Singing River Federal Credit Union (Singing River Federal) marked Halloween by adding a trio of Time-share Certificates (8-, 18-, and 28-month) that all earn 1.40% APY. Obviously, the short the term, the more competitive the Time-share Certificate (CD).
The minimum opening deposit is $50K for any of the three CDs and there are no balance caps. These CDs are also available as IRAs (Traditional, Roth, and CESA), earning the same 1.40% APY for all term lengths, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for the 8-month Time-share Certificate is 90 days, and 180 days for the 18-month and 28-month CDs.
15-month Time-share Certificate
The rate on the 15-month CD was also raised to 1.40% APY, but the minimum deposit is only $1K, with no balance cap. The 15-month CD was added to Singing River Federal’s product line in October 2013, earning 1.50% APY. That initial rate lasted only two months and then dropped to 1.25% APY, where it sat for over two years until this week’s increase.
The 15-month CD is also available as an IRA (Traditional, Roth, and CESA), earning the same APY, with the same funding requirement. According to CSR, the Early Withdrawal Penalty for the 15-month CD is 180 days.
Headquartered in Moss Point, Mississippi, Singing River Federal Credit Union’s field of membership is residency based, with individuals who live, work, worship, or attend school in George, Greene, and Jackson Counties, Mississippi.
In addition, individuals who live, work, worship, or attend school in the western portion of Baldwin County and the southern portion of Mobile County, Alabama, are also eligible for membership.
Singing River Federal's About Us page states,
If you are a Singing River Federal member in good standing, your spouse, children, parents, siblings, grandparents and in-laws are also eligible for membership.
Singing River Federal’s membership application process can be initiated online (a Singing River Federal representative will contact you within one business day following application submission) or by visiting any of the five Mississippi branches located in Leakesville, Lucedale, Moss Point (2), and Pascagoula, or at the Mobile, Alabama branch. Opening a Time-share Certificate requires an in-person visit.
Credit Union Overview
Singing River Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 15.89% (above average) based on June 30, 2015 data. In the past year, Singing River Federal has increased its total deposits by $4.56 Million, and excellent annual growth rate of 2.62%. Please refer to our financial overview of Singer River Federal Credit Union for more details.
Singing River Federal Credit Union (NCUA Charter # 8694) was founded in 1953 by employees of International Paper (Southern Craft Mill). The original intent was to establish a "fair-rate financial cooperative" for a group of people whose credit opportunities were limited. Following the change to a community-based credit union, Singing River Federal expanded its field of membership and today has over 24,000 members and assets in excess of $196 Million.
Singing River Federal has one of the more colorful credit union names. The "Singing River" refers to the Pascagoula River, which flows into the Gulf of Mexico. According to ExploreSouthernHistory.com,
For hundreds of years, visitors and residents alike have described a mysterious humming sound that rises from the waters of the river. The sound produced by the rubbing of the rim of a crystal glass or goblet is very similar to the repetitive humming or singing that is heard coming from the river.
Catherine Cole, writing in the New Orleans Times-Picayune on July 24, 1892, described hearing the sounds of the river: "Visitors come from all along the coast to sit on the rough, tumultuous roots of the oaks that lean over the river and listen to the flute-like sounds that are rubbed off from the river, as a deft hand brushes melody from the rim of a crystal goblet."
Theories abound, but to date no one has explained the strange phenomenon.
How the CDs Compare
When compared to the 162 similar length-of-term CDs tracked by DepositAccounts.com that are available to Mississippi/Alabama residents, Singing River Federal Credit Union's 8-month Time-share Certificate currently ranks first, regardless of minimum deposit.
When compared to the 125 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Mississippi/Alabama residents, Singing River Federal Credit Union's 15-month Time-share Certificate currently ranks second.
The above rates are accurate as of 11/2/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.