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.