Financial Resources Federal Credit Union (FRFCU) in New Jersey has introduced a 13-month CD Special with a base APY of 5.64%.
Members can potentially earn up to 5.96% APY through Relationship Premium Rates, based on their engagement with the credit union.
Membership in FRFCU is accessible to U.S. citizens and resident aliens who possess a valid Social Security number, achievable through joining the American Consumer Council (ACC). Thus, this opportunity is offered nationwide.
You can open an account either online or by visiting one of our seven branches in New Jersey.
This offer requires a minimum deposit of $500 and has no stated balance cap.
READ MORE: SEE THE BEST CD RATES HERE
FRFCU Offer Details
The 13-month CD Special features:
- A base APY of 5.64%.
- The possibility of a Relationship Premium APY up to 5.96%.
- The CD is also available as an IRA CD Special (Traditional, Roth, CESA) with the same APYs and deposit requirements.
Rates last updated January 24, 2024.
Relationship Premium Rates
The Relationship Premium Rates include:
- An additional 0.10% APY for an active checking account.
- An extra 0.10% APY for having an existing consumer loan (certain exclusions apply).
- An additional 0.10% APY for holding a FRFCU Mortgage or Investment Account.
Early Withdrawal Penalty
The Early Withdrawal Penalty is nine months of dividends on the amount withdrawn, applicable for accounts with an original maturity of 13 to 23 months.
Availability and Account Opening
Membership in FRFCU is open to U.S. citizens and resident aliens with a valid Social Security number through membership in the American Consumer Council (ACC). Account opening is available online or at any of seven New Jersey branches. A $10 Membership Savings account is required to start the FRFCU relationship.
Funding and Other Details
- Funding options include ACH or internal transfer.
- Dividends are compounded and credited monthly.
- Maturing funds can be transferred to an FRFCU checking or savings account or issued as a cashier’s check.
- Beneficiaries can be added with unlimited numbers and equal shares.
Credit Union Overview
FRFCU was founded in 1950. It has evolved significantly over the years and is now the third-largest credit union in New Jersey, serving nearly 29,000 members with assets over $613 million.
Our Take on the Offer
FRFCU’s 13-month CD Special is an appealing choice for savers, particularly for those who can leverage the Relationship Premium Rates.
The flexibility in earning higher rates based on account relationships adds an innovative aspect to this CD.
While the base APY is competitive, the potential to reach up to 5.96% APY makes it a standout offer.
However, members should consider the early withdrawal penalty, especially for shorter-term investments.
READ MORE: SEE THE BEST CD RATES HERE
Frequently Asked Questions
Q: Is membership in FRFCU open to anyone in the U.S.? A: Yes, membership is open to all U.S. citizens and resident aliens through the American Consumer Council (ACC).
Q: Can the 13-month CD Special be opened online? A: Yes, you can open the 13-month CD Special online or at one of FRFCU’s New Jersey branches.
Q: Are there any account services that increase the CD’s APY? A: Yes, having an active checking account, an existing consumer loan, or a FRFCU Mortgage or Investment Account can increase the APY.
Q: What is the minimum deposit required for the 13-month CD Special? A: The minimum deposit is $500.
Q: What happens if I need to withdraw funds early from the CD? A: An early withdrawal will incur a penalty equivalent to nine months of dividends.
Q: How does the 13-month CD Special’s rate compare to other CDs? A: The base rate is competitive, and with Relationship Premiums, it can be one of the top rates available. However, without these premiums, it may fall slightly behind the highest rates in the market.