AAC Credit Union (AACCU) has added a 25-month Autumn CD Special, which earns 2.05% APY. The Autumn CD Special can be opened with a $500 minimum deposit, with no stated balance cap.
AACCU currently has two other CD Specials (13-month, 1.51% APY; 60-month, 2.27% APY), but neither has a very competitive rate.
As stated in the CD Disclosure document, the Early Withdrawal Penalty reads as follows:
The penalty will equal 90 days of interest for CD terms under
36 months and 180 days of interest for CD terms 36 months or more.
AACCU’s FreePlus Checking currently earns 3.00% APY on qualifying balances up to $10k. Balances over $10k and non-qualifying balances do not earn any interest.
The qualifying requirements are as follows:
- At least 15 posted debit card transactions
- A minimum of $500 in Direct Deposit
- Receive e-Statements
- Log into online/mobile banking at least four times per cycle.
The FreePlus Checking account was added to the product line in June 2016, with a limit of one account per Social Security number. While there is no monthly fee on this account, there is $5 monthly Minimum Balance Fee if the aggregate balance in all account is less than $100.
Headquartered in Grand Rapids, Michigan, AAC Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school, in the west Michigan counties of Allegan, Barry, Ionia, Kent, Muskegon, and Ottawa eligible to join.
Individuals whose employment “involves the manufacturing or sale of furniture” in the same six Michigan counties also qualify for membership.
A variety of west Michigan companies (including Herman Miller) offer ACCCU membership as part of their benefit packages.
Immediate family members (blood or marriage) of current AACCU members are eligible to join.
Joining AAC Credit Union and/or opening an Autumn CD Special can be done online or in person at any of seven Michigan branches located in Grand Rapids (2), Holland (2), Spring Lake, and Zeeland (2). AACCU's Membership Application is also available as a download.
Credit Union Overview
AAC Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.46% (excellent) based on June 30, 2017 data. In the past year, the Credit has increased its total non-brokered deposits by $10.24 million, an excellent annual growth rate of 11.6%. Please refer to our financial overview of AAC Credit Union (NCUA Charter # 62217) for more details.
ACC Credit Union was established in 1937 by five American Seating Company employees, with the first “branch” under the stairs in the AMSECO payroll department. An acronym for American Associated Companies, the ACC name “was chosen to signify that all who were members were associated by working for American furniture companies.” The FOM was expanded in 1998, allowing the residents of five additional west Michigan counties to join. Further growth occurred between 2007 and 2015, following the mergers with three Michigan credit unions. AAC Credit Union currently has nearly 15,000 members and assets in excess of $139 million.
How the Autumn CD Special Compares
When compared to the 256 similar length of term CDs tracked by DepositAccounts.com that are available within the FOM, AAC Credit Union's 24-month Autumn CD Special APY currently ranks second.
The above rates are accurate as of 10/19/2017.