Altra Federal Credit Union continues to offer a competitive special 18-month CD. The top rate is 2.00% APY. This requires a checking account with direct deposit. Otherwise, the rate falls to 1.50% APY. Minimum deposit is $1,000. These rates are listed in the credit union's rates page as of 4/27/2011.
Here's how the small print describes the step-up and add-on features of this special CD:
Step Up Certificate allows a one-time rate change based on the then advertised rate for same term. Along with one-time rate change, you may also make an additional deposit to the certificate up to the original certificate deposit, not to exceed $50,000.
In my opinion, the add-on feature can be more useful than the step-up feature since the step-up feature depends on the institution keeping its rates competitive. The add-on feature can come in handy if rates stay low or keep falling.
The credit union offers a high-yield reward checking account that currently pays 2.50% APY on balances up to $25K. I first reviewed this reward checking account in December 2007.
Membership is open to anyone who lives, works, studies or worships in parts of La Crosse, Wisconsin; Winona, Minnesota; Smith County, Texas; and Montgomery County, Tennessee. You can also be eligible if you have an immediate family member who meets the above qualifications. Please refer to the credit union's Membership page for the full details. Membership requires a minimum deposit of $5 in the basic saving account.
Altra Federal Credit Union branches are located in Clarksville, Tennessee; Fort Smith, Arkansas; Trenton, New Jersey; Tyler, Texas; Pueblo, Colorado; Lexington, Kentucky; La Crescent and Winona, Minnesota; and La Crosse and Onalaska, Wisconsin.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 21.41% (average) based on December 2010 data. Please refer to our financial overview of Altra Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 24077).
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.