Resource One Credit Union 12-Month CD Is Still A Rate-Leader

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Deal Summary: 12-month CD (6.17% APY), 12-month IRA CD (6.43% APY), $500 minimum deposit.

Availability: Dallas County and northwest Harris County, Texas.

I am simply amazed that Resource One Credit Union (R1CU) is still offering an excellent 6.17% APY on its 12-month CD. The minimum opening deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
6.17%$500-Resource One Credit Union12 Month CD
Rates as of February 27, 2024.

The 12-month CD is also offered as an IRA CD (Traditional, Roth) with the same minimum deposit requirement, but earning 6.43% APY, 26 bps higher than the 12-month CD.

APYMINMAXINSTITUTIONPRODUCTDETAILS
6.43%$500-Resource One Credit Union12 Month IRA (Traditional, SEP)
Rates as of February 27, 2024.

Long-time DA member, xer00, shared his experience opening the 12-month 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 a member. These are Flex CD's so they do have a set term, but you can add money to them as many times as you want. Resource One lets you set your CD's to mature and auto transfer to your savings or checking account.

I've been adding money to my Flex CD's every day for 10 days. I just did an ACH pull from another bank to Resource One to test what they told you about ACH outbound.I just read the "additional terms" of the account that they used for the Flex account. It states that "after the account is opened you will not be able to add any additional funds to the account." Yet, I've been doing that every day. I believe they don't realize that they are using a standard CD disclosure for the Flex CD's and I'll make a note of that and forward it to the bank.

Early Withdrawal Penalty

According to CSR, the Early Withdrawal Penalty for CDs with terms of one year or greater is 180 days of dividends on the amount being withdrawn. Partial withdrawals are allowed, but the principal will be reduced if a withdrawal is made within 180 days of account opening.

Flex Certificate

One possible source of confusion is that R1CU is offering 6.17% APY on both its 12-month Regular Certificate and its 12-month Flex Certificate. This can be seen in R1CU's rates page. R1CU Flex Certificates are Add-On CDs with a $250 minimum opening deposit.

APYMINMAXINSTITUTIONPRODUCTDETAILS
6.17%$250-Resource One Credit Union12 Month Flex CD
Rates as of February 27, 2024.

The Agreements and Disclosures disclosure is no longer available on the R1CU website, but CSR confirmed the following limitations are still in effect for Flex Certificates.

Once Your Account is established, You may make additional deposits into Your Account subject to the following limitations: (i) each such deposit must be at least equal to $50.00; and (ii) the sum total of such additional deposits cannot, at any time, exceed $50,000.00 in the aggregate.

The same EWP quoted above applies to the 12-month Flex Certificates.

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.

Quiet FOM Expansion

DA reader, xer00, noted an interesting FOM detail that I was not aware of. The CSR I spoke with confirmed the following is true, although not mentioned on the R1CU website.

The rep told me that any member can refer any individual that is not related outside the membership area to become a member, but that info is not listed anywhere on their site.

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.

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 that must be set up before account opening.
  • 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.
  • 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 44the largest credit union headquartered in Texas, with more than 72,000 members and assets in excess of $810 million.

How the 12-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, no banks or credit unions have higher rates than currently offered on the R1CU 12-month CD. The following table compares the 12-month CD to the four highest-rate similar length-of-term CDs from other banks/credit unions within the market area.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
6.17%12-Month CD (EWP=180 days)Resource One Credit Union
5.65%13-Month CD Special (EWP=90 days)T Bank
5.64%11-Month CD Special (EWP=all earned interest)Colonial Savings
5.56%1-Year Fixed CD (EWP=180 days)Lafayette Federal Credit Union
5.50%13-Month CD Special (EWP=all earned dividends)Vibrant Credit Union

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

How the 12-Month IRA CD Compares

When compared to similar length-of-term IRA CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the R1CU 12-month IRA CD. The following table compares the 12-month IRA CD to the four highest-rate similar length-of-term IRA CDs from other banks/credit unions within the market area.

