Credit Human is an NCUA-insured credit union based out of San Antonio, Texas.
They’ve been around since 1935, originally as SACU (San Antonio Credit Union), but were rebranded as Credit Human in 2016.
Today, they have dozens of branches in Texas but most are concentrated around San Antonio and Houston.
That said, consumers throughout the United States are eligible for membership by joining the non-profit American Consumer Council (ACC) if they can’t meet the standard route of membership. More on this below.
In this review we will focus on Credit Human’s CD (certificate of deposit) rates which significantly beat the national average. They offer customizable terms that range from 6 to 120 months.
To see if Credit Human and their certificates of deposit are right for you, continue reading our review.
Credit Human CD Rates + Account Details
Credit Human CDs come with a minimum deposit requirement of $500 and are federally insured up to $250,000 by the NCUA (FDIC equivalent for credit unions).
You can select the CD term that works for you down to the exact month. Below are the yields associated with each term.
|6 – 11 months||3.25%|
|12 – 17 months||4.30%|
|18 – 23 months||4.50%|
|24 – 35 months||4.60%|
|36 – 59 months||4.65%|
|60 – 83 months||4.00%|
|84 – 119 months||4.11%|
To put these yields into perspective, the national average for a 12 month CD and a 60 month CD sit at just 1.36% and 1.26% APY, respectively, according to FDIC data.
Top yields from FDIC-insured online banks and nationally available credit unions, however, top 5.00% and 4.50% APY, respectively for the same terms mentioned above.
Compounding and Crediting Interest
Credit Human CDs feature daily compounding interest which is paid out monthly. Please note that the APY (annual percentage yield) quoted above assumes your monthly dividends are returned to the CD until maturity. You can withdraw them but it will affect the overall APY that you earn.
Grace Period and Early Withdrawal Penalties
Upon your CD’s maturity Credit Human will provide you with a 10 calendar-day grace period in which you can add or withdraw funds without incurring a penalty. If nothing is done during this 10 day period, the CD will automatically renew with the same term and whatever the APY is at that time.
If you need access to any of your principal amount prior to the maturity of your Credit Human CD, you will incur an early withdrawal fee.
Credit Human does not disclose the calculation used to come up with the fee on their website nor within their terms and conditions.
We reached out to a representative (Martha) who stated, “the system will run the exact calculation at the time of early withdrawal.” They then gave an example of a 5 year term CD, which they stated, “the calculated amount would equal to 730 days of dividends that were or would be earned on that certificate.”
They also noted that these early withdrawal penalties could affect the principal as well depending on when it is redeemed.
How to Join Credit Human
There are several ways to join Credit Human. For starters, you are automatically eligible if you meet any of the following criteria:
- If you are an employee or member of one of their employer or organization partners. Learn more here.
- If you live, work, worship or attend school in Credit Human’s service area. View map to see if you are eligible.
- If you are a veteran, retiree, active duty member or dependent of a member of the U.S. Armed Forces or National Guard.
- If you study at one of their trade schools, colleges or university partners.
- Related to or live with a current Credit Human member.
If none of the above work for you, but you’d still like to open a CD with Credit Human, you can join the non-profit American Consumer Council (ACC) which comes with Credit Human membership eligibility.
If you choose this option, Credit Human will handle everything, including your $8 fee to join. Your name, address, email and phone number will be shared with ACC as part of the enrollment process.
Please note: ACC will not share your information with third parties.