About two months ago, TEXAR Federal Credit Union (TEXAR) restructured its Share Certificate by offering the same 1.21% APY on all Share Certificates. Earlier this week, TEXAR raised the “uni-rate” to 1.25% APY. The minimum opening deposit is $1k, with each individual member limited to a maximum deposit of $1 million. Obviously, the shorter the term, the more competitive the rate.
Over the past six years, TEXAR has offered many competitive Share Certificate rates, but those rates don’t last long. For example, in the past three years, the 12-month Share Certificate had 19 rate changes, with APYs ranging from 0.75% and 2.35%. The longer-term Share Certificates have a more stable rates history, but with this new “uni-rate” model for all terms, we may be seeing parallel rate changes for a while.
All the Share Certificates are also available IRA Certificates (Traditional, Roth), earning the same 1.25% APY with the same deposit requirements.
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 With less than one year remaining until maturity, the EWP is 90 days of dividends on the amount being withdrawn. With more than one year remaining until maturity, the EWP is 180 days of dividends on the amount being withdrawn.
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 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. TEXAR has six Texas branches located in Atlanta, DeKalb, Hooks, New Boston, Paris, and Texarkana, or the Arkansas branch in Texarkana, but only three select branches are currently open for walk-in traffic.
The following branch lobbies are OPEN for normal business hours:
- Richmond Road (Texarkana, Texas)
- New Boston
Members may still utilize the technology in place to avoid the lobby:
- MyTEXAR Teller/ATMs located at all branches and many remote locations
- Anywhere Access online banking
- TEXAR Mobile App
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 1.67% (excellent) based on June 30, 2020 data. In the past year, TEXAR has increased its total non-brokered deposits by $10.46 million, an excellent annual growth rate of 4.09%. 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 rebranded three times: Bowie-Cass Teachers Credit Union (1964), the Teachers Federal Credit Union (1996), and finally, TEXAR Federal Credit Union (2001). With more than 32,500 members and assets in excess of $363 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 12-month Share Certificate APYs 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 48-month Share Certificate APYs currently ranks second.
The above rates are accurate as of 11/20/2020.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Table, page.