Red River Credit Union (Red River CU) is offering a limited-time Special Rate 12-month Certificate (1.40% APY). The minimum opening deposit is $500, with no stated balance cap. While promoted as a “limited-time” offer, according to CSR, no end date has been set.
The 12-month Certificate has been part of the product line for more than five years, and has experienced 13 rate changes, ranging from a low of 0.70% APY to the current high of 1.40% APY.
Like the majority of Red River CU’s Certificates, this Special Rate Certificate has the option of having dividends compounded monthly or quarterly.
The Special Rate 12-month Certificate 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 a "12-month CD is 90 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 Become a Member page.
Joining Red River CU and/or opening the Special Rate 12-month Certificate 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 3.28% (excellent) based on June 30, 2016 data. In the past year, Red River CU has increased its total deposits by $44.31 million, an excellent annual growth rate of 7.17%. 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 78,300 members and assets in excess of $750 million. Red River CU was recently named “Best Financial Institution for 2016” in the Four States Living Magazine “Best of Texarkana Awards.”
How the Certificate Compares
When compared to the 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 Special Rate 12-month Certificate APY currently ranks first.
The above rates are accurate as of 11/3/2016.