Achieva Credit Union Has Competitive 42-Month Add-On CD


Deal Summary: 42-month Promotional CD, 1.05% APY ($75k minimum), 0.95% APY ($500 minimum), additional unlimited deposits through the term.

Availability: Residents of 15 Florida counties; easy membership through Achieva Foundation ($10 minimum contribution).

About six months ago, Achieva Credit Union (Achieva) unveiled its 42-month Promotional CD.

While the rates (1.05% APY, $75k min; 0.95% APY, $500 min) are fairly competitive, the unlimited additional deposits throughout the term is the Promotional CD’s calling card. The fine print on the CD Rates details the add-on feature.

Add-ons may be made as frequently as desired, however deposits must be made in increments of no less than $50 and subsequent deposits will not increase the APY.

The total account add-on amount may not exceed $1,000,000 per certificate term.

Subsequent add-ons to the 42-Month Promotional Certificate will not be eligible for the APY at the next tier.

Let me translate that last sentence: if your initial deposit is less than $75k, the lower APY will be in effect for the entire term, even if additional deposits result in a balance greater than $75k.

The Promotional CD is also available as an IRA CD (Traditional, Roth, and CESA), earning the same tiered APYs with the same deposit requirements.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

The early withdrawal penalty for a standard or promotional (non-IRA)
Certificate of Deposit is 75% of the interest earned for the term of the CD.

The fine print on the CD Rates page further states,

Early withdrawal penalties apply based on the total amount on deposit at the time of withdrawal.

Funding and Maturing Funds

Funding a CD can be done by ACH, wire transfer ($12 fee), or an internal transfer from an existing Achieva savings/checking account. Achieva participates in the CO-OP Shared Branch network (and ATM network) making the transfer of funds into an Achieva liquid account relatively easy.

There is a 10-day grace period before a CD automatically renews. Special term lengths (like the 42-month Promotional CD) will renew at maturity as the closest regularly available term. Maturing funds can be distributed by check to the address on file, by wire transfer ($25 fee), or transferred to an Achieva savings or checking account.

Unlimited beneficiaries can be named, with assigned percentages available. Social Security numbers are required for all beneficiaries.

Add-On Deposit Risk

Caveat emptor! There’s always the chance that a bank or credit union may change the terms of an existing Add-On CD and limit add-on deposits. That actually happened about ten years ago at Achieva. A couple had two 5-year add-on CDs at Achieva, and the credit union stopped allowing them to make additional deposits. The couple’s long fight was described in a 2014 Tampa Bay Times article. I wrote about this article and this incident in my 2014 blog post.


Headquartered in Dunedin, Florida, Achieva Credit Union’s field of membership (FOM) is quite varied, providing almost all US citizens/residents with a way to join.

Residency: Individuals who live or work in the Florida counties of Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Lee, Manatee, Monroe, Pasco, Pinellas, Sarasota are eligible for membership.

Relationship: Immediate family members of a current Achieva member are 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 $10 contribution) qualifies for membership eligibility, regardless of residency status.

You can qualify for a membership with Achieva Credit Union if you make a minimum $10.00 contribution to the Achieva Foundation along with a one-time membership fee of $15.00. Membership through the Achieva Foundation does not change the residency restrictions on Achieva Credit Union loan applicants. We give back to the community through Achieva Foundation, a 501(c)(3) Corporation, which distributes classroom grants to local schools.

Joining Achieva Credit Union and/or opening a CD can be done online, at any of 28 Florida Gulf Coast branches located in Bradenton, Cape Coral (3), Clearwater, Dunedin, Estero, Fort Meyers, Land O Lakes, Largo, Lehigh, New Port Richey, North Port, Odessa, Palm Harbor (2), Pinellas Park, Port Charlotte, Punta Gorda, Sarasota (3), St. Petersburg (3), Tampa, and Venice (2). According to Achieva’s Locations page, all branch lobbies (with the exception of Dunedin) are open for general use, with appointments available but no longer required.

A $1 deposit into a Simply Savings account, along with a
payment of a $15 membership fee establishes membership.

Credit Union Overview

Achieva Credit Union has an overall health grade of "A" at, with a Texas Ratio of 2.03% (excellent) based on September 30, 2020 data. In the past year, Achieva has increased its total non-brokered deposits by $277.4 million, an excellent annual growth rate of 18.09%. 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 15 Florida counties), with the Achieva Credit Union rebrand occurring in 2004. Achieva is currently Florida’s eleventh largest credit union, with nearly 154,000 members and assets in excess of $2 billion.

How the Promotional CD Compares

When compared to the similar length-of-term CDs tracked by that are available nationally, Achieva Credit Union's 42-month Promotional CD’s top APY currently ranks in the top fifth, regardless of minimum deposit requirement. The add-on feature serves to increase the Promotional CD’s intrinsic value.

The above rates are accurate as of 3/8/2021.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Tampa CD rates, Ft. Myers CD rates, 5-year CD rates, nationwide deals

  |     |   Comment #1
You not only get to lock in guaranteed inflation losses for almost 4 years, but you get to add on as much additional loss as you want?

  |     |   Comment #2
well p_d at least the rate isn't negative. that's the next step before they finally just pitchfork people who dare try to save a dime.
  |     |   Comment #3
With respect to real impact on your purchasing power it really doesn't matter whether rates are positive or negative. It's the spread between the rate and the inflation rate that matters most.

For example, I'd rather have a -1% rate on my savings in a 1% inflation world than a 1% rate in a 4% inflation world.

The only difference is that the negative rate makes part of your loss more visible. You could argue that is an advantage since the invisible losses are the most insidious and deceptive.

(I'm no conspiracy theorist.  I would never imply that the Fed keeps rates positive to deceive anyone! ;-)
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