Idaho-based P1FCU (formerly Potlatch No 1 Federal Credit Union) is currently offering very competitive long-term Share Certificate, including 36-month (3.15% APY), 48-month (3.25% APY), and 60-month (3.35% APY). While P1FCU’s Share Certificates have had tiered APYs (based on deposit levels of $500, $10k, and $100k) in the past, the current rates are the same for all three deposit levels. These latest APYs are the highest seen since DA began tracking P1FCU’s rates in March 2011.
|3.35*%||$500||-||P1FCU||60 Month Share Certificate|
|3.25*%||$500||-||P1FCU||48 Month Share Certificate|
|3.15*%||$500||-||P1FCU||36 Month Share Certificate|
The Share Certificates are also available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.
|3.35*%||$500||-||P1FCU||60 Month IRA Certificate (Traditional, Roth)|
|3.25*%||$500||-||P1FCU||48 Month IRA Certificate (Traditional, Roth)|
|3.15*%||$500||-||P1FCU||36 Month IRA Certificate (Traditional, Roth)|
As stated in P1FCU’s Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
For certificates 1 year or greater the amount of
the early withdrawal penalty is 180 days’ dividends.
Excess Share Insurance
In addition to the NCUA insurance coverage on funds up to $250k, Excess Share Insurance Corporation insures funds up to an additional $250k.
Additionally, your board of directors has chosen to provide up to an additional $250,000 of savings protection to each qualifying account through ESI. ESI's Excess Share Insurance Coverage applies to any credit union account currently subject to the maximum level of $250,000 in coverage provided by NCUA.
When I last wrote about P1FCU in May 2018, I reported on an unusual and seldom seen phenomenon: a shrinking field of membership (FOM). Three Oregon and eleven Montana counties that had been included in the FOM in December 2017 were MIA.
While no official detailed explanation about the FOM change was available (other than it occurred in April 2018), CSR offered the following quote from an internal memorandum.
Due to court order, any FOM expansions under the new guidelines of the NCUA have been vacated by the D.C. Circuit Court in the American Bankers Association v. National Credit Union Administration.
Good news – PIFCU’s FOM has expanded and is now even larger, with an additional four Idaho counties, eight Oregon counties, and the entire state of Washington now part of the FOM.
Headquartered in Lewiston, Idaho, P1FCU’s field of membership (FOM) is residency-based and includes residents in Idaho, Oregon, and Washington.
Idaho: “All employee, employers, students, and retirees” (basically all residents) of the Idaho counties of Adams, Benewah, Bonner, Boundary, Clearwater, Gem, Idaho, Kootenai, Latah, Lewis, Nez Perce, Payette, Shoshone, Washington, or Valley are eligible to join.
Oregon: Individuals who live or work in the Oregon counties of Baker, Grant, Harney, Malheur, Morrow, Umatilla, Union, or Wallowa qualify for membership.
Washington: Individuals who live, work, worship, or attend school anywhere in the Washington State are membership eligible.
For all of the above-mentioned locations,
Credit union membership may also include any of the immediate
family of a person who is eligible for membership in the credit union.
Joining P1FCU and/or opening a Share Certificate can be done online, or at any of the 11 Idaho branches located in Bonners Ferry, Culdesac, Grangeville, Hayden, Lewiston (2), Moscow, Orofino, Ponderay, Post Falls, and St. Maries, or the three Washington branches located in Clarkston (2) and Pullman.
The Regular Savings account ($35 minimum deposit) establishes P1FCU membership and “is your voting share of the Credit Union.”
P1FCU participates in the CO-OP Shared Branch Network.
CO-OP's nearly 30,000 ATMS and 5,000+ shared branches means you have more
direct, surcharge-free access to your money than most traditional bank customers do.
Credit Union Overview
P1FCU has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.55% (excellent) based on March 31, 2019 data. In the past year, P1FCU increased its total non-brokered deposits by $113 million, an excellent annual growth rate of 12.81%. Please refer to our financial overview of P1FCU (NCUA Charter # 2734) for more details.
Established in 1938 by 12 employees of Potlatch Forests, Inc., (a leader in sustainable forestry), P1FCU was originally known as Potlatch No 1 Federal Credit Union. While many fledgling credit unions began in less than impressive surroundings, P1FCU didn’t even have a fixed location: the first transactions were conducted out of the trunk of a car (pictured below) and the funds were kept secure in a cigar box.
Membership grew to 353 in the first year of operation and 81 years later, P1FCU is Idaho’s second largest credit union, with more than 87,700 members and assets in excess of $1.1 billion.
In case you were wondering, according to Wikipedia,
A potlatch is a gift-giving feast practiced by indigenous peoples
of the Pacific Northwest Coast of Canada and the United States.
How the Share Certificates Compare
Given the expanded multi-state FOM, I’ve chosen to compare P1FCU’s Share Certificates to nationally available CDs.
When compared to 177 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar deposit and available nationwide, P1FCU's 60-month Share Certificate APY currently ranks first.
When compared to 171 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar deposit and available nationwide, P1FCU's 48-month Share Certificate APY currently ranks first.
When compared to 201 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar deposit and available nationwide, P1FCU's 36-month Share Certificate APY currently ranks first.
The above rates are accurate as of 8/1/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table.