Eastman Credit Union (ECU) is a full-service financial institution based out of Tennessee and serving populations in Tennessee, Texas, and Virginia. Eastman offers fairly competitive CD rates, but is 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. 

Let’s catch up on the basic CD rate options below;

Eastman Credit Union CD Rates Offers

The CD Rates Offers for Eastman Credit Union;

30 to 89 days CD

  • Annual Percentage Yield (APY): 2.34%
  • Dividend Rate: 2.32%
  • Jumbo APY ($100K Minimum): 2.40%
  • Jumbo Dividend Rate ($100K Minimum): 2.37%

Considerations

This CD term is suitable for short-term investors looking for a quick turnaround. The interest rates are relatively low, reflecting the short duration. The early withdrawal penalty is moderate.

Pros & Cons

ProsCons
Short-term commitmentRelatively low interest rates
Quick liquidityLimited investment growth within the period
Low minimum depositEarly withdrawal penalty is a consideration

Lifeline Savers Certificate

  • APY: 3.00%
  • Dividend Rate: 2.96%
  • Jumbo APY: Not Applicable
  • Jumbo Dividend Rate: Not Applicable

Considerations

A one-year investment with a relatively competitive interest rate. The low minimum deposit makes it accessible to a broader range of investors.

Pros & Cons

ProsCons
Competitive interest rateShort-term commitment
Accessible to allEarly withdrawal penalty is a consideration

HSA Certificate (365 Days)

  • APY: 4.25%
  • Dividend Rate: 4.17%
  • Jumbo APY: Not Applicable
  • Jumbo Dividend Rate: Not Applicable

Considerations

Specifically designed for Health Savings Accounts (HSAs), offering a higher interest rate. Investors should consider the tax implications and compatibility with their HSA strategy.

Pros & Cons

ProsCons
High interest rateLimited investment growth within the period
Suitable for HSAsEarly withdrawal penalty is a consideration
Tax advantagesShort-term commitment

11 Month (335 Days, $2,500 minimum)

  • APY: 5.50%
  • Dividend Rate: 5.37%
  • Jumbo APY: 5.50%
  • Jumbo Dividend Rate: 5.37%

Considerations

A short-term investment with a high-interest rate, suitable for those seeking a competitive return within a relatively brief period.

Pros & Cons

ProsCons
High interest rateShort-term commitment
Quick liquidityLimited investment growth within the period
Jumbo option availableEarly withdrawal penalty is a consideration

Are Eastman Credit Union CD Rates Competitive?

Eastman Credit Union (ECU) offers a range of Certificate of Deposit rates, with the competitiveness varying based on the specific term. Generally;

  • Shorter-term CDs may align with industry standards for conservative returns.
  • While medium-term CDs strike a balance between commitment length and favorable yields. 
  • ECU’s longer-term CDs tend to provide competitive rates, offering higher yields for members opting for extended commitments. 

Overview Eastman Credit Union

Eastman Credit Union stands as a well-established credit union, tracing its roots back to its founding in 1934. Headquartered in Kingsport, Tennessee, ECU has evolved into a prominent financial institution with a strong presence in the region. Initially established to cater to the financial needs of employees at the Tennessee Eastman Chemical Company, ECU has grown over the years to serve a broader membership base. 

As a credit union, ECU operates under the regulatory oversight and insurance protection of the National Credit Union Administration (NCUA), providing its members with a secure and federally insured banking experience.

ECU not only offers a range of financial services but also emphasizes community-centric values. Members of ECU have access to various banking products, including savings accounts, checking accounts, loans, and certificates of deposit (CDs). 

The credit union’s dedication to serving the needs of its members is reflected in its history and ongoing commitment to providing competitive financial solutions. Whether through personalized customer service or adapting to the changing landscape of financial technology, Eastman Credit Union continues to play a vital role in the financial well-being of its members, mirroring its enduring legacy of service since its establishment. 

Locations Eastman Credit Union 

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. 

Frequently Asked Questions

Is Eastman Credit Union insured by the NCUA?

Yes, Eastman Credit Union is insured by the National Credit Union Administration (NCUA). This federal insurance provides members with protection on their deposits, similar to the FDIC coverage for banks, up to the applicable limits.

How can I become a member of Eastman Credit Union?

Membership eligibility at ECU is open to individuals who meet certain criteria, which may include residence in specific geographic areas or employment with eligible companies.

What is the minimum deposit required for Eastman Credit Union (ECU) CDs?

Generally, it ranges from $100 to $2,500, depending on the type and duration of the certificate.

What types of accounts does Eastman Credit Union offer?

Eastman Credit Union offers a variety of accounts to meet different financial needs, including savings accounts, checking accounts, money market accounts, certificates of deposit, and specialized accounts like Health Savings Accounts.

How can I manage my ECU accounts online?

ECU provides online banking services, allowing members to manage their accounts conveniently. Through the online platform, members can check balances, transfer funds, view transaction history, pay bills, and set up account alerts.