APYIRA CD TermCredit Union/Bank
6.43%12-month IRA CDResource One Credit Union
5.56%1-Year Fixed CESA IRALafayette Federal Credit Union
5.55%12-Month IRA SpecialSalem Five
5.50%12-Month IRABluPeak Federal Credit Union
5.40%11-month IRAConnectOne Bank

To look for the best IRA CD rates, both nationwide and state specific, please refer to our IRA CD Rates Table page.

The above information and rates are accurate as of 2/20/2024.

Related Pages: Houston CD rates, Dallas CD rates, 1-year CD rates, IRA CD rates

Comments
fred_b
  |     |   Comment #1
I'd appreciate it if an existing member could send me a referral code so that I can join this CU. Thanks.
fromtaipei
  |     |   Comment #5
This is the best financial forum and I read daily.

Believe the Flex certificate is best in the banking industry and wish more banks or CUs ...
Talked with branch banker, unfortunately referral won't work for "friends" who live outside the area.
Chief
  |     |   Comment #2
Me too! Texas C kinda concerning but worth the risk. Please post if you find a member to refer you. I assume Resource employees are members, I wonder if we could get one of them to refer us?
interested
  |     |   Comment #4
D+ rating on Weiss.
https://weissratings.com/en/credit-union/765
fromtaipei
  |     |   Comment #6
Takled with branch banker. Unfortunately referral wont work for "friends who live outside area.
Sorry.
Resource One Credit Union (TX) Offers 6.17% APY On 12-Month CD
Deal Summary: 12-month CD (6.17% APY), 12-month IRA CD (6.43% APY), $500 minimum deposit.

Availability: Dallas County and northwest Harris County, Texas.

As DA reader, txFish1, noted in a Forum post yesterday, Resource One Credit Union (R1CU) is offering an excellent 6.17% APY on its 12-month CD. The minimum opening deposit is $500, with no stated balance cap.

The 12-month CD is also offered as an IRA CD (Traditional, SEP) with the same minimum deposit requirement, but earning 6.43% APY, 26 bps higher than the 12-month CD.

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Deal Summary: 60-month CD (3.65% APY), 60-month IRA CD (3.85% APY), $500 minimum deposit

Availability: Dallas County and northwest Harris County, Texas

The Resource One Credit Union (R1CU) 60-month CD continues to offer 3.65% APY, which equals the highest rate currently offered on nationally available 5-year CDs. The minimum opening deposit is $500, with no stated balance cap.

The 60-month CD is also offered as an IRA CD (Traditional, Roth) with the same minimum deposit requirement, but earns an APY 20 bps higher than the 60-month CD.

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Resource One Credit Union (TX) CD Rates Shoot Up
Deal Summary: CDs – 24-month (3.29% APY) and 48-month (3.55% APY), $500 minimum deposit

Availability: Dallas County and northwest Harris County, Texas

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It has been over three years since my last review of Resource One Credit Union. Its CD rates have held steady for quite a while, and that has resulted in some of the rates being very competitive. The two best ones are a 2.10% APY 5-year CD and a 1.80% APY 4-year CD. Minimum deposit is $90,000 for a Jumbo CD or $500 for an IRA CD. The rates are 10 basis lower for a regular CD with a $500 minimum deposit. These rates are listed in the credit union's...

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4.50% 5-Year CD and Other High CD Rates at Resource One Credit Union in Texas
Resource One Credit Union has several competitive CD rates. Some of the best include a 3.40% APY 12-month CD, a 4.00% APY 36-month CD and a 4.50% APY 60-month CD. Minimum deposit is $1,000. IRA certificates and Jumbo certificates with a $90K minimum have rates 10 basis points higher. These rates are listed in the credit union's rate table as of 1/11/2009.

Membership is open to those who live or work in Dallas or Northwest Harris counties. Please refer to the credit union's Membership Page for the full details. Membership...

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