Texas Bay Credit Union Boosts 60-Month Jumbo CD Rate

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Deal Summary: 60-month Jumbo Share Certificate, 3.56% APY, $50k minimum deposit. 60-month Share Certificate, 3.35% APY, $1k minimum deposit.

Availability: Residents of specific geographic areas of Houston (FM 1960, Hwy 146, and Hwy 6), or within a 10-mile radius of a branch; more than 90 SEGs.

Texas Bay Credit Union (Texas Bay CU) recently raised the rates on its 60-month Jumbo Share Certificate (3.56% APY, $50k minimum) and 60-month Share Certificate (3.35% APY, $1k minimum). Both Share Certificates gained 108 bps earlier this month, resulting in the highest APYs in more than eight years. In the past year, a total of 180 bps were added to each Share Certificate in four rate increases.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.56%$50k-Texas Bay Credit Union60 Month Jumbo CD
3.56%$50k-Texas Bay Credit Union60 Month Jumbo IRA (Traditional, Roth)
3.35%$1k-Texas Bay Credit Union60 Month CD
3.35%$1k-Texas Bay Credit Union60 Month IRA (Traditional, Roth)
Rates as of September 22, 2018.

The 60-month Share and Jumbo Certificates are also offered as IRAs (Traditional and Roth), earning same APYs with the same funding requirements.

As stated in the Truth-in Savings brochure, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of more than one year: The penalty we may impose will equal 180 days dividends on the amount withdrawn subject to penalty, whether earned or not.

The following statement is important in respect to the 60-month Jumbo Certificate.

Any withdrawal which, reduces the account balance below the minimum required balance to open the account shall be considered a withdrawal of the entire account balance, in which event, the penalty shall be computed as if the entire account balance had been withdrawn, the entire account balance shall be distributed to you, and your account will be closed.

Texas Bay CU reserves to the right to “call” any of their Certificates.

We may redeem this account, at our option, at any time.

Excess Share Insurance

To provide the “highest level of security available,” Texas Bay CU offers Excess Share Insurance.

In addition to your accounts being covered by the National Credit Union Association (NCUA) to a limit of $250,000, ESI provides an additional $250,000 of savings protection to each qualifying account.

Availability

Headquartered in Houston, Texas Bay Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in specific geographic areas of Houston (FM 1960, Hwy 146, and Hwy 6), or with a 10-mile radius of a Texas Bay CU branch, eligible for membership.

Employees of more than 90 SEGs, including several large petrochemical companies, also qualify for membership.

Joining Texas Bay CU and/or opening a Share or Jumbo Share Certificate can be done at any of the seven full-service Texas branches, located in Cypress, Houston (3), Katy, League City, and Pasadena. Initiating the application process can be done by calling 713.852.6700.

Credit Union Overview

Texas Bay Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.66% (excellent), based on March 31, 2018 data. In the past year, Texas Bay CU has increased its total non-brokered deposits by $27.86 million, an excellent annual growth rate of 9.33%. Please refer to our financial overview of Texas Bay Credit Union (NCUA Charter #67465) for more details.

Texas Bay Credit Union was established in 1936, originally known as the Houston Sinclair Refinery Employee’s Federal Credit Union. The Credit Union’s operations were run out of an office inside the Sinclair refinery plant. For the founding charter members,

a membership share was set at $5.00, the maximum deposit limit was $200, the maximum amount for a secured loan was $200 and the maximum amount for an unsecured loan was $50. The dividend rate was set at 6 percent, to be paid annually.

As the FOM expanded and the membership rolls grew, there were four name changes – Sinclair Houston Credit union (1962), Atlantic Richfield Credit Union (1972), Texas Bay Area Credit Union (1993), and finally Texas Bay Credit Union (2015). As the 51st largest Texas credit union, Texas Bay CU currently has more than 42,200 members and assets in excess of $446 million.

How the Jumbo CD 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, Texas Bay Credit Union's 60-month Jumbo CE APY currently ranks first, regardless of minimum deposit.

Interest RateCD Length of TermCredit Union/Bank
3.56% APY60-Month Jumbo CD ($50k min)Texas Bay Credit Union
3.47% APY60-Month Share Certificate ($20k min)United States Senate Federal Credit Union
3.37% APY5-Year CDKS StateBank

The above rates are accurate as of 8/25/2018.

To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.

Related Pages: Houston CD rates, 5-year CD rates

Comments
2.75% Reward Checking Account at Texas Bay Area Credit Union
Update 11/09/09: The top rate has risen to 2.75% APY. Refer to the bottom of the post for the rate history.

Texas Bay Area CU is offering a reward checking account called Free Member Advantage Checking that pays 2.75% APY for balances up to $25,000 (0.35% for above) and refunds ATM fees up to $25 per month if the following monthly requirements are met:
  • 10 debit card purchases (credit based)
  • one ACH debit or credit
  • receive eStatements
If these are not met, the rate falls to 0.10%. There are no monthly service charges and no...


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