Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Aspire Federal Credit Union1.00%$1k-15 Month eCertificate
Accounts mentioned in this post. Rates as of July 28, 2014

Special 15-Month CD Rate at Aspire Federal Credit Union - Easy Membership

POSTED ON BY

Aspire Federal Credit Union

Update 9/4/13: The special 15-month CD rate has fallen.

Over the last month we have seen some increases of long-term CD rates as Treasury yields have risen. However, there have been fewer short-term CD deals, and that’s why I’m happy to see this new CD deal at Aspire Federal Credit Union. It just came out with a special 15-month CD that has a 1.25% APY. Minimum deposit is $1,000. This special CD is listed in the bank’s rates page as of 7/31/2013. The credit union calls this an eCD that can be purchased using an online application.

Credit union membership is open to members of the American Consumer Council (ACC). Anyone should be able to join ACC. Aspire FCU has an online membership application, and in this application, you can choose the ACC option for membership. This option has the following instructions:

By choosing this eligibility option, I agree to the American Consumer Council (ACC) Membership Terms and Conditions and to become a member of the ACC through Aspire Federal Credit Union. There is no fee for ACC membership when I join Aspire Federal Credit Union. I further understand that my basic contact information will be provided to the ACC to establish my membership with their organization.

For more details, please refer to Aspire FCU’s eligibility requirements page.

The online application for membership allows the new member to select accounts like the savings and checking accounts, but CDs are not an option. To purchase the eCDs, it appears that you first have to become a member with access to online banking.

The credit union also offers a reward checking account called Kasasa Cash. Both the rate and balance cap have fallen quite a bit since it was first launched over three years ago. It now pays up to 1.51% APY for balances up to $10K as of 7/31/2013.

Credit Union Overview

Aspire FCU used to be FAA Eastern Region Federal Credit Union. Consequently, some of their branches are in FAA facilities that are not open to the public. Branches are located in New York and New Jersey.

The credit union has an overall health score of 3 stars (out of 5) with a Texas Ratio of 15.72% (average) based on March 2013 data. Please refer to our financial overview of Aspire Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 5800).

How This CD Rate Compares

Not many banks and credit unions offer 15-month CDs, but if you compare Aspire’s special 15-month CD with 12-month and 18-month CDs, you can get an idea how good of a deal it is. The best nationally available 12-month CD rate is 1.16% APY at State Bank of India - Chicago. This requires a $95K minimum deposit, and it can only be opened by mail or at the branch. For an online application, the best 12-month CD rate is 1.05% APY at a few internet banks. The best 18-month CD rate that’s available on the internet is 1.10% APY at GE Capital Bank. These rates are accurate as of 7/31/2013.

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.


  Tags: New York, New Jersey, CD rates, Aspire Federal Credit Union

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Comments
10 Comments.
Comment #1 by Anonymous posted on
Anonymous
I opened the account online ok, but funding is an issue. Aspire requires the actual funds to be avaiable in your account and charge $10 for a wire transfer. If you write a check to deposit into the opened account, it will take 7-10 business days to clear and by then the special CD promotion may be over.

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Comment #2 by Anonymous posted on
Anonymous
I filled out the online membership application. It was easy & fast.  Now waiting for the small deposits in order to complete the application.  Then I should be elegible to open the special 15-month CD.  The process does take some time to complete.  As #1 said, hope they do not end the promotion before I can get the CD.  Best short term CD rate, I have seen for months!

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Comment #3 by Anonymous posted on
Anonymous
I realize that Aspire FCU will put a hold on my deposit check.  But, after talking to a Rep today she felt that I would be ok as far as the CD promotion lasting long enough to clear the checks. As #1 mentioned the Rep told me about wiring the funds at a charge both ways or fax a copy of my check and they would check to make sure it was good before depositing.  I made the choice to outright deposit the check and going for the wait.  I think the 15 month, e-CD, at a rate of 1.25% is the best going these days!

