The Tennessee Credit Union (TTCU) is currently offering two CD Specials, one competitive and the other not so much: 26-month (2.50% APY) and 9-month (1.75% APY). The minimum opening deposit for either is $1k, with no stated balance cap. The 26-month requires new money, while the 9-month does not.
Both CDs are also available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.
The fine print on Share Certificates page contains some wording I’ve never seen before.
26-Month Certificate Special: New and added money only.
I was hoping “added money” was a unique definition of an add-on. According to CSR, added money is “outside money deposited into a share account in anticipation of opening a CD.”
As stated in the Truth-in-Savings document, the Early Withdrawal Penalty reads as follows:
For all accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:
Terms of 3 Months: 91 days’ dividends
Terms of 6 Months or greater: 180 days’ dividends.
Headquartered in Nashville, The Tennessee Credit Union’s FOM is primarily residency based, with individuals who live or work in the Tennessee counties of Hamblen, Sumner, or Williamson, or portions of the City of Chattanooga (Zips Codes 37408, 37409, 37410) eligible to join.
Employees/retirees, current students, and alumni of any educational institution in Tennessee qualify for membership.
Employees/retirees of more than 300 SEGs are also eligible to join, as are employees of the Tennessee cities of Berry Hill, Gallatin, Morristown, New Johnsonville, or White House.
Relatives/family members of current TTCU members are welcome to apply.
TTCU’s “Am I Eligible” page states,
There are additional ways to qualify for membership, including being a member of the PENCIL Foundation.
The PENCIL Foundation is a 501( C)3 organization “linking community resources to Metro Nashville Public Schools.” CSR stated this option is “good for Tennessee residents who reside outside the three counties (Hamblen, Sumner, Williamson) who would like to join TTCU.”
While there is an “online” Membership Application, it’s just a form that collect basic personal information.
This application, once submitted, will be reviewed by a TTCU staff member. This application is the initial process of our membership application and we will ask that you come into a branch to finish the application process.
Joining TTCU and/or opening a CD Special can be done at any of nine Tennessee branches, which are located in Brentwood, Cookeville, Gallatin, Goodlettsville, Johnson City, Knoxville, Morristown, and Nashville (2).
There are no fees to open an account at TTCU – you just
open a savings (share) account with a deposit of at least $25.
TTCU participates in CO-OP’s Shared Branch and ATM networks.
Access your TTCU account at any 5,000 credit union branch or at any 30,000 ATM nationwide, just as if you were visiting on of our own TTCU branches back home.
Credit Union Overview
The Tennessee Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 2.46% (excellent) based on September 30, 2019 data. TTCU increased has an above average capitalization level (9.81%), the result of holding $316.07 million in assets with $31.02 million in equity. Please refer to our financial overview of The Tennessee Credit Union (NCUA Charter # 66886) for more details.
Founded in 1950 by a small group of Nashville school system teachers and principals, The Tennessee Credit Union was originally known as Nashville Teachers Credit Union. Over the next 30 years, more school systems were added to the FOM and the name was changed to Tennessee Teachers Credit Union in 1982. The Tennessee Credit Union re-brand occurred in 2004 to more accurately describe a diverse and growing FOM. TTCU is currently the 19th largest credit union in Tennessee, with more than 26,500 members and assets in excess of $316 million.
How the CD Special Compares
When compared to 255 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, The Tennessee Credit Union’s 26-month CD Special APY currently ranks first.
The above rates are accurate as of 2/22/2020.
To look for the best CD rates, either nationwide and state specific, please refer to our CD Rates Table page.