Thursday, August 23, 2012 - 9:30 PMAmerica's Credit Union
This 5-star rated credit union is offering an installment savings account with a 12-month term called Performance Saver. Unlike Wilshire State Bank’s installment savings account, which has been discussed recently, you are not required to set a contract amount in advance or make equal monthly deposits. However, it does have a low cap (max $12,000).
$10 minimum opening amount is required and a minimum balance of $10 is required to earn the current APY of 1.51%. The APY is locked for the term once you open the account. The opening deposit can be funded with a credit card, however note it is processed as a cash advance.
There is a maximum of $1,000 in total deposits in any monthly period but you must make at least a minimum of $10 in deposits every month. If the account does not receive the minimum monthly deposit, the dividend rate defaults to the regular share rate.
No withdrawals are allowed before maturity. Early withdrawal penalty is 3 months of interest on the closing amount according to the CSR I contacted.
When your account reaches maturity, it will automatically renew or you can make plans prior to maturity to have the funds transferred to your regular share account.
The account cannot be opened online, so if interested you must contact the credit union.
You can join the credit union online. Eligibility for membership 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).
1,431 posts since
Nov 2, 2010
Rep Points: 6,249