Resource One Credit Union (TX) 60-Month CD Offers Top Rate
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.85% | $500 | - | Resource One Credit Union | 60 Month IRA (Traditional, SEP) |
As stated in the Agreements and Disclosures document, the Early Withdrawal Penalty (EWP) reads as follows:
We will impose a penalty if You withdraw any of the principal funds before the maturity date.
For Accounts with a term to maturity equal to or less than 1 year, the penalty imposed will equal 90 days' dividends calculated on the amount withdrawn.
For Accounts with a term to maturity greater than 1 year, the penalty imposed will equal 180 days' dividends calculated on the amount withdrawn.
Flex Certificates
R1CU also offers four Flex Certificates, which are actually add-on CDs. Of the four, the 12-month (2.78% APY) and 24-month (3.29% APY) Flex Certificates have the more competitive rates.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.29% | $250 | - | Resource One Credit Union | 24 Month Flex CD | |
| 2.78% | $250 | - | Resource One Credit Union | 12 Month Flex CD |
As stated on the Agreements and Disclosures page,
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 EWPs quoted above apply to the Flex Certificates.
Funding and Maturing Funds
Funding a CD can be done by ACH, wire, or through an internal transfer. R1CU participates in the CO-OP Shared Branch network, so transferring funds into an R1CU Basic Savings account should be relatively easy.
Earned interest can be credited either monthly or quarterly and can be withdrawn without penalty.
Maturing funds will be distributed by check to the address on file or transferred into an R1CU checking or savings account. There is a ten day grace period before a CD automatically renews.
Unlimited beneficiaries can be designated (equal shares) and Social Security numbers are required for all named beneficiaries.
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 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.
Joining Resource One can be done online, through a video chat with a virtual branch staff member, or at any of the 11 full-service Texas branches located in Carrollton, Cedar Hill, Dallas (2), Garland (2), Houston (2), Irving, Mesquite, and Spring.
Opening a CD can be done in-branch at any of the above-mentioned locations 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.
Credit Union Overview
Resource One Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.38% (excellent) based on June 30, 2022 data. In the past year, R1CU has increased its total non-brokered deposits by $25.04 million, resulting in an excellent annual growth rate of 4.1%. 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 45the largest credit union headquartered in Texas, with more than 67,600 members and assets in excess of $747 million.
How the 60-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 60-month CD. The following table compares the 60-month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 60-Month IRA 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 60-month IRA CD. The following table compares the 60-month IRA CD to the two highest-rate IRA CDs from other credit unions and the two highest-rate IRA CDs from banks.
The above information and rates are accurate as of 9/9/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
