Amplify Credit Union has emerged as a significant player in Texas’s financial landscape, serving over 49,000 members across the state. Founded in 1967 as IBM Texas Employees Federal Credit Union, this institution has evolved into a modern, member-focused financial organization that combines traditional credit union values with innovative digital banking solutions.
Key Highlights
- Founded: 1967
- Headquarters: Austin, Texas
- Members: 49,407 (as of 2024)
- Locations: 5 branches across Texas
- Assets: $1.33 billion
- BBB Rating: A+
- Employee Count: 204
- CEO: Kendall Garrison
Corporate Culture and Leadership
Under the leadership of CEO Kendall Garrison, Amplify Credit Union has cultivated an impressive workplace culture that has earned numerous accolades:
- Best CEOs 2023 (Small & Midsize Companies)
- Happiest Employees 2023
- Best Company Work-Life Balance 2023
- Best CEOs for Women 2023
The institution maintains an exceptional A+ culture rating, placing it in the top 5% of companies with 201-500 employees. This strong corporate culture translates directly into superior member service, with a remarkable 93% positive employee review rate.
Membership Eligibility and Accessibility
Who Can Join?
Amplify Credit Union offers membership to:
- Any Texas resident who joins the Texas Consumer Council
- Immediate family members of current members
- Individuals who live, work, or attend school in Texas
- Members of the American Red Cross Central and South Texas Region
Financial Products and Services
Savings Accounts
Primary Savings
- Minimum balance: $100
- APY: 0.05%
High Yield Savings
- Tiered interest rates:
- $10k-$25k: 0.10%
- $25k-$50k: 0.15%
- $50k-$100k: 0.20%
- $100k-$250k: 0.25%
- $250k+: 0.30%
Certificate of Deposit (CD) Options
Notable CD rates include:
- 18 Month Share Certificate: 4.30% APY ($500 minimum)
- 12 Month Share Certificate: 4.20% APY ($500 minimum)
- 24 Month Share Certificate: 3.45% APY ($500 minimum)
Home Equity Products
Amplify offers both Home Equity Loans and HELOCs with competitive features:
- Loan amounts starting at $25,000
- Up to 80% of home value available
- HELOC minimum initial draw: $10,000
- Closing costs: $325 (including appraisal)
- No annual fees or prepayment penalties
- Closing time: As quick as 20 days
Business Banking Services
- Business High Yield Savings (4.00% APY)
- Business Money Market Accounts
- Business Share Certificates
- Commercial Lending Solutions
Digital Banking and Technology
Amplify Credit Union emphasizes digital-first banking while maintaining personal service through its branch network. The institution offers:
- Online banking platform
- Mobile banking app
- Digital payment solutions
- Remote deposit capture
- Online loan applications
Community Involvement and Social Responsibility
Amplify demonstrates strong community engagement through:
- 1,300+ employee volunteer hours (2021)
- Partnerships with:
- American Red Cross
- Meals on Wheels
- Caritas of Austin
- Safe Place to Call Home initiative supporting:
- Natural disaster victims
- Domestic violence survivors
- Families affected by sudden illness
Financial Health and Stability
As of Q2 2024, Amplify Credit Union shows strong financial indicators:
- Assets: $1.33 billion
- Loans: $987.5 million
- Deposits: $974.4 million
- Equity Capital: $126.8 million
- Return on Assets (YTD): 0.83%
- Return on Equity (YTD): 8.81%
- Health Rating: B+
Member Experience and Satisfaction
Pros
- Fee-Free Banking
- No standard banking fees
- Transparent pricing structure
- Competitive Rates
- CD rates 5x national average
- Competitive mortgage and loan rates
- Strong Digital Presence
- Modern online banking platform
- Efficient mobile solutions
- Excellent Customer Service
- High employee satisfaction
- Personal attention to member needs
Areas for Improvement
- Limited Geographic Presence
- Only 5 physical locations
- Services restricted to Texas
- Membership Requirements
- Texas residency requirement
- Need to join partner organization
Locations and Accessibility
Amplify operates five branches in Texas:
- Corporate Office: 3600 W Parmer Ln, Austin
- Branch Office: 2800 Esperanza Xing Bldg 2, Austin
- Branch Office: 13050 Pond Springs Rd, Austin
- Branch Office: 5001 183A Toll Rd, Cedar Park
- Branch Office: 115 Sundance Pkwy, Round Rock
Conclusion
Amplify Credit Union stands out as a solid choice for Texas residents seeking a member-focused financial institution. With its commitment to fee-free banking, competitive rates, and strong community involvement, it offers a compelling alternative to traditional banks. While geographic limitations and membership requirements may be drawbacks for some, the institution’s strong financial health, excellent workplace culture, and modern banking solutions make it an attractive option for eligible members.
For those considering joining Amplify Credit Union, the combination of competitive rates, fee-free banking, and community focus provides significant value. However, potential members should carefully consider their banking needs and location relative to branches before making a decision.
Ready to experience member-focused banking? Visit Amplify Credit Union’s website or call (800) 237-5087 to learn more about membership opportunities and current rates.
Frequently Asked Questions
Q: What are the requirements to join Amplify Credit Union?
A: You must be a Texas resident and join the Texas Consumer Council, be an immediate family member of a current member, or meet other eligibility criteria such as living, working, or attending school in Texas.
Q: Does Amplify Credit Union charge monthly fees?
A: No, Amplify is committed to fee-free banking with no standard monthly fees on their accounts.
Q: What is the minimum deposit to open an account?
A: The minimum deposit varies by account type – $100 for primary savings accounts and $500 for certificates of deposit.
Q: How does Amplify’s online banking work?
A: Amplify offers comprehensive digital banking services including online account management, mobile banking, remote deposit capture, and online loan applications.
Q: What types of loans does Amplify offer?
A: Amplify offers various loan products including home mortgages, home equity loans, HELOCs, personal loans, auto loans, and business loans.
