AmeriCU Credit Union is offering several top CD and IRA CD rates, but there's a catch. The highest rates require the partner relationship. If you meet this requirement, you can qualify for a CD yield close to 3.00%. Some of the best CD rates include 2.98% APY for 5 years, 2.63% APY for 4 years and 2.38% APY for 3 years. Without any relationship, the rates are 50 basis points lower. These rates are listed in the credit union's rates sheet as of 11/16/2011.
The credit union doesn't make it easy to find the requirements for these relationship rates. After a lot of searching, I found some details in the MemberPLUS Q&A page. One important note is that a member can lose the relationship rate if the member doesn't maintain the relationship during the CD term, and once it's lost, the standard rate will apply until maturity regardless of the member's relationship status.
The CD early withdrawal penalty details are described below the rate table:
A penalty may be imposed for early withdrawal of up to 3 months (90 days) worth of dividend for Certificates with a term of 12 months or less and a loss of up to 6 months (180 days) for Certificates with a term of more than 12 months.
The credit union has an online application for both membership and for opening new accounts. The first page of the membership application describes who is eligible to join. Membership is open to anyone who lives, works, worships or attends school in the New York counties of Onondaga, Oswego, Cayuga, Madison, Jefferson, Lewis, Herkimer and Oneida. Also, you can be eligible if you have a relative who is eligible for membership.
AmeriCU Credit Union branches are located in the New York cities of Auburn, Herkimer, Fort Drum, Watertown, Lowville, Oneida, Rome, Cicero, Liverpool and Syracuse. AmeriCU is also part of the CU Shared Service Center. This allows you to conduct many banking transactions at shared branches across the nation.
The credit union's overall health score is 5 stars (out of 5) with a Texas Ratio of 6.13% (excellent) based on June 2011 data. Please refer to our financial overview of AmeriCU Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 68433).
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.