Truity Credit Union Introduces "Name It Save It" Savings Account
In early February, Truity Credit Union (Truity CU) introduced its new Name It Save It (NISI) savings account, which earns 2.00% APY on balances up to $50k. Any balance over $50k “will be automatically moved to the Primary Share” belong the account holder.
There is a limit of one NISI account per membership and can be opened with as little as $1. One free withdrawal is permitted “every 12-month period from open date,” with a $10 fee for all other withdrawals during that 12-month period.
Given the structure of the NISI account, a comparison to a 1-year CD with additional deposits up to $50k and one penalty-free withdrawal would not be out of line. While a 2.00% APY for a 1-year CD would currently only be the sixth highest rate offered within Truity’s FOM, the additional deposits and one permitted withdrawal would increase its intrinsic value.
Availability
Headquartered in Bartlesville, Oklahoma, Truity Credit Union’s field of membership (FOM) seems a bit disjointed, but the Credit Union’s roots in the oil and gas industry is the main unifying factor.
Easy Membership: Residents of Bartlesville (OK), Lawrence (KS), or Springdale (AR) who join the Truity Education Foundation, Inc. ($25 fee), qualify for membership.
Employment/Affiliation: Employees and members of more than 200 companies and organizations (including ConocoPhillips, General Dynamics, Phillips 66, and Tyson Foods) are membership eligible.
Relationship: Immediate family members (spouse, child, parent, sibling, grandchild, grandparent, including step and adoptive) and individuals “living in the same residence maintaining a single economic unit” of current Truity CU members are also eligible to join.
Joining Truity CU can be done online or at any of eight full-service branches located in Springdale (AR), Bartlesville (OK), Houston (TX), and Lawrence (KS).
While some products, namely checking and Money Market accounts, can be opened online, the Name It Save It account must be opened in person at any of the above mentioned branch locations or by calling 800.897.6991.
Credit Union Overview
Truity Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.47% (excellent) based on September 30, 2017 data. In the past year, Truity has increased its total non-brokered deposits by $8.83 million, an above average annual growth rate of 1.3%. Please refer to our financial overview of Truity Credit Union (NCUA Charter # 3130) for more details.
Truity Credit Union is currently is the fifth largest credit union headquartered in Oklahoma, with more than 68,000 members and assets in excess of $766 million. The Credit Union was established in 1939 by the Jane Phillips Sorority in Bartlesville, and became known as the 66 Federal Credit Union.
Mildred Hunt was the first treasurer and she conducted credit union business at her desk in the pipeline department at Phillips Petroleum Company during her lunch break and after hours. At that time a single quarter opened a savings account which allowed members to obtain unsecured loans up to $50.
The Truity re-brand occurred in 2013 to help convey that Phillips Petroleum Company and ConocoPhillips were not the only two employee groups served by the Credit Union, and “help position the Credit Union for future growth and financial strength.” In case you were wondering, “Truity” represents a combination of "trust" and "integrity."
How Name It Save It Savings Compares
When compared to the Savings Accounts tracked by DepositAccounts.com that are available within the FOM, Truity Credit Union’s Name It Save It Savings APY currently ranks first.
The above rates are accurate as of 2/21/2018.
To look for the best Savings Account rates, both nationwide and state specific, please refer to our Savings Account Rates Table page.
