Eastman Credit Union (ECU) is a full-service financial institution based out of Tennessee and serving populations in Tennessee, Texas, and Virginia. ECU offers very high CD rates that go all the way up to 1.30% APY and start at 1 month to 72 months (6 years). ECU also offers a wide amount of regular bank services such as checking accounts, wire transfers, and more. ECU also offers home and auto loans. 

ECU’s CD has very high CD rates. The lowest account starts at 0.30% APY for a 1-3 month 

CD and goes all the way to a massive 1.30%% APY for 72 months. Standard CD accounts require a $1,000 initial deposit. 

ECU also has what they call “Jumbo CD” rates for very large deposits. Jumbo CDS each require a larger minimum deposit but get you better interest rates. Jumbo CD accounts for ECU start at 0.35% APY for a 1-3 month maturation date all the way up to 3.10% for a 72-month (6-year) maturation date. Minimum deposits for jumbo CD rates start at $2,500. These rates are accurate as of July 2020 but are subject to change. 

ECU is also very flexible with their time frames. You can choose optional maturation timeframes. Also, there is no penalty if you withdraw your money before the maturation date of the account. Like most banks, you can redeposit your money into another CD account to gain interest when the time is up. Making a deposit also entitles you to the “Extraordinary Dividend” which is basically a rewards program for using ECU as a bank. The more business you do with ECU the more you get back 

In order to sign up for an ECU account, you must live in one of the regions served. Unfortunately, their service is relatively limited so if you do not live or work in an eligible area then you will probably be best served finding a different bank. If you are an ECU customer, then you can open an account either online or in person. 

Rules per ECU.org Website

Overall, Eastman offers fairly competitive CD rates, but are not at the top of the pile. Minimum deposits vary depending on the maturation date and APY rate but there are no early withdrawal penalties. You also get special dividend payments from ECU the longer you hold the account and the more business you do with them. The main catch is that you cannot drop below the minimum deposit amount when making a withdrawal. 

Lastly, ECU has what is called a “Lifetime Savers Certificate”, a low-yield investment certificate that only has a $100 minimum deposit. The Lifetime Savers Certificate is a great start if you have little money and want a CD account to gain interest, but not worth it if you can manage to shell out the $1,000 minimum for another account. 

So overall, ECU offers decent CD rates that are fairly competitive, but limited due to the limited geographical reach of the bank. There are over 30 branches in multiple states. To find a list of all the branches please visit ECU.org.