Achieva Credit Union Offers 60-month IRA CD
UPDATE 10/01/2018: The IRA CD rates have fallen. The 60-month APYs are now in the range of 2.95% to 3.10% APY.
Achieva Credit Union (Achieva) is currently offering amazingly competitive rates on its 60-month IRA/457B Plus (4.20% and 4.10% APY) and 60-month IRA/457B (4.00% APY). The 60-month IRA has three different APYs based on minimum deposit levels: $75k, $25k, and $500. The APYs are a uniform 10 bps higher per deposit level. Achieva IRAs are offered in Traditional, Roth, and CESA types.
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. "Active" was defined by CSR as being, “An account 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.)
The Early Withdrawal Penalty (EWP) was previously listed in the Account Disclosures, but has since been removed. CSR confirmed the EWP has remained the same:
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and eighty (180) days of interest calculated at the rate being paid on the Account.(If the amount withdrawn or the penalty reduces the balance below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).
Thanks to the many DA readers who posted about this great rate in the DA Forum.
Availability
Headquartered in Dunedin, Florida, Achieva Credit Union’s field of membership (FOM) is quite varied.
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.
Easy Membership: Joining the Achieva Foundation (minimum $25 contribution) qualifies for membership eligibility, regardless of residency status.
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).
An IRA Certificate can be opened online, by phone, or at any branch location.
For more details about joining Achieva and opening an IRA Certificate, please refer to this DA Forum thread where several readers shared their experiences with joining Achieva and opening an IRA Certificate. Many thanks to those readers!
Credit Union Overview
Achieva Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.55% (excellent) based on March 31, 2018 data. In the past year, Achieva increased its total non-brokered deposits by $21.81 million, an above average annual growth rate of 1.64%. Please refer to our financial overview of Achieva Credit Union (NCUA Charter # 60087) 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 in the FOM (currently includes ten Florida counties), with the Achieva Credit Union rebrand occurring in 2004. Achieva is currently Florida’s twelfth largest credit union, with nearly 154,000 members and assets in excess of $1.5 billion.
How the IRA/457B Plus Compares
When compared to the similar length-of-term IRAs tracked by DepositAccounts.com that are available nationally, Achieva Credit Union's 60-month IRA/457B Plus and IRA/457B APYs currently rank in the top three, regardless of minimum deposit.
The above rates are accurate as of 8/9/2018.
To look for the best IRA rates, both nationwide and state specific, please refer to our IRA Rates Table page.
..this outfit had better prepare for a World War Z style army of starved-for-return Senior Floridians!
The process of moving IRA assets is way too slow than Wire/ACH/deposit-into-shared-branch.
Then there is no assurance that by the time the assets are moved, the rate will be still available. And to top it off, when the IRA CD matures the whole cycle of paperwork to move it elsewhere begins afresh.
I will have to pass this ... Instead I use Brokered CDs for IRA / Rollover IRA accounts ...
I guess they will charge you if you transfer your IRA out to another institution, right?
Well, not a bad rate if you can find your way around that....
To answer our question yes they charge a lot of various fee's including $25 when you transfer your IRA CD out which I've never dealt with before. Check out the disclosure statement below regarding fee's there:
https://www.achievacu.com/pdfs/Fees.pdf
Usually have to take a partial 'rollover' distribution (but leave the account open) by check and deposit it to another IRA within 60 days. Just have to be careful 'cause the IRS scrutinizes those rollovers a little bit more these days...
Not, once a year.
But, one year after the last rollover.
So, be careful with rollovers.
It's always better to do an IRA trustee-to-trustee transfer.
You can do as many of those as you want.
You can always show up in person, ask for a check payable to a third party/custodian F.B.O. (you). Initially this will show as a premature or normal distribution, but once you provide proof that the check was deposited into another IRA or retirement account you can have the distribution corrected to non-reportable. This way the IRS won't receive any reporting on it.
However my understanding is the young people with their IRAs do not want a "monthly divi check."
What is this?
You and mister deplorable get a regular writing gig here to inform people!
Then, if the rates drop, you can always move the money back out.
Never had to do this yet, but at least this approach won't leave you stuck with an IRA CD with a rate you don't want.
AND for readers “where is their due diligence?”
https://www.depositaccounts.com/banks/achieva-cu.html#promo34261
Easy Membership: Joining the Achieva Foundation (minimum $25 contribution) qualifies for membership eligibility, regardless of residency status
P.S. It seems to me I saw an "Edit" link when I posted my first msg. here, but don't see it anymore. Did I really see one? It would help to avoid filling up the thread..... :)
Takes the risk out of the equation.
https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions
I would not want 90% invested in my regular account, that's for sure but I try to do most of my trading /investing in the IRA.
I am not breaking up my IRA for a 5 year CD even though its at a nice rate.
I played around with trading when I was younger and the spreads were wider and I had limit order protection but not now...with 1-5 cent spreads.
What I'm worried about is Freedom CU whom I contacted much earlier than Achieve and haven't heard from. I'll have to call them and give them hell, lol!