Florida-based Achieva Credit Union (Achieva) recently increased the rates on most of its IRAs (Traditional, Roth, CESA). Each IRA CD has three different APYs based on minimum deposit levels: $500, $25k, and $75k. The APYs are a uniform 10 basis points higher per deposit level.
There is fine print on the Rates page which is a bit vague:
Achieva members with an active Achieva Checking account or credit card
will receive a preferred rate increase in the APR of a new or renewing CD.
CSR explained that to be eligible for the higher Plus rates, an active Achieva checking account is needed. When I asked for a definition of "active", CSR stated, “One that's open and being used.” CSR further explained that there are no minimum balance requirements or minimum number of transactions required for an account to be considered “open and not dormant.” (Dormant is defined by Achieva as no activity for one year.)
As stated in Achieva’s Account Disclosures, the Early Withdrawal Penalty reads as follows:
If the term of the certificate is over one (1) year, the penalty will equal one hundred and eighty (180) days of interest calculated at the rate being paid on the Account.
(If the amount withdrawn or the penalty reduces the balance below the minimum balance requirement, then the Account must be closed).
Residency: Individuals who live or work in the Florida counties of Charlotte, Collier, DeSoto, Hernando, Hillsborough, Lee, Manatee, Pasco, Pinellas, or Sarasota are eligible for membership.
Relationship: Anyone related to a current Achieva member is also eligible for membership. Qualifying relationships include parents, children, spouse or surviving spouse, or any other relative by blood, marriage, or adoption.
Complete membership details can be found on Achieva’s Membership page.
Joining Achieva Credit Union can be done online, at any of 24 Florida branches located in Bradenton, Cape Coral (2), Clearwater, Dunedin, Estero, Land O Lakes, Largo, New Port Richey, North Port, Palm Harbor (2), Pinellas Park, Port Charlotte, Punta Gorda, Sarasota (3), St. Petersburg (3), Tampa, and Venice (2).
IRA Certificates can be opened at any branch location, by phone, or through Live Chat. In a Live Chat, CSR stated, “You are not able [to open IRAs] online, but I can assist you over the Chat. Or over the phone.”
Credit Union Overview
Achieva Credit Union (NCUA Charter # 60087) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.14% (excellent) based on March 31, 2016 data. In the past year, Achieva increased its total deposits by $259.07 million, an excellent annual growth rate of 26.55%. Please refer to our financial overview of Achieva Federal Credit Union for more details.
Achieva Credit Union was founded in 1937 as the Pinellas County Teachers Credit Union, with seven charter members and $99.25 in total deposits. By 1958, assets reached $1 million and the first interest refund was paid to borrowers. A change to a Community Charter in 1985 began an expansion that currently includes ten Florida counties. The name was changed to Achieva Credit Union in 2004 and today serves over 137,300 members and holds assets in excess of $1.4 billion.
How the IRAs Compare
When compared to the similar length-of-term IRAs tracked by DepositAccounts.com that are available nationally, Achieva Credit Union's various IRA Plus ($75k min) APYs currently rank in the top two of every term category, regardless of minimum deposit.
The above rates are accurate as of 9/7/2016.