In early August, I wrote about all-time-high Share Certificate APYs offered by P1FCU. While the Share Certificates experienced significant rate decreases about two weeks ago, these long-term APYs are still competitive, particularly the 60-month Share Certificate APY.
|3.05*%||$500||-||P1FCU||60 Month Share Certificate|
|2.80*%||$500||-||P1FCU||48 Month Share Certificate|
|2.70*%||$500||-||P1FCU||36 Month Share Certificate|
Previously, P1FCU’s Share Certificates had tiered APYs (based on deposit levels of $500, $10k, and $100k), but the current rates are the same for all three deposit levels.
The Share Certificates are also available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.
|3.05*%||$500||-||P1FCU||60 Month IRA Certificate (Traditional, Roth)|
|2.80*%||$500||-||P1FCU||48 Month IRA Certificate (Traditional, Roth)|
|2.70*%||$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 standard NCUA insurance coverage on funds up to $250k, P1FCU also provides insurance on funds up to an additional $250k through the Excess Share Insurance Corporation.
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.
Headquartered in Lewiston, Idaho, P1FCU’s field of membership (FOM) is residency-based and includes portions of Idaho and Oregon, and all of Washington state.
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 12 Idaho branches located in Bonners Ferry, Culdesac, Grangeville, Hayden, Lewiston (2), Moscow, Orofino, Ponderay, Post Falls, Rathdrum, and St. Maries, or the four Washington branches located in Clarkston (2), Colfax, 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 3.79% (excellent) based on June 30, 2019 data. P1FCU has an above average capitalization level (9.54%), the result of holding $1.15 billion in assets with $109.66 million in equity. 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 88,500 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 Certificate Compares
Given the expanded multi-state FOM, I’ve chosen to compare P1FCU’s Share Certificate to nationally available CDs.
When compared to 186 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.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.05% APY||60-Month Share Certificate||P1FCU|
|3.03% APY||5-Year Fixed CD||Lafayette Federal Credit Union|
|2.95% APY||60-Month CD||Pen Air Federal Credit Union|
The above rates are accurate as of 11/29/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table.