TEXAR Federal Credit Union Boosts Short-Term CD Rates
About four months ago, TEXAR Federal Credit Union (TEXAR) added a substantial 40 bps to its 18-month Share Certificate, boosting the rate to 1.25% APY. Over the weekend, the 18-month Share Certificate’s rate was increased by 25 bps, resulting in a rate-leading APY of 1.50%. The minimum opening deposit is $1k, with each individual member limited to a maximum deposit of $1 million.
TEXAR Share Certificates are also available as IRA Certificates (Traditional, Roth), earning the same APYs with the same deposit requirements.
The other competitive Share Certificate in TEXAR’s product line is the 12-month, which has been offering 1.20% APY since late October. Like the 18-month, the 12-month can be opened with a minimum $1k deposit, with a maximum deposit of $1 million.
According to CSR, the Early Withdrawal Penalty (EWP) is based on the amount of time left before the Share Certificate’s maturity date. With less than one year remaining until maturity, the EWP is 90 days of dividends on the amount being withdrawn. With more than one year remaining until maturity, the EWP is 180 days of dividends on the amount being withdrawn.
Availability
Headquartered in Texarkana, Texas, TEXAR Federal Credit Union’s community-based field of membership (FOM) is unusual, as the largest municipality it serves (Texarkana) is bisected by the Texas/Arkansas border.
Individuals (as well as businesses) 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 and/or opening a Share Certificate can be done over the phone (903.223.0000). Current TEXAR members can open a Share Certificate by using TEXAR’s Anywhere Access online banking platform. The three full-service Texas branches, located in Atlanta, New Boston, and Texarkana, are open to walk-in traffic during normal business hours. The remainder of the TEXAR branches are now function as MyTEXAR Teller locations.
One exciting technology is MyTEXAR Tellers. This service gives our members convenient, extended access to a teller at any TEXAR drive-thru or any stand-alone location. Our members have the ability to choose to speak to a teller or use the ATM function. ATM transactions operate just as you would expect at any ATM.
MyTEXAR Tellers allow us to serve you from the hours of 8am- 6pm Monday-Friday and 9am -12pm on Saturday! Visit our locations page to find a MyTEXAR Teller near you!
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 0.65% (excellent) based on September 30, 2021 data. In the past year, TEXAR has increased its total non-brokered deposits by $68.26 million, an excellent annual growth rate of 25.9%. Please refer to our financial overview of TEXAR Federal Credit Union (NCUA Charter # 24567) for more details.
Established in 1951, TEXAR Federal Credit Union was originally known as the Bowie County Teachers Credit Union. As its FOM expanded and diversified, the Credit Union went through three rebrand: Bowie-Cass Teachers Credit Union (1964), the Teachers Federal Credit Union (1996), and finally, TEXAR Federal Credit Union (2001). With more than 31,000 members and assets in excess of $430 million, TEXAR is currently the 65th largest credit union headquartered in Texas.
How the Share Certificates Compare
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 18-month Share Certificate APY currently ranks first.
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.
The above information and rates are accurate as of 1/10/2022.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Table, page.
