Now through October 31, 2022, California-based Parsons Federal Credit Union (PFCU) is offering a 13-month Certificate earning 4.00% APY.
This limited-time promotional certificate requires a $10k minimum deposit of new money, which is defined simply as funds not currently on deposit with PFCU. According to CSR, there is no balance cap and accounts are insured up to $500k ($250k from NCUA and additional $250k from American Share Insurance coverage.)
All member accounts are insured up to $500,000 by the National Credit
Union Administration (NCUA) and by private share insurance through
American Share Insurance (ASI), provided to our members at no cost to them.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
We may impose a penalty if you withdraw the principal from your Certificate Account before the maturity date. The penalty imposed shall be based on the amount withdrawn and as follows:
- 90 days’ interest if the qualifying period is one year or less.
- 180 days’ interest if the qualifying period is greater than one year.
If the amount withdrawn reduces the principal balance below the stated minimum, you will be assessed a penalty on the entire principal balance, we will cancel the Certificate and transfer any remaining balance to your regular savings account.
Funding and Maturing Funds
According to CSR, a Certificate can be funded through ACH, wire transfer, by check, or through an internal transfer. PFCU participates in the CO-OP Share Branch network, facilitating the transfer of funds.
As stated in the TIS disclosure,
You may make withdrawals of dividends from your account at any time.
There is a 7-day grace period before a 13-month Certificate renews as a 1-year Certificate. Disposition of maturing funds can be designated at account opening to avoid an automatic renewal. Distribution options include a cashier’s check to the address on file or an internal transfer to a Share Savings account.
Unlimited beneficiaries (equal shares) can be designated and Social Security numbers are required for all named beneficiaries.
CSR stated that ChexSystems is used when opening a Certificate, with a soft pull.
Headquartered in Pasadena, California, Parsons Federal Credit Union recently expanded its field of membership (FOM): all U.S. citizens/resident aliens with a valid Social Security number are now eligible to join through membership in the American Consumer Council (ACC).
Joining PFCU and ACC can be done simultaneously using the PFCU membership application. The last option on the Eligibility section of the online application reads,
I'd like to qualify by joining the American Consumer Council (ACC). There is no cost to join.
Employees, retirees, and pensioners of Parsons Corporation, Worley Corporation, of Parsons Complex Tenants who work in Pasadena qualify for membership.
Immediate family or household members, including spouses and domestic partners, of any of the above are welcome to apply.
Opening a 13-month Certificate cannot be done online, but can be opened over the phone once your membership application has been approved. Certificates can also be opened at either branch location.
A $5 minimum deposit into a Share Savings account establishes a PFCU membership.
PFCU participates in the CO-OP Shared Branch and ATM networks, giving members access to,
over 5,600 CO-OP Shared Branch locations nationwide and over 30,000 CO-OP ATMs.
Credit Union Overview
Parsons Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 1.36% (excellent), based on June 30, 2022 data. In the past year, PFCU increased its total non-brokered deposits by $1.05 million, an above average annual growth rate of 0.48%. Please refer to our financial overview of Parsons Federal Credit Union (NCUA Charter # 22141) for more details.
Founded in 1975, Parsons Federal Credit Union’s original FOM was exclusive to the employees of the Parsons Corporation, a technology-focused defense, intelligence, security, and infrastructure engineering firm. While PFCU is currently a small credit union (8,900 members and assets of $266 million), the combination of a newly expanded FOM and very competitive rates could result in exponential growth rather quickly.
How the 13-Month Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions have a higher rate than currently offered on the Parsons Federal Credit Union 13-Month Certificate. The following table compares the 13-Month Certificate 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 10/4/2022.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.