Following a 60 bps rate increase this week, the Neighborhood Credit Union (Neighborhood CU) 17-month Online Savings CD now earns 3.00% APY. The minimum opening deposit is $1.5k, with no stated balance cap.
In addition to offering a competitive rate, the 17-month Online Savings CD is also an add-on CD: unlimited additional deposits (minimum of $25) are allowed throughout the term.
As stated in the Truth-In-Savings document,
For Online Savings Certificate of Deposit accounts, all transactions are processed online or electronically only and not in the branch. Unlimited deposits are allowed via ACH or via online banking using online transfer from any account with funds availability.
The Early Withdrawal Penalty is also available in the Truth-In-Savings document and reads as follows:
For Online Savings Certificate of Deposit accounts, the amount of the early withdrawal penalty for your account is 180 days’ interest.
Funding an Online Savings CD can be done by ACH or internal transfer. Neighborhood CU participates in the CO-OP Shared Branch network, making the transfer of funds relatively simple. Maturing funds can be distributed by cashier’s check to the address on file, ACH, or transferred to a Neighborhood CU savings account. There is a ten day grace period before an Online Savings CD will automatically renew.
Adding beneficiaries can be done after an Online Savings CD is opened, using Neighborhood CU’s Online Banking platform. There’s even a one-minute video explaining how to add a beneficiary online. Name, DOB, and Social Security number are required for each designated beneficiary.
Headquartered in Dallas, Texas, Neighborhood Credit Union offers membership to all Texas residents (18 years of older) by becoming “a member of the Neighborhood Credit Union Foundation, which is automatically done for you upon approval” in the membership application.
Members of the American Consumer Council who live in the Texas counties of Dallas, Denton, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant, or Wise are also eligible to join.
Individuals who live or work in Collin, Dallas, Denton, Ellis, or Tarrant Counties, or the City of Arlington are also qualified to join.
Individuals who live, work, worship, or attend school within a 10-mile radius of the Coppell, Grand Prairie, or Highland Village branch locations also qualify for membership.
Employees and retirees of more than 150 SEGs (including the Dallas and Arlington Districts of the United States Postal Service) qualify for membership.
Individuals who are “related to someone who fits any of the membership requirements” are membership eligible.
Joining Neighborhood CU and/or opening a 17-Month Online Savings CD can be done online. Neighborhood CU has 13 full-service Texas branches located in the Dallas-Fort Worth Metroplex, but the 17-Month Online Savings CD “exclusive rate [is] only available online.”
A $25 minimum opening deposit in a Membership Savings account establishes a Neighborhood CU membership. The $5 monthly maintenance fee only applies if the Membership Savings account is your only account and the balance falls below $500.
In addition to participating in the CO-OP Share Branch and ATM networks, Neighborhood CU participates in the MoneyPass and Allpoint ATM Networks.
Credit Union Overview
Neighborhood Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.75% (excellent) based on March 31, 2022 data. In the past year, Neighborhood CU has increased its total non-brokered deposits by $81.33 million, an excellent annual growth rate of 9.23%. Please refer to our financial overview of Neighborhood Credit Union (NCUA Charter # 67681) for more details.
Established in 1930 as the Dallas Postal Credit Union, Neighborhood Credit Union is the oldest credit union in the Dallas-Fort Worth Metroplex. By 2001, the diverse and expanded field of membership (FOM) necessitated a rebrand, with the result being Neighborhood Credit Union. With nearly 61,000 members and assets in excess of $1 billion, Neighborhood Credit Union is currently the 30th largest credit union headquartered in Texas.
How the 17-Month Online Savings CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, only two banks have a higher rate than currently offered on the Neighborhood Credit Union 17-Month Online Savings CD. The following table compares the 17-Month Online Savings CD 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 8/13/2022.
To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.