For a limited time, TruWest Credit Union (TruWest) is offering a 14-month Investment Certificate (2.25% APY). The minimum opening deposit is $1k, with a maximum balance of $50k. There is also a limit of “one certificate per primary membership.”
While the $50k balance cap could be considered a shortcoming, the 14-month Investment Certificate does not require a checking relationship, unlike previous TruWest special offerings.
According to the FAQs page, the Early Withdrawal Penalty on the 14-month Investment Certificate is 180 days interest.
Headquartered in Tempe, Arizona, TruWest Credit Union’s field of membership (FOM) was originally open to Motorola Corporation employees only. About 15 years ago, the FOM was expanded to include residency as a qualification for membership.
Arizona Residency: Individuals who live, work, or own a business in the counties of Maricopa, Pinal, Pima, or Yavapai are eligible to join.
Texas Residency: Individuals who live, work, own a business, or attend school in Travis or Williamson Counties qualify.
Employment: Employees and retirees of Motorola, Freescale, ON Semiconductor, or General Dynamics Decision Systems are membership eligible.
Relationship: Family members of current TruWest members also qualify for membership. “Family members” are defined as spouse, child, parent, grandparent, sibling, including adoptive, in-law, and step-relations.
Joining TruWest and/or opening an Investment Certificate can be done online or at any of the nine Arizona branches located in Chandler, Gilbert, Mesa (2), Phoenix, Scottsdale (2), and Tempe (2), or the four Texas branches in Austin (3) and Round Rock. The newest Austin branch (Slaughter Lane) has recently opened for business.
Credit Union Overview
TruWest Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.10% (excellent) based on December 31, 2017 data. In the past year, TruWest has increased its total non-brokered deposits by $54.72 million, an excellent annual growth rate of 6.43%. Please refer to our financial overview of TruWest Credit Union (NCUA Charter # 63832) for more details.
Established in 1952 as the Motorola Credit Union, the FOM did not expand beyond employment with Motorola until 2002, when membership was extended to the residents in the East Valley of metro Phoenix. The TruWest name was approved in 2003 and in 2004, the FOM expanded into Maricopa County, AZ, and Travis County, TX. TruWest Credit Union is currently the sixth largest credit union headquartered in Arizona, with more than 83,800 members and assets in excess of $1 billion.
How the Investment Certificate Compares
When compared to the similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the FOM, TruWest Credit Union’s 14-Month Investment Certificate APY currently ranks first.
The above rates are accurate as of 3/8/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.