Texas-based Space City Credit Union (Space City CU) has been offering 3.04% APY on its 5-year Jumbo Certificate for the past 15 months. The minimum opening deposit is $50k, with no stated balance cap. (There is a “regular” version of the 5-year Certificate, but it only earns 2.79% APY.)
The Jumbo Certificate is also available as an IRA (Traditional, Roth), earning the same APY with the same funding requirements.
As stated on Space City CU’s Deposit Rates page, the Early Withdrawal Penalty reads as follows:
The early withdrawal penalty for certificates of deposit is the greater of $25.00, or 50% of the dividends that would have been earned on the amount withdrawn (over the remainder of the certificate’s term).
Excess Share Insurance
Deposits at Space City CU are fully insured up to $500,000: at least $250,000 by the NCUA and $250,000 by Excess Share Insurance, the nation’s largest provider of excess share insurance since 1993.
Members of credit unions using ESI’s excess share insurance can take great comfort in knowing that their savings are safe, and that a portion of their deposits are protected by a well-capitalized credit union-only private insurer.
Headquartered in Houston, Space City Credit Union’s field of membership (FOM) offers a variety of ways for Houston area residents to join:
Residency - Individuals who live, work, worship, or attend school within a 10-mile radius of the Houston main branch or the La Porte branch are eligible to join. The Credit Union’s website has a map to help determine your eligibility.
Employment - Employees, annuitants, or retirees of more than 70 SEGs, including Stewart & Stevenson and General Electric Power and Water, qualify for membership.
Relationship - Membership is also extended to current members’ "entire family by blood or marriage," which is defined as "aunts, uncles, cousins, sons, daughters, in-laws, grandparents, and spouses."
Once you establish a basic savings account with a $5.00 minimum deposit,
you are eligible to apply for any other products or services Space City CU offers.
Space City CU participates in the CO-OP Shared Branch network.
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Credit Union Overview
Space City Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.98% (excellent) based on June 30, 2019 data. In the past year, Space City CU has increased its total deposits by $289k, an above average annual growth rate of 0.39%. Please refer to our financial overview of Space City Credit Union (NCUA Charter # 61135) for more details.
Space City Credit Union was chartered in 1965 as the Stewart & Stevenson (S&S) Credit Union. (A Houston-based company, Stewart & Stevenson has been designing and manufacturing specialized equipment since 1902.) S&S Credit Union changed its name to Space City Credit Union in 2004 to better reflect the expanding field of membership. Two mergers in 2012 (HHA FCU of Houston and Independence Parkway FCU of La Porte) nearly doubled the size of Space City CU. More recently, the Houston Musicians FCU became part of Space City CU in 2018.
How the Jumbo Certificate Compares
When compared to 266 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, Space City Credit Union's 5-year Jumbo Certificate APY currently ranks first, regardless of minimum deposit requirements.
The above rates are accurate as of 11/26/2019.
To look for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Table, page.