Texas-based University Federal Credit Union (UFCU) is currently offering 3.40% APY on its 60-month Fixed-Rate Jumbo CD. The minimum deposit is $100k, with no stated balance cap.
The Fixed-Rate Regular CDs have APYs 25 bps under the Jumbos. The minimum deposit is $1k.
The 60-month Fixed-Rate Jumbo CD is also offered as an IRA (Traditional, Roth), earning the same APY with the same funding requirements.
UFCU’s Membership and Account Agreement document only provides Early Withdrawal Penalty details for CD terms of greater than one year. According to CSR, the EWP is 90 days of dividends on the amount being withdrawn. Partial withdrawals are allowed, as long the $100k minimum balance is maintained.
The 90-day EWP is small for 5-year CDs. When combined with a top rate, this makes the CD more attractive, especially for those who are concerned with the possibility that rates may rise in the future. You can see the effective yields of the UFCU Jumbo CD when closed early by using our CD EWP Calculator.
Headquartered in Austin, Texas, University Federal Credit Union’s field of membership (FOM) provides a way to join for almost any U.S. citizen or resident alien with a valid Social Security number and a U.S. address.
Easy Membership: Joining The Longhorn Foundation (one-time $20 donation) provides instant UFCU membership eligibility.
School Relationship: Students, alumni, and employees of more than 25 colleges/universities (including Texas State University and the University of Texas at Austin) qualify for membership.
Employment/Affiliation: Employees and members of nearly 180 companies and more than 30 companies are also eligible to join.
Family Relationship: Immediate family members of current UFCU members are welcome to apply.
Joining UFCU and or opening a Fixed-Rate Jumbo CD can be done online or at any of 22 Texas branches located in Austin (12), Cedar Park, Galveston, League City, Pflugerville, Round Rock (2), San Marcos (2), and West Lake Hills.
According to the online application,
A $1 lifetime membership fee is required along with $5 savings deposit and $25
checking deposit to become a member and start enjoying the benefits of membership.
UFCU participates in the Co-Op Shared Branch Network. This enables UFCU members to transact UFCU business at branches of other credit unions which are also members of this network.
Credit Union Overview
University Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.68% (excellent) based on December 31, 2018 data. In the past year, UFCU has increased its total non-brokered deposits by $160.74 million, an excellent annual growth rate of 8.12%. Please refer to our financial overview of University Federal Credit Union (NCUA Charter # 1367) for more details.
With 30 founding members and $855 in deposits, University Federal Credit Union first opened its doors in May 1936. The original FOM included the faculty and staff at The University of Texas at Austin, exclusively. While the FOM has expanded in the past 80+ years, UFCU’s commitment to higher education has remained constant.
Of course, our family has since grown to include other fine universities, their students, and other entities that share an appreciation for higher education. Our vision further recognizes education as a key economic engine driving growth and well-being of the vibrant Texas community in which we live.
UFCU is currently the eighth largest credit union in Texas, with more than 252,700 members and assets in excess of $2.4 billion.
How the Fixed-Rate Jumbo CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, University Federal Credit Union's 60-month Fixed-Rate Jumbo CD APY currently ranks first, regardless of minimum deposit requirements.
The above rates are accurate as of 4/10/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.