Union Square Credit Union CD Rates Surge Upward
Texas-based Union Square Credit Union (Union Square) has substantially raised the rates on all its CD, with increases between 113 bps and 179 bps. All of the CDs (with the exception of the 1-year and 18-month) now offer a rate leading APY. The minimum opening deposit is $1k, with no stated balance cap.
All the CDs are also available as IRA CDs (Traditional, Roth, CESA, SEP), earning the same APYs with the same funding requirements.
There is no Truth-in-Savings disclosure on Union Square’s website; the following information was obtained in a conversation with CSR.
The Early Withdrawal Penalty for all CDs is 3% of the amount withdrawn; partial withdrawals are allowed.
When opening a CD online, funding can be done by ACH, wire ($25 fee), or internal transfer. A check may be written if opening in-person.
Maturing funds can be distributed by ACH, wire ($25 fee), cashier’s check to the address on file, or transferred into a Union Square savings or checking account. There is a 10-day grace period before a CD automatically renews.
Dividends are credited monthly and can be withdrawn on crediting day.
There is no limit of the number of beneficiaries that can be designated. Social Security numbers are required for all named beneficiaries.
A soft credit check is run when opening a CD.
Availability
Headquartered in Wichita Falls, Texas, Union Square Credit Union’s field of membership (FOM) provides a way to join for virtually all Texas and Oklahoma residents.
Easy Membership in Texas: Members of the Texas Consumer Council ($8 fee) are eligible to join Union Square. According to CSR, you must be a member of TCC before you apply for Union Square membership, as your membership number is required to complete the online application.
Membership in the American Red Cross North Texas Region also qualifies for Union Square membership. The American Red Cross North Texas Region serves 121 counties and is made up of six local chapters including DFW Metro East, DFW Metro West, Texas Panhandle Plains, East Texas, Northeast Texas and Texas Big Country.
Easy Membership in Oklahoma: Membership in the American Red Cross Oklahoma Region also qualifies for Union Square membership. The American Red Cross North Oklahoma Region serves the entire state and is made up of four local chapters: Central & Southwest Oklahoma, South Central & South East Oklahoma, Northern Oklahoma, and Tulsa Area.
Residency: Individuals who live, work, worship, or attend school in the Texas counties of Archer, Baylor, Clay, Wichita, or Wilbarger, or the Oklahoma counties of Cotton or Tillman, are also eligible to join.
Family Relationship: Family members of current Union Square members are welcome to apply, no matter where they live.
Joining Union Square and/or opening a CD can be done online, or in person at any of four Texas branches, located in Burkburnett, Sheppard AFB, and Wichita Falls (2).
Establishing a Union Square membership requires opening a Share Account with a minimum $25 deposit.
Credit Union Overview
Union Square Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 8.20% (excellent) based on June 30, 2022 data. In the past year, Union Square has increased its total non-brokered deposits by $40.93 million, an excellent annual growth rate of 9.37%. Please refer to our financial overview of Union Square Credit Union (NCUA Charter # 68664) for more details.
Established in 1975, Union Square Credit Union’s founding members were a group of 30 individuals who were “concerned with the financial needs of Sheppard Air Force Base’s military personnel.” (Sheppard AFB was officially opened in 1941 as a United States Army Air Corps training center. It’s currently the largest training base in the country for Air Education and Training Command.) Union Square is the 51st largest credit union in Texas, with more than 36,000 members and assets in excess of $631 million.
How the 1-year CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the Union Square Credit Union 1-year CD. The following table compares the Union Square 1-year CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 3-year and 5-year CDs Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Union Square Credit Union 3-year or 5-year CD. The following table compares the Union Square long-term CDs to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 9/19/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
