Merry Christmas and Happy Holidays!

This is just a short post to wish you and your family a Merry Christmas and a joyful holiday season. I would like to thank all of you for your support throughout 2019. I’ll be spending today hosting Christmas dinner for family and friends.

Family members of credit union members are eligible to join

I do have one small banking tip that’s holiday related. If someone in your family belongs to a credit union, you are typically eligible to join that credit union. For most credit unions, only immediate family members can join this way. Immediate family usually includes grandparents, parents, spouses, siblings, grandchildren, and children. In some cases, credit unions allow most all family members to join this way, including uncles, aunts, nephews, nieces and cousins.

One example of a credit union that allows non-immediate family members to join is the Illinois-based credit union BCU (which is currently offering an 11-month CD Special with a 2.25% APY). According to BCU’s membership page, “eligible family members include: spouses, parents, children, siblings, domestic partners, grandchildren, grandparents, aunts, uncles, nieces, nephews, and cousins.”

Family members of eligible non-members can sometimes be eligible to join

Even if your family member isn’t a member of the credit union, you may still qualify for credit union membership through that family member. If your family member is eligible to join the credit union (such as based on where they live or based on military service), that can make you eligible to join.

One example is the nation’s largest credit union, Navy Federal. If you have a family member who is or was affiliated with the military at any time, you may be eligible to join Navy Federal. Navy Federal often has competitive CD specials. The latest is a 37-month IRA CD Special with a 3.00% APY.

Another example of a credit union that allows members of eligible non-members to join is the New York credit union AmeriCU. You are eligible to join AmeriCU if “an immediate family member has a military affiliation.” Also, a “relative of eligible non-member” is eligible to join. Relatives may be eligible to join “if they live, work, worship, or attend school in a qualifying area in Central or Northern New York.” AmeriCU currently offers several very competitive CDs, which includes a 5-year CD with yields that range from 3.15% to 3.30% based on member levels.

Eligible without joining an association

So when you’re meeting with family for the holidays, you may want to see if there are any credit unions you can join via a family member. Also, if you’re informing an immediate family member about a deal that you have participated in, like the 5-year CD special at Justice Federal Credit Union which has an APY of up to 3.21%, remember that they can join through you. They don’t need to join an association to qualify for membership. In 2013, my brother joined the National Military Family Association to become a PenFed member so he could get that 3.04% 5-year CD. I was already a PenFed member, and I had forgotten to inform my brother that he was eligible for PenFed membership based on my membership.

So hopefully this will help you or your family members earn more interest in 2020.

Merry Christmas and Happy Holidays to All!