A new month means new rates, and TEXAR Federal Credit Union (TEXAR) has started the month by raising the rate on its 18-month Share Certificate and Online Share Certificate (1.76% APY). The minimum deposit is $1k, with no stated balance cap.
The 18-month Share Certificates are available as IRAs (Traditional), earning the same APYs and with the same funding requirements.
In the past seven years, the 18-month Share Certificates has experienced more than 30 rate changes, with the current APY the highest in nearly three years. In the past five years, there have been five notable APYs, which have lasted a month or less.
According to CSR, TEXAR bases its Early Withdrawal Penalty on the amount of time left on the Share Certificate before the maturity date. If there is less than 1 year remaining, the penalty is 90 days interest; if there is more than 1 year remaining, the penalty is 180 days interest.
Headquartered in Texarkana, Texas, TEXAR Federal Credit Union’s residency-based field of membership (FOM) is unusual, as the largest municipality it serves (Texarkana) is located half in Texas and half in Arkansas.
All residents of the Texas Counties of Bowie and Cass, and Arkansas' Little River and Miller Counties, and most residents of Red River and Lamar Counties (Texas), are eligible for membership.
TEXAR also offers membership to a variety of employee groups and organizations (schools, PTOs, PTAs, Farm Bureau), which are detailed in TEXAR’s Membership page.
Joining TEXAR can be done over the phone or in person or at any of seven Texas branches located in Atlanta, DeKalb, Hooks, New Boston, Paris, and Texarkana (2), or the Arkansas branch located in Texarkana.
The 18-month Share Certificate can be opened online (using TEXAR's Anywhere Access system) or in any of the above mentioned branches. The fine print on the Deposit Rates page reads,
As an incentive, rates for certificates opened online have a higher return.
I confirmed with CSR that the 1.76% APY applies to Share Certificates opened either online or in-branch.
Credit Union Overview
TEXAR Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.70% (excellent) based on March 31, 2017 data. In the past year, Landmark CU has increased its total non-brokered deposits by $5.81 million, an above average annual growth rate of 2.21%. 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). TEXAR has continued to grow in size and scope, recently adding Arkansas’ Little River County to the FOM. With more than 31,300 members and assets in excess of $354 million, TEXAR is currently the 59th largest credit union in Texas.
How the Share Certificate Compares
When compared to the 177 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are within the FOM, TEXAR Federal Credit Union’s 18-month Share Certificate currently shares the top spot with Red River Credit Union’s 18-month CD and Veridian Credit Union’s 15-month Special CD.
The above rates are accurate as of 8/2/2017.