Velocity Credit Union is headquartered in Austin and is the 35th largest credit union in the state of Texas. It is also the 445th largest credit union in the nation. It was established in 1947 and as of March of 2025, it had grown to 206 employees and 76,688 members at 7 locations. Velocity Credit Union's CD rates are 5X the national average, and it has an A health rating.
Field of Membership Restrictions
Membership in Velocity Credit Union is open anyone through joining the the Paramount Theatre Association. Membership is also open to those who live or work in the Texas counties of Bastrop, Caldwell, Hays, Travis, or Williamson, or within a 10-mile radius of any Velocity branch or ATM.
See current membership details
3 Year Rate
Just went to their site and the 3 year CD rate is just 3.44%
Don't Bother If You Use Other Financial Institutions
Some banks and CUs use ChexSystems to see inquiries from financial institutions. If you are opening multiple accounts at different places to stay under the NCUA, FDIC $250K limits, these inquiries will be used against you by Velocity and your application will be denied. I guess the default assumption is that applicant is laundering drug money.
You will not be told why you were denied, nor asked why you have several inquiries. You will receive no notice other than Application Denied.
This just happened to me. My FICO score is 820, btw. Just be aware of this before you bother applying, if you are managing significant assets across multiple institutions.
I recommend looking at NASA FCU and Connexus instead. I have used both for years without ever encountering problems like this, and their CD rates are ALWAYS at the high end of the spectrum, while loan rates are competitive or better.
If you are wanting a place to open a checking account, or to get a loan on your beater Camry, or to hold a couple thousand dollars or less, Velocity may be a good choice for you. Beyond that, probably not.....
Comments or related questions welcome.
Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68359 |
| Year Chartered | 1947 |
| Employees | 206 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.06% |
| Return on Equity - YTD | 0.46% |
| Annual Interest Income | $12.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $1.04B$1.04B |
| Loans | Q1 2025vs Q1 2024 | $573.4MM$614.3MM |
| Deposits | Q1 2025vs Q1 2024 | $847.4MM$860.3MM |
| Equity Capital | Q1 2025vs Q1 2024 | $131.2MM$116.4MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $16.6MM$17MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $5.7MM$5.7MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |