualify balances earning 0.02% APY.
The monthly qualification requirements have remained unchanged and include,
- At least 15 debit card purchases (minimum $10 per transaction)
- At least $300 in direct deposit or ACH deposit each month
More details about the Earn-It Checking account can be found in my Mobility CU April 2021 blog post.
Headquartered in Irving, Texas, Mobility Credit Union's field of membership (FOM) includes an easy membership option for all Texas residents through the Texas Consumer Council (TXCC).
Mobility Credit Union will handle everything, including your fee to join. Your name, address, email and phone number will be shared with TXCC as part of the enrollment process.
Individuals who live, work, worship, or attend school in the Texas counties of Collin, Dallas, Denton, Ellis, Fannin, Grayson, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant or Wise, are also eligible to join.
Family members of a current Mobility CU member also qualify for membership, no matter where they live. Mobility CU defines family members as spouse, significant other, parent, child/step-child, sibling, niece, nephew, and grandparent.
According to CSR, opening a CD can be done online, in-person at the above-mentioned branch locations, or over the phone (800.388.7889).
Opening a Regular Share Savings account with a minimum $25 deposit establishes a Mobility CU membership.
Mobility CU participates in both the CO-OP Shared Branch network and ATM network.
With access to over 30,000 ATMs and over 5,000 shared branches, you
always have access to your money nationwide where ever you may travel.
Credit Union Overview
Mobility Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.15% (excellent) based on June 30, 2021 data. In the past year, Mobility CU has increased its total non-brokered deposits by $34.4 million, resulting in an excellent annual growth rate of 16.42%. Please refer to our financial overview of Mobility Credit Union (NCUA Charter # 68606) for more details.
In 1965, fourteen employees met in the Dallas IBM facility’s lunchroom, collected $150, and founded the IBM Southwest Employees Federal Credit Union. As the FOM grew and diversified, the name was changed to YOUR Credit Union, as a “better reflection of the Credit Union’s strategic vision.”
With the advances in technology, which redefined banking convenience, along with a growing and younger mobile society, we determined that a new name was needed to convey our capability to meet the dynamic changes taking place in the market place. In 2014, we changed our name to MOBILITY Credit Union. The name depicts our ability to enable members to conduct banking transactions from anywhere and at any time, 365 days a year, 24 hours a day.
Mobility Credit Union is currently the 84th largest credit union in Texas, with nearly 19,000 members and assets in excess of $269 million.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to all Texas residents, Mobility’s Credit Union's 12-month CD APY currently ranks first.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to all Texas residents, Mobility’s Credit Union's 24-month CD APY currently ranks second.
The above information and rates are accurate as of 10/25/2021.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.