Deal Summary: 60-Month Share Certificate, 3.00% APY, $500 minimum deposit
Texasgulf Federal Credit Union (Texasgulf FCU) began February by raising the rate on its 60-month Share Certificate (3.00% APY) by 95 basis points. The minimum deposit is $500, with no stated balance cap.
Added to the product line only 18 months ago, the 60-month Share Certificate’s APY held steady at 2.05% for the past 17 months.
The 60-month Share Certificate is also available as an IRA (Traditional, Roth, SEP), earning the same APY with the same funding requirements.
As stated in the Truth In Savings document, the Early Withdrawal Penalty reads as follows:
The penalty will be a loss of three (3) months dividend.
Headquartered in Wharton, Texasgulf Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in Wharton County, Texas, eligible for membership.
Family members of current Texasgulf FCU members also qualify for membership, regardless of residency.
Joining Texasgulf FCU and/or opening a Share Certificate must be done at either of two Texas full-service branches, located in El Campo and Wharton.
If you’re eligible for membership and do not live in Wharton County, you may
request the membership opening materials to be sent to you by mail, fax, or email.
Texasgulf FCU’s online platform is currently limited to account management and bill payment services.
Credit Union Overview
Texasgulf Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.84% (excellent) based on September 30, 2016 data. In the past year, Texasgulf FCU increased its total non-brokered deposits by $6.03 million, an excellent annual growth rate of 7.87%. Please refer to our financial overview of Texasgulf Federal Credit Union (NCUA Charter # 2322) for more details.
Texasgulf Federal Credit Union chartered in 1937 for the benefit of the employees of Texasgulf Sulphur Company, in New Gulf, Texas. The FOM remained unchanged for 55 years, but the depletion of the sulphur reserves (and subsequent Company revenue losses) led to a FOM expansion. In 1992, the charter was changed to a Community Charter, making all Wharton County residents membership eligible.
How the Share Certificate Compares
When compared to the 239 similar length-of-term CDs tracked by DepositAccounts.com, with similar minimum deposit requirements and available within the FOM, Texasgulf Federal Credit Union’s 60-month Share Certificate APY currently ranks first.
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
The above rates are accurate as of 2/17/2017.