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Comment #4 by Anonymous posted on
Anonymous
Response to #1.  I deposited a very large personal check to Aspire FCU on Friday 8/2. To my surprise the online funds deposited to the Savings Acct  were available to use today, Monday, 8/5. I had been told there would be a hold of 6-10 working days of checks  It was very easy to open the 15 month, e-CD.  I have a couple older CD's that mature this week, so I plan to deposit a check and hopefully the funds will be available that soon again, to open another 1.25%, 15 month CD.

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Comment #5 by Ralph (anonymous) posted on
Ralph
Time consuming run-around in trying to open the 15 month cd at Aspire!  The online application is only valid for opening a Member Savings account which they require to be funded and established before you can open the cd.  Then the process for setting-up an online banking account in order to purchase the cd is another time-wasting hassle.  It kept rejecting my PIN and Password even when I got an agent on the line to walk through it with me.  She and I wasted half an hour going through the steps over and over.  Finally I said "forget it, the extra interest I would earn on the 1.25% 15 month cd with my intended $100,000 deposit isn't worth all the time it takes to get the account".  Their agent did not have a way to expedite the process and they will not accept ACH transfers; she just said she would close the Member Savings account and mail me a check for my initial deposit.  I'm glad to be out of there because with all this trouble trying to give them money, I am imagining what kind of nightmare it would be to get my funds back when the cd matures.

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Comment #6 by Anonymous posted on
Anonymous
Ralph, you should not have given up so soon.  True, they did have a problem getting the Pin & Password to work.  It only took me 2 days to get the application & Online service working.  As far as making the deposit, I just went to a Credit Union that is a partner (a Rep looked up a Credit Union that would work, in this area) and made the large deposit on a Friday and immediately the funds were deposited in the Savings Acct.  On the following Monday I was able to open the Online CD by moving the funds over to the CD.  Today my husband filled out the online application and probably the 2 small deposits should show tomorrow.  I want to insure that the $250K insurance will be in affect.  I have a couple old CD's that mature this week and I need a place that offers a decent %rate to hold the money.  The 15 month e-CD 1.25% is a fair rate at this time.

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Comment #7 by Aspire Federal Credit Union (anonymous) posted on
Aspire Federal Credit Union
Ralph, we understand your frustrations and apologize for the inconvenience you experienced in establishing your account. We would love the opportunity to resolve this situation so you can take advantage of our 1.25% APR 15-month certificate (CD) special. If you’re up for giving us another chance, please send us an email (webmail@aspirefcu.org) with your phone number and the best time to reach you so we can better assist you through the account opening process. If you prefer to contact us directly, our Service Experts are available 24/7 at 888.322.3732, Option 3. Again, we regret that you experienced difficulties with getting your certificate set up, but we are looking forward to rectifying the situation so you can start earning interest on your savings.

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Comment #8 by Anonymous posted on
Anonymous
Too much trouble for a mere 1.25%!

2
Comment #9 by Anonymous posted on
Anonymous
Got a second Special e-CD, 1.25% APR 15-month.  Once you catch on to the system, it is a very simple process.  My deposited funds were available to transfer to the CD 3 days..:)  Actually this included opening a new membership, 2 small deposits, making large deposit to account, and transfering from the savings funds to the e-CD.

3
Comment #10 by alan (anonymous) posted on
alan
Questions: (1) Is this 15 month CD at 1.25% still active? (2) Does Aspire offer IRA accounts so I can roll over the money ($50-$100K) from my Fidelity IRA account into an Aspire IRA account and put the 15 month CD in there? (3) If so, would I then have to first become an ACC member, then open a regular savings/checking bank account with Aspire, then open an IRA with Aspire, then have my funds electronically transferred from Fidelity to Aspire? (4) Would there be a fee to open an IRA with Aspire? (5) Would there be a fee to do a direct electronic transfer of the funds from Fidelity to Aspire? (6) Is the interest on this CD compounded daily? (7) Is NCUA insured as good a guarantee as FICA insured? Thanks. (Alan in Indiana 47715)

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