Last week, Shell Federal Credit Union (Shell FCU) raised the rates on its 60-month Share Certificate, which now earns 3.60% APY ($50k min) or 3.55% APY ($500 min).
|3.60*%||$50k||-||Shell Federal Credit Union||60 Month Share Certificate|
|OTHER TIERS: 3.55% → $500 - $50k|
|3.60*%||$50k||-||Shell Federal Credit Union||60 Month IRA Certificate (Traditional, Roth)|
|OTHER TIERS: 3.55% → $500 - $50k|
The 60-month Share Certificate is also offered as an IRA (Traditional, Roth), earning the same APYs with the same minimum deposit requirements.
In the past seven months, there have been three rate increases for the 60-month Share Certificate, adding a total of 100 bps. These new rates are the highest for the 60-month Share Certificate in nearly nine years.
As stated in the Truth In Savings disclosure, the Early Withdrawal Penalty reads as follows:
For all accounts the amount of the early withdrawal penalty is based on the term of your account. The penalty is the greater of $25.00 or loss of dividends on amounts withdrawn, whether earned or not, to dividends that would have accrued over 50% of the remaining term of the account.
30-month Share Certificate Special
Shell FCU is also offering a 30-month Share Certificate Special, which earns 2.55% APY ($50k) or 2.50% APY ($500). There’s also a $250 cash back bonus if a minimum of $50k of new money is used to open a 30-month Share Certificate Special. According to the fine print on the promotion page,
You are eligible to take advantage of the $250 cash back incentive once every 30 days, although unlimited 30 month certificates can be opened during this promotion. The $250 cash back will be deposited in your primary savings on the 8th day following certificate opening.
2.55% APY is low for a 30-month CD and while the $250 cash back might be temping, $250 isn’t quite enough to make up for the low rate. On a $50k deposit, the extra $250 is roughly equal to an additional 20 bps, but 2.75% APY is still low for a 30-month CD.
|2.55%||$50k||-||Shell Federal Credit Union||30 Month Share Certificate Special - New Money|
Headquartered in Deer Park, Texas, Shell Federal Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in Harris County, Texas, eligible for membership.
Joining Shell FCU and/or opening a Share Certificate can be done at any of ten Texas branches located in Deer Park, Houston (3), Humble, Katy, La Porte, Pasadena (2), and Spring.
While Shell FCU does not have an online application, it does offer a “Contact Me” form.
Interested in a Shell FCU Share Certificate?
Request to be contacted by a Shell FCU Representative.
Credit Union Overview
Shell Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.87% (excellent) based on September 30, 2018 data. In the past year, Shell FCU has increased its total non-brokered deposits by $50.98 million, an excellent annual growth rate of 6.27%. Please refer to our financial overview of Shell Federal Credit Union (NCUA Charter # 1941) for more details.
Shell Federal Credit Union was chartered in 1937 as a credit union for the employees of Shell Oil Company. Forty employees attended the first organizational meeting in January 1937 and at the end of the evening all 40 joined, paying a 25¢ membership fee. Shell FCU is currently the 20th largest credit union in Texas, with more than 96,500 members and assets in excess of $1 billion.
How the Share Certificate Compares
When compared to 251 similar length-of-term CDs tracked by DepositAccounts.com, which are available within the FOM, Shell Federal Credit Union's 60-month Share Certificate APYs currently rank fourth and sixth, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.69% APY||60-Month Share Certificate ($60k min)||United States Senate Federal Credit Union|
|3.62% APY||60-Month Share Certificate ($20k min)||United States Senate Federal Credit Union|
|3.61% APY||Senior Citizen 5-Year CD ($2.5k min)||State Bank of India (IL)|
|3.60% APY||60-Month Share Certificate ($50k min)||Shell Federal Credit Union|
|3.55% APY||60-Month Share Certificate ($500 min)||Shell Federal Credit Union|
The above rates are accurate as of 1/7/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.