APY=Annual Percentage Yield
¹ Promotional rate is a limited time offer. Minimum $50,000 new money (from another financial institution). Rate for internal funds is .80% (.80% APR).
² Promotional rate is a limited time offer. Minimum $50,000 new money (from another financial institution). Rate for internal funds is 1.10% (1.11% APR).
³Minimum $100 deposit. Requires ACH deposit.
a) Minimum amount to open a Share Certificate is $1,000.
b) Minimum amount to open a Jumbo Share Certificate is $50,000.
c) All Share Certificate dividend rates and APY are subject to change without notice.
* APY or ANNUAL PERCENTAGE YIELD assumes dividends remain in the account until maturity. Withdrawals or fees reduce earnings. Dividends are paid at the end of the period from current income and available earnings after required transfers to reserves. All accounts must remain open through the end of the dividend period or the maturity date to be paid the accrued dividends.
Fees can reduce the earnings of deposit accounts. Penalty may apply for early withdrawal of CD deposits. Rates may change after account is opened.
Please Note: The shares in your credit union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of NCUA. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is managed by NCUA under the direction of the three-person NCUA Board. Your share insurance is similar to the deposit insurance protection offered by the Federal Deposit Insurance Corporation (FDIC). Most properly established share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), which is $250,000 as of October 2008, but may change in the future. Recent legislation has increased the insurance coverage on certain retirement accounts, such as IRAs and Keoghs, up to $250,000. Generally, if a credit union member has more than one account in the same credit union, those accounts are added together and insured in the aggregate. There are exceptions, though. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example, if you have a regular share account and an Individual Retirement Account (IRA) at the same credit union, the regular share account is insured up to $250,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $500,000 as your individual account. Additionally, shares denominated in foreign currencies are insured as outlined in NCUA Rules and Regulations.
Excess Share Insurance
Protecting your savings with the highest level of security available is one of Texas Bay Credit Union’s major objectives. That is why we combine your federal deposit insurance coverage with excess deposit insurance protection from Excess Share Insurance (ESI).
In addition to your accounts being covered by the National Credit Union Association (NCUA) to a limit of $250,000, ESI provides an additional $250,000 of savings protection to each qualifying account.