At the beginning of the year, Shell Federal Credit Union (Shell FCU) raised the rates on its 60-month Share Certificate to a nine-year high: 3.60% APY ($50k min) and 3.55% APY ($500 min). Those rates lasted for four months, before dropping to 3.35% APY ($50k min) and 3.30% APY ($500 min).
While I wouldn’t normally consider a loss of 25 bps to be favorable, the lowered rates have actually become competitive, as other rates have continued downward. If you look at the Comparison section below, you’ll see the APYs currently rank first and second. In January, when the rates were 25 bps higher, the APYs only ranked fourth and sixth.
The 60-month Share Certificate is also offered as an IRA (Traditional, Roth), earning the same APYs with the same minimum deposit requirements.
As stated in the Truth In Savings disclosure, the Early Withdrawal Penalty reads as follows:
For all accounts the amount of the early withdrawal penalty is based on the term of your account. The penalty is the greater of $25.00 or loss of dividends on amounts withdrawn, whether earned or not, to dividends that would have accrued over 50% of the remaining term of the account.
Headquartered in Deer Park, Texas, Shell Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, attend school, or regularly conduct business in Harris County, Texas, eligible for membership.
Since I last wrote about Shell FCU, an online application has been added (click on New! Bank With Us, located on the left-hand side of every Shell FCU website page).
With only a $5 savings account deposit, anyone in Shell FCU’s field of membership can experience banking but better.
Even though there is an online application, a “Contact Me” form is still available.
Interested in a Shell FCU Share Certificate?
Request to be contacted by a Shell FCU Representative.
Two years ago, Shell FCU decided to no longer participate in the Shared Branch Network.
In analyzing member activity over the course of a year, only 4% of our 80,000 members use a Credit Union Service Center (also known as Shared Branching) to perform deposit or withdrawal transactions.
Credit Union Overview
Shell Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.95% (excellent) based on March 31, 2019 data. In the past year, Shell FCU has increased its total non-brokered deposits by $49.95 million, an excellent annual growth rate of 5.65%. Please refer to our financial overview of Shell Federal Credit Union (NCUA Charter # 1941) for more details.
Shell Federal Credit Union was chartered in 1937 as a credit union for the employees of Shell Oil Company. Forty employees attended the first organizational meeting in January 1937 and at the end of the evening all 40 joined, paying a 25¢ membership fee. Shell FCU is currently the 18th largest credit union in Texas, with more than 101,500 members and assets in excess of $1.14 billion.
How the Share Certificate Compares
When compared to 252 similar length-of-term CDs tracked by DepositAccounts.com, which are available within the FOM, Shell Federal Credit Union's 60-month Share Certificate APYs currently rank first and second, regardless of minimum deposit.
The above rates are accurate as of 7/25/2019.
Looking for the best CD rates, both nationwide and in your state? Please refer to our CD Rates Table page.