My Community Credit Union (MCCU) started the week by adding a 15-month Jumbo Share Certificate, which earns a promotional rate of 3.56% APY on deposits of $75k+. There’s also a 15-month Share Certificate ($1k minimum deposit) earning 3.30% APY.
The 15-month Share Certificates are also available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.
The Truth-In-Savings disclosure doesn't list the 15-month term, but according to CSR, the Early Withdrawal Penalty is “a loss 120 days of dividends."
MCCU has been offering promotional rates on its 9-month Share Certificates for about five months. Like the 15-month, the rates are tiered on $75k and $1k deposits, but the rates aren’t that competitive.
|2.27%||$75k||-||My Community Credit Union||9 Month Jumbo Share Certificate Special|
|2.02%||$1k||$75k||My Community Credit Union||9 Month Share Certificate Special|
In early January, MCCU raised the rate on its Kasasa Cash account to 3.00% APY on qualifying balances between $5 and $25k. Qualifying balances greater than $25k earn 0.25% APY, with non-qualifying balances earning 0.05% APY.
|3.00*%||$5||$25k||My Community Credit Union||Kasasa Cash|
|OTHER TIERS: 0.25% → $25k+|
Monthly Qualification Requirements
- At least one direct deposit or ACH payment
- At least 12 debit card purchases
- Enroll in and receive eStatements
- Enroll in and log into online banking
The fee-free Kasasa Cash account requires a minimum $25 opening deposit. Monthly nationwide ATM fees will be reimbursed up to $30 ($4.99 per individual transaction). There’s also is a limit of one Kasasa Cash account per Social Security number.
Headquartered in Midland, Texas, My Community Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, or attend school in Collin, Ector, or Midland Counties.
Immediate family members of membership-eligible individuals also qualify.
Credit Union Overview
My Community Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.66% (excellent) based on September 30, 2018 data. In the past year, MCCU has increased its total non-brokered deposits by $26.82 million, an excellent annual growth rate of 9.08%. Please refer to our financial overview of My Community Credit Union (NCUA Charter # 68682) for more details.
My Community Credit Union was established in 1952 as the Midland Atlantic Federal Credit Union (MAFCU), serving the employees of Atlantic Richfield Company (ARCO). The Credit Union had a busy 2000: an expansion of the FOM to include all residents of Midland County; a merger with MGE Federal Credit Union; and a re-brand to become My Community Credit Union. MCCU is currently the 58th largest credit union in Texas, with more than 34,000 members and assets in excess of $384 million.
How the Share Certificates Compare
When compared to 177 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, My Community Credit Union’s 15-month Jumbo Share and Share Certificates APYs currently rank first and second, respectively, and regardless of minimum deposit requirements.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.56% APY||15-Month Jumbo Share Certificate ($75k min)||My Community Credit Union|
|3.30% APY||15-Month Share Certificate ($1k min)||My Community Credit Union|
|3.20% APY||15-Month Share Certificate Special ($10k min)||NASA Federal Credit Union|
|3.15% APY||20-Month CD ($200 min)||INOVA Federal Credit Union|
The above rates are accurate as of 2/7/2019.
Looking for the best CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.