Security First Credit Union (TX) Offers Rate-Leading 24-Month CD Special

For a limited-time, Security First Credit Union (Security First) is offering three Share Certificate Specials with “Goldilocks” rates: too low (6-month, 2.02% APY), simply good (12-month, 5.38% APY), and just right (24-month, 5.64% APY). The minimum opening deposit is $500, with no stated balance cap.

As stated in the fine print on the landing page,

This promotion does not apply to Individual Retirement Accounts (IRAs).

Early Withdrawal Penalty

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

We may impose a penalty if you withdraw any of the principal before the maturity date.

For all accounts, the amount of the early withdrawal penalty for your account is 50% of the dividends that would have been earned between the date of early withdrawal and the maturity date, or $25.00, whichever is greater.

Availability and Account Opening

Headquartered in Edinburg, Texas, Security First Credit Union’s field of membership (FOM) is community-based, with those who live, work, worship, or attend school in the Texas Rio Grande Valley eligible to join.

Joining Security First and/or opening a Share Certificate Special can be done at any of nine full-service Texas branches, located in Brownsville (2), Edinburg, Harlingen, McAllen, Mission, Pharr, San Benito, and Weslaco. Appointments are available and can be scheduled online.

A minimum $5 deposit in a Regular Share Savings Account is required to establish a Security First membership. A minimum $100 monthly balance is required to earn dividends.

Funding and Other Details

The following information is from the Security First website and a conversation with a Call Center representative. FYI – I am not 100% confident in the information I received. I requested to speak with someone from a branch, but was told that wasn’t possible and I would “have to walk into a branch.” All Security First branches list the main phone number (956.661.4000), so it's virtually impossible to call a branch.

• Funding – ACH, wire, check, or internal transfer.
• CO-OP Shared Branch Participant – No.
• Ownership – Individual or joint.
• Dividends – Compounded/credited monthly; cannot be withdrawn without penalty.
• Maturing Funds – Cashier’s check to address on file or internal transfer to a Security First Regular Share Savings Account.
• Beneficiaries – Unlimited, with equal shares. Social Security numbers are required.
• Grace Period – 10 calendar days before automatic renewal.
• Credit Check – ChexSystems.

Credit Union Overview

Security First Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 4.47% (excellent), based on September 30, 2023 data. In the past year, Security First’s total non-brokered deposits decreased by -$29.23 million, a below average annual growth rate of -6.92%. Please refer to our financial overview of Security First Credit Union (NCUA Charter # 5547) for more details.

Founded in 1947 as the Hildago Federal Credit Union, the original FOM was exclusive to the employees of the Federal Government who resided in the Rio Grande Valley; it remained that way for 29 years. In the following decades, assets increased and loan demand grew, leading to a membership expansion that included State Employees in Hildago and Starr Counties. In 2000, after an expansion into Cameron County and the acquisition of two other credit unions, Hildago Federal Credit Union rebranded as Service First Credit Union. As the 66^st largest credit union headquartered in Texas, Security First Credit Union currently has more than 40,000 members and assets in excess of $447 million.

How the 24-Month CD Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, have fixed rates, and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Security First Credit Union 24-Month CD. The following table compares the 24-Month CD to the four highest-rate 2-year CDs from other banks/credit unions.

How the 12-Month CD Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, have fixed rates, have minimum deposit requirements of $10k or less, two banks and two credit unions have higher rates than currently offered on the Security First Credit Union 12-Month CD. The following table compares the 12-Month CD to the four highest-rate 1-year CDs from other banks/credit unions.

The above information rates are accurate as of 2/9/2024.

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