TruWest Credit Union (TruWest) began June by adding an 11-month Investment Certificate that earns 2.50% APY. This limited-time offer requires a minimum $1k deposit, and is capped at $50k. There is also a limit of “one certificate per primary membership.”
While the $50k balance cap does temper the Investment Certificate’s competitiveness, this offering doesn’t require a checking relationship, unlike previous TruWest specials.
According to the FAQs page, the Early Withdrawal Penalty on the 11-month Investment Certificate is 180 days interest.
As stated on the Investment Certificate promotion page, the 11-month has a ten-day grace before automatically renewing,
to a 6-month term at the current dividend rate in effect at the time of renewal.
The current rate for the 6-month CD is 1.10% APY.
FYI – the term “Investment Certificate” can be a bit misleading, as I’ve seen it used to describe CDs that permit additional deposits. In this instance, TruWest uses the word “Investment” to simply distinguish a special Certificate from its regular product line.
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.
Relationship: Family members (defined as spouse, child, parent, grandparent, sibling, including adoptive, in-law, and step-relations) of current TruWest members also qualify for membership. The online application’s definition of “family members,” includes “anyone covered under Motorola benefits.” The last time I wrote about TruWest, employees and retirees of Motorola, Freescale, ON Semiconductor, or General Dynamics Decision Systems were membership eligible. The How to Join page no longer specifically lists any of those companies.
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) opened a few months ago.
Credit Union Overview
TruWest Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.59% (excellent) based on March 31, 2018 data. In the past year, TruWest has increased its total non-brokered deposits by $59.48 million, an excellent annual growth rate of 6.79%. 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 85,200 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 11-Month Investment Certificate APY currently shares the top spot with Connexus Credit Union’s 12-month Certificate.
The above rates are accurate as of 6/6/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.