Last week marked the summer solstice, the beginning of the astronomical summer in the Northern Hemisphere, and Red River Credit Union (Red River CU) is celebrating with a 15-month Summer Special CD (1.51% APY). The minimum opening deposit is $500, with no balance maximum cap.
There is no stated end-date for this Summer Special CD, but it’s probably safe to say it won’t last longer than its namesake.
While many of Red River CU’s CDs offer the option of dividends compounded monthly or quarterly, the 15-month Summer Special CD is only available with monthly compounded dividends.
The 15-month Summer Special CD is also available as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements.
In a Live Chat, CSR stated the Early Withdrawal Penalty for the "15-month CD is 182 days of simple interest."
Membership in Red River Credit Union is residency based, with individuals who reside, work, worship, attend school, or volunteer in the following counties eligible to join:
Texas: Bowie, Camp, Cass, Delta, Franklin, Harrison, Hopkins, Hunt, Lamar, Marion, Morris, Red River, and Titus.
Arkansas: Clark, Garland, Hempstead, Hot Spring, Howard, Lafayette, Little River, Miller, Nevada, Pike, and Sevier.
In addition, immediate family members (spouse, child, sibling, parent, grandparent, grandchild, stepparents, stepchildren, stepsiblings, and adoptive relationships) of current Red River CU members are also eligible for membership. Complete qualification details are listed on the Membership Eligibility page.
Joining Red River CU and/or opening the 15-month Summer Special CD can be done online, or at any of 18 Texas branches located in Atlanta, Clarksville, New Boston (2), Sulphur Springs, Texarkana (12), and Wake Village, or five Arkansas branches located in Ashdown, Hope, Nashville, and Texarkana (2).
Credit Union Overview
Red River Credit Union (NCUA Certificate # 5029) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.44% (excellent) based on March 31, 2016 data. In the past year, Red River CU has increased its total deposits by $38.09 million, an excellent annual growth rate of 6.13%. Please refer to our financial overview of Red River Credit Union for more details.
Headquartered in Texarkana, Texas, Red River Credit Union is one of a handful of credit unions whose field of membership extends across state lines. Founded in 1943 by a small group of the Red River Army Depot employees, the Credit Union currently has over 76,800 members and assets in excess of $745 million. Red River CU was recently named “Best Financial Institution for 2016” in the Four States Living Magazine “Best of Texarkana Awards.”
How the CD Compares
When compared to the 322 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Texas/Arkansas residents, Red River Credit Union's 15-month Special Summer CD APY currently shares the top spot with USALLIANCE Financial’s 15-month Certificate Special ($100k max).
The above rates are accurate as of 6/27/2016.