Last week, TEXAR Federal Credit Union (TEXAR) raised the rate on its 12-month Online Share Certificate (1.45% APY). The 12-month Share Certificate can also be opened "In-Branch," but at a lower APY of 1.35%. In the past six years, the 12-month Share Certificates have experienced 27 rate changes, with the current APYs the highest since March 2013.
A $1K minimum deposit is required, regardless of whether it is opened Online or In-Branch, and there is no maximum balance cap. The 12-month Share Certificates are available as IRAs (Traditional), earning the same APYs and with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for the 12-month CD is 90 days interest.
TEXAR Federal Credit Union is primarily based on residency, with all residents of the Texas Counties of Bowie and Cass, and Arkansas' Miller County, and most residents of Red River and Lamar Counties, eligible for membership. TEXAR's field of membership is unique in that the largest municipality it serves (Texarkana) is located half in Texas and half in Arkansas.
TEXAR also offers membership to various employee groups and organizations (schools, PTOs, PTAs, Farm Bureau), which are detailed in TEXAR’s Membership page.
While the 12-month Online CD must be opened online (using TEXAR's Anywhere Access system) to receive the higher rate, applying for membership in TEXAR can be done either over the phone, or in person or at any of seven Texas branches located in Atlanta, DeKalb, Hooks, New Branch, Paris, and Texarkana (2), or the sole Arkansas branch located in Texarkana.
Credit Union Overview
TEXAR Federal Credit Union (NCUA Charter # 24567) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.22% (excellent) based on December 31, 2015 data. TEXAR has an excellent capitalization level, a result of holding $332.25 Million in assets with $43.44 Million in equity. Please refer to our financial overview of TEXAR Federal Credit Union for more details.
TEXAR Federal Credit Union was originally established in 1951 as the Bowie County Teachers Credit Union. As the field of membership expanded and diversified, the name changed to the Bowie-Cass Teachers Credit Union (1964), the Teachers Federal Credit Union (1996), and finally, today’s TEXAR Federal Credit Union (2001). With assets of $332+ Million and over 29,300 members, TEXAR continues to grow not only in size but in scope as it utilizes new technology, as evidenced by the recent addition of MyTEXAR Tellers.
Launched in August of 2015, the MyTEXAR Tellers allow our members to have convenient access
to a teller at any TEXAR drive-thru as well as several 'stand-alone' locations during extended hours.
How the CD Compares
When compared to the 302 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Texas residents, TEXAR Federal Credit Union’s 12-month Online Share Certificate currently ranks first.
The above rates are accurate as of 3/28/2016.