America's Credit Union is offering six competitive CDs with terms from 6 to 48 months. Several readers may remember this credit union from last year when they offered some hot add-on CDs. These new CDs don't have an add-on feature, but the rates are noteworthy. These are promotional share certificates with a $25,000 minimum deposit. The rates are listed in the credit union's deposit rates page as of the morning of 12/03/2010, and are shown below:
- 2.55% APY 48-month and over
- 2.25% APY 33-48 month
- 2.05% APY 26-32 month
- 1.65% APY 17-19 month
- 1.55% APY 13-14 month
- 1.25% APY 6-10 month
According to the credit union's Truth-in-Savings Certificate Account Disclosure, the early withdrawal penalty is up to 90 days of dividends (interest).
As a comparison to internet banks on 12/3/2010, the best 1-year and 2-year CD rates are 1.50% APY and 1.85% APY at CNB Bank Direct. The best 3-year and 4-year CD rates are 2.05% APY and 2.28% APY at Bank of Internet USA.
Credit Union Membership
In addition to being open to all members of the United States Armed Forces, the credit union provides an easy way for anyone to join. According to the credit union's Membership Eligibility Page:
We do not have zip code or employment restrictions. Just join the Association of the United States Army. Membership is open to everyone!
Civilian membership into this association costs $33.
As many readers experienced last year, the credit union doesn't have an easy application process. A reader who appeared to work at the credit union described in this comment what they required for opening accounts. They require that you make a copy of your ID and Social Security card and have these notarized. Also, if you're joining via that association, they require a copy of your association application. It was also mentioned that the credit union pulls a credit report on all new members.
Credit Union Overview
If you happen to live near one of their branches, it's definitely cheaper and quicker to apply at a branch. America's Credit Union is located in the Washington State cities of Fort Lewis, DuPont, Olympia, Lakewood, Tacoma, Spanaway and University Place.
The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 11.24% (excellent) based on September 2010 data. Please refer to our financial overview of America's Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 9373).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.