In a move that's rare these days, Texell Credit Union (Texell CU) has raised the rate on its 18-month Share Certificate by 35 bps. The new 1.25% APY makes the 18-month Share Certificate one of the highest 18-month CD rates in all of Texas. This competitive Share Certificate can be opened with a minimum $1k deposit and there is no stated balance cap.
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The 18-month Share Certificate is also available as an IRA Certificate (Traditional and Roth), earning the same APY with the same deposit requirements.
I had hoped that Texell CU’s onerous Early Withdrawal Penalty (EWP) had been replaced with a more member-friendly EWP. Unfortunately, the EWP hasn’t changed: no matter the term length, the EWP is half of the earned dividends and only early closures are permitted. Dividends are compounded quarterly and can be deposited back into the Share Certificate or transferred to another Texcell CU account without penalty.
Excess Share Insurance
Deposits at Texell CU are fully insured up to $500,000: at least $250,000 by the NCUA and $250,000 by Excess Share Insurance, the nation’s largest provider of excess share insurance since 1993.
With ESI Excess Share Insurance in place, a member may have as much as an additional $250,000 of coverage, raising their total deposit insurance protection on their individual share accounts to as much as $500,000.
Headquartered in Temple, Texas, Texell Credit Union’s field of membership (FOM) has expanded greatly since I last wrote about the credit union in 2014. Individuals who live, work, worship, or attend school in the Texas counties of Bell, Bosque, Burnet, Coryell, Falls, Hill, Lampasas, Limestone, McLennan, Milam, Travis, or Williamson are eligible to join. Six years ago, the FOM only included Bell County and portions of Williamson County.
Texas residents who don’t live in any of the above-mentioned 12 counties can qualify for membership by being a member of or joining the Texas Consumer Council.
Immediate family members of current Texell CU members are also welcome to apply.
Opening a Member Savings account with a $10 minimum deposit establishes a Texell CU membership.
Credit Union Overview
Texell Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.22% (excellent) based on June 30, 2020 data. In the past year, Texell CU has increased its total non-brokered deposits by $54.54 million, an excellent annual growth rate of 16.09%. Please refer to our financial overview of Texell Credit Union (NCUA Charter # 68608) for more details.
Texell Credit Union was founded in 1948 to serve the employees of the Temple Post Office, the Temple Veterans Administration Center, and the Temple Soil Conservation Service. Membership was expanded in 1983 to include the Temple Public School Teachers and the City of Temple, necessitating a new name: Temple Area Federal Credit Union. In 2002, following another membership expansion to include all of Bell County, the name was changed to Texell Credit Union. Currently the 57th largest credit union headquartered in Texas, Texell Credit Union has nearly 42,000 members and assets in excess of $449 million.
How the Share Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit, and are available to all Texas residents, Texell Credit Union's 18-month CD’s APY currently ranks first.
The above rates are accurate as of 10/22/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.