America's Credit Union is offering two competitive promotional share certificates. One is a 3-year CD with a 1.50% APY, and the second is a 4-year CD with a 1.80% APY. Minimum deposit is $10,000. The rates are listed in the credit union's deposit rates page as of 4/3/2014.
According to the credit union's Truth-in-Savings Certificate Account Disclosure, the early withdrawal penalty is up to 90 days of dividends (interest). Here’s an excerpt:
The amount of the early withdrawal penalty is based on forfeiture of dividends. The forfeiture of an amount equal to 90 days of dividends on the amount withdrawn or all dividends on the amount withdrawn since the date of issuance or renewal, whichever is less.
America’s Credit Union continues to offer a $100 bonus for opening a checking account with direct deposit. I last reported on this promotion in 2011. Here’s the link to the credit union’s checking promotion page.
The credit union also has a good savings account deal. It’s called the Performance Saver account, and it’s essentially a 12-month installment savings account. It has a 1.51% APY as of 4/3/2014. The catch is that deposits are limited to a maximum of $2,500 per month. Monthly deposits of at least $10 is required to maintain the high interest rate. No withdrawals are allowed before maturity (12 months). Please refer to the credit union’s Performance Saver page for more details.
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. At the start of the online application, the credit union describes this:
Typically, membership in ACU includes all members of the Armed Forces (active, retired, and reservists), civilian personnel, and relatives of these members, as well as select employer groups. If you do not fall within these categories, you can join the Association of the United States Army (AUSA) in order to become a member of ACU. When completing your online application select the first bulleted item to indicate you are eligible as a member of AUSA.
One complication with the online application is that they require notarized copies of your ID. Below is an excerpt of the instructions in the online application:
Upon completing this online application, you can simply print the Account Card, sign where indicated and send to us. Also include a notarized copy of your Washington State drivers license or outside the state of Washington, notarized copies of two forms of ID.
Credit Union Overview
If you happen to live near one of their branches, it's definitely cheaper and quicker to apply at a branch. ACU is located in the Washington State cities of Fort Lewis, DuPont, Olympia, Lakewood, Tacoma, Spanaway and University Place.
If you don’t live near a branch, ACU has partnered with The CO-OP ATM Network and CU Service Centers to provide members with an additional 28,000 ATMs and 6,300 branch locations to conduct many types of transactions.
The credit union has an overall health grade at DepositAccounts.com of an A with a Texas Ratio of 5.09% (excellent) based on December 2013 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.