Resource One Credit Union (TX) Adds Competitive 5-Month Promo CD
As DA readers, Striker1 and txFish1, noted in recent Forum posts, Resource One Credit Union (R1CU) lowered the rate on the previously very competitive 12-month CD (6.17% → 3.56%) at the beginning of the month. In what looks like a consolation gift, R1CU has added a 5-month CD earning 5.64% APY. The minimum opening deposit is $500 of new money, with no stated balance cap. New money is defined as “funds not currently on deposit with Resource One Credit Union.”
FYI – the 5-month CD is NOT offered as an IRA CD or a Flex CD (add-on) like the 12-month CD was.
Early Withdrawal Penalty
According to CSR, the Early Withdrawal Penalty for CDs with terms of less than one year is 90 days of dividends on the amount being withdrawn. Partial withdrawals are allowed, but the principal will be reduced if a withdrawal is made within 90 days of account opening.
Availability
Headquartered in Dallas, Texas, Resource One Credit Union’s field of membership (FOM) is community-based, with U.S. citizens/residents aliens who live or work in Dallas County or northwest Harris County, or within a 10-mile radius of the Carrollton branch (including Mesquite, Garland, Spring, Irving, Cedar Hill, Jersey Village, Dallas, Houston, Carrollton) eligible to join.
Employees/members of various Select Employee Groups (listed in the online membership application) also qualify for membership.
Family members of current R1CU members are welcome to apply.
Account Opening
Joining Resource One can be done online, through a video chat with a virtual branch staff member, or at any of the 13 full-service Texas branches located in Carrollton, Cedar Hill, Dallas (4), Garland (2), Houston (2), Irving, Mesquite, and Spring.
Opening a CD can be done in-branch at any of the above-mentioned locations, by phone (800.375.3674), or by utilizing the virtual branch video chat.
A $25 minimum deposit in a Basic Savings Account establishes an R1CU membership, but a minimum balance of $250 is required to earn any interest. A $25 minimum balance must be maintained to keep an R1CU membership open.
Long-time DA member, xer00, shared his experience opening a CD on the R1CU DA page. First-hand accounts like xer00’s are invaluable. The following are excerpts from that posting.
The field of membership is kind of small, but so far it's been a pretty seamless experience. You have to do a video chat at the end of account opening to verify you are the person on your ID. ACH in or out originating from Resource One is not available. The rep can transfer a maximum of $5000 a day from any institution with a total of $10k total to open a CD. Set up ACH from your other FI's to send and receive funds to your savings account and move it your CD's. Or you can deposit a check at any of their member credit unions once your [sic] a member.
R1CU participates in both the CO-OP Shared Branch network and ATM network.
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, wire, internal transfer, or Share Branch transaction.
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual, joint, or trust (in-branch only).
- Dividends – Compounded/credited monthly; can be automatically transferred to a Basic Savings Account, but must be set up before opening CD.
- Maturing Funds – Cashier’s check to address on file or transferred into an R1CU checking or savings account.
- Beneficiaries – Unlimited, with equal shares; Social Security number required.
- Grace Period – 10 calendar days before automatic renewal as a standard 6-month CD.
- Credit Check – ChexSystems.
Credit Union Overview
Resource One Credit Union has an overall health grade of "C" at DepositAccounts.com, with a Texas Ratio of 23.15% (average) based on September 30, 2023 data. In the past year, R1CU has increased its total non-brokered deposits by $2.49 million, an above average annual growth rate of 0.37%. Please refer to our financial overview of Resource One Credit Union (NCUA Charter # 68439) for more details.
Founded in 1936, Resource One Credit Union was originally known as the Sears Dallas Employees Federal Credit Union and served the employees of the Sears & Roebuck Catalog Order Plant. R1CU is currently the 44th largest credit union headquartered in Texas, with more than 72,000 members and assets in excess of $810 million.
How the 5-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the R1CU 5-month CD. The following table compares the 5-month CD to the four highest-rate similar length-of-term CDs from other banks/credit unions within the market area.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
The above information and rates are accurate as of 3/5/2024.
