US Community Credit Union (TN) Adds Two Competitive CD Specials

POSTED ON BY

Deal Summary: Certificate Specials – 25-month (5.35% APY) and 13-month (4.84% APY), $5k minimum deposit, at least $5k of new money.

Availability: 14 Middle Tennessee counties

For a limited time, US Community Credit Union (USCCU) is offering two Certificate Specials: 13-month (4.84% APY) and 25-month (5.35% APY). The minimum opening deposit for either Certificate Special is $5k. At least $5k of the total deposit must be new money, which is defined as “money not on deposit at US Community Credit Union within the prior 6 months.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.35%$5k-US Community Credit Union25 Month Certificate Special - New Money
4.84%$5k-US Community Credit Union13 Month Certificate Special - New Money
Rates as of February 2, 2023.

According to CSR, there is no stated end-date for the Certificate Specials, which were added to the product line on January 12. Based on what I’ve seen in the past month or so, CDs with APYs of 5% and higher haven't lasted long.

As stated in the Certificate Account Guide document, the Early Withdrawal Penalty reads as follows:

For Certificates with Terms One Year and Greater:

    If you withdraw money from your Certificate and it has a term limit of one year or greater, a penalty of 180 days dividends will be imposed on the amount withdrawn.

Availability

Headquartered in Nashville, US Community Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, volunteer, or attend school in the Tennessee counties of Cannon, Cheatham, Davidson, Dickson, Hickman, Macon, Maury, Robertson, Rutherford, Smith, Sumner, Trousdale, Williamson, or Wilson eligible to join. Businesses and legal entities located in these same 14 Tennessee counties also qualify for membership.

Immediate family members of current USCCU members are welcome to apply, regardless of where they live. USCCU defines “immediate family” as spouse, siblings, parents, children, grandparents, grandchildren, and step-relatives.

The USCCU “About Us” page has a couple of sentences that could be interpreted differently than intended:

US Community Credit Union membership is open to the public. […] anyone who becomes a member of Friends of Monroe Carrell Jr. Children's Hospital at Vanderbilt can join […].

The meaning of this text hinges on the definition of “anyone.” According to CSR, this new FOM qualification applies to the 14 Middle Tennessee counties mentioned above. In other words, “anyone” has to live in one of those counties.

Account Opening

Joining USCCU can be done online (there is an “Apply for Membership” button at the top of every USCCU website page) or in person at any of the five Tennessee branches, which are located in Antioch, Mount Juliet, and Nashville (3).

A $5 minimum deposit in a Regular Share Savings is required for all USCCU members.

There is no monthly service fee for a regular savings account; however, a One Service Fee may be charged if a member has only one service with the credit union and no other credit union savings or loan or paid out loan within the past twelve months, or investment services and has a balance less than $100.00 at the end of the month, the account has been open at least six months, and member is over the age of 24.

Existing USCCU members can open a Certificate Special over the phone. Those who are joining in-branch can open a Certificate Special in the same visit. Those joining online will have to wait until their application is approved to open a Certificate Special over the phone.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire, check, or internal transfer
  • CO-OP Shared Branch Participant – Yes.
  • Dividends – Compounded/credited quarterly; cannot be withdrawn.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to checking/savings account.
  • Beneficiaries – Unlimited, equal shares, Social Security numbers not required.
  • Grace Period – 10 calendar days before automatic renewal. Both Certificate Specials renew as a 12-month Certificate.
  • Credit Check – Soft pull when joining.

Credit Union Overview

US Community Credit Union has an overall health grade of "A" at Deposit Accounts.com, with a Texas Ratio of 2.46% (excellent) based on September 30, 2022 data. In the past year, USCCU has increased its total non-brokered deposits by $14.04 million, an excellent annual growth rate of 6.06%. Please refer to our financial overview of Community Financial Credit Union (NCUA Charter # 67720) for more details.

Established in 1949 by 11 VA Hospital employees, the original Nashville VA Credit Union grew rapidly, amassing $25k in assets in little more than a year. The credit union rebranded in 1952, becoming the US Courthouse Credit Union when the FOM expanded to include all federal employees in Davidson County. When a community charter was adopted in 2005, “Courthouse” was replaced with “Community,” allowing the USCCU abbreviation to remain intact. By 2019, USCCU’s FOM included the entire Nashville Metropolitan Statistical Area. US Community Credit Union is currently the 23rd largest credit union headquartered in Tennessee, with nearly 28,000 members and assets in excess of $292 million.

How the 25-Month Certificate Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that 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 US Community Credit Union 25-Month Certificate Special. The following table compares the 25-Month Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
5.35%25-Month Certificate Special (EWP=180 days)US Community Credit Union
5.00%27-Month High Yield CD via SaveBetter (EWP=180 days)Sallie Mae Bank
4.85%23-Month High Yield CD via SaveBetter (EWP=180 days)Sallie Mae Bank
4.75%24-Month Certificate (EWP=180 days)Mountain America Credit Union
4.65%24-Month Certificate (EWP=270 days)American First Credit Union

How the 13-Month Certificate Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, two banks have higher rates than currently offered on the US Community Credit Union 13-Month Certificate Special. The following table compares the 13-Month Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
4.85%12-Month CD (EWP=90 days)Ivy Bank
4.85%12-Month CD (EWP=180 days)INSBANK Online
4.84%13-Month Certificate Special (EWP=180 days)US Community Credit Union
4.60%12-Month Share CD (EWP=lesser of 90 days or all earned dividends)Alliant Credit Union
4.55%11-Month CD Special (EWP=60 days)Consumers Credit Union (IL)

The above rates are accurate as of 1/19/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Nashville CD rates, 1-year CD rates, 5-year CD rates

Comments
HZ
  |     |   Comment #1
I just called them. You have to live in the area
5% 19-Month CD at a Tennessee CU
The US Community Credit Union is offering a 5.00% APY 19-month CD. The minimum required deposit is $25K. There's also a 9-month special certificate with an APY of 4.40% with only a $5K minimum. Both specials are only for a limited time.

The credit union's field of membership includes residents of the Tennessee counties of Davidson, Rutherford and Wilson. It has two branches in Nashville and one in Antioch.

This 5% CD matches the best 18-month CD currently listed at Bankrate.com.



Continue Reading


The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.