TEXAR Federal Credit Union (TEXAR) has started the new year with a new rate on its 12-month Share Certificate – 2.25% APY. The minimum opening deposit is $1k, with no stated balance cap.
The last time I wrote about a TEXAR Share Certificate two years ago, I was told the Early Withdrawal Penalty (EWP) was based on the amount of time left before maturity. (Less than one year remaining, 90 days penalty; more than one year remaining, 180 days penalty.) When I asked about the EWP yesterday, CSR didn’t know, but volunteered to find out. The answer she came back with is one I’ve never heard before: “I can’t tell you what it is, because it changes every day.” I think 90 days interest on the amount being withdrawn is probably a good estimate.
Headquartered in Texarkana, Texas, TEXAR Federal Credit Union’s residency-based field of membership (FOM) is unique, as the largest municipality it serves (Texarkana) straddles the Texas/Arkansas border.
Individuals who live, work, worship, attend school, or conduct business in the Texas counties of Bowie, Cass, Lamar, or Red River, or the Arkansas counties of Little River or Miller are eligible for membership.
Joining TEXAR can be done over the phone (903.223.0000) or in person at any of six Texas branches located in Atlanta, DeKalb, Hooks, New Boston, Paris, and Texarkana, or the Arkansas branch in Texarkana.
Opening a Regular Share Savings account (minimum $25 deposit) is required to establish and maintain a TEXAR membership.
Credit Union Overview
TEXAR Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.85% (excellent) based on September 30, 2019 data. TEXAR has an excellent capitalization level (14.90%), the result of holding $354.8 million in assets with $52.86 million in equity. Please refer to our financial overview of TEXAR Federal Credit Union (NCUA Charter # 24567) for more details.
TEXAR Federal Credit Union was originally established in 1951 as the Bowie County Teachers Credit Union. As its FOM expanded and diversified, the Credit Union’s name changed: Bowie-Cass Teachers Credit Union (1964), the Teachers Federal Credit Union (1996), and finally, TEXAR Federal Credit Union (2001). With more than 32,200 members and assets in excess of $354 million, TEXAR is currently the 61st largest credit union headquartered in Texas.
How the Share Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, TEXAR Federal Credit Union’s 12-month Share Certificate APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.25% APY||12-Month Share Certificate||TEXAR Federal Credit Union|
|2.20% APY||12-Month CD||Quontic Bank|
|2.15% APY||13-Month Certificate Special||Andrews Federal Credit Union|
The above rates are accurate as of 1/4/2020.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Table, page.