Advancial’s latest round of rate increases confirms that the trend of short-term CDs outperforming long-term CDs continues to be the standard. Since the beginning of the year, Advancial has been steadily increasing its short-term CD rates. The long-term CDs, on the other hand, have not performed as well, and have actually experienced rate decreases in the past three months.
|2.32%||$50k||-||Advancial||2 Year Jumbo Certificates|
|2.25%||$50k||-||Advancial||18 Month Jumbo Certificates|
|2.21%||$50k||-||Advancial||1 Year Jumbo Certificates|
|2.00%||$50k||-||Advancial||6 Month Jumbo Certificates|
Advancial’s CDs are a good example of the flattening yield curve that’s been evident for several month. While the 6-month, 1-year, and 18-month Jumbo Certificates have APYs 12-17 bps higher than seen in June, the longer term Jumbo Certificates have APYs about the same or even lower (between 6-14 bps).
All of Advancial’s Certificates have tiered APYs, based on minimum opening deposits: Certificates ($1k min), Junior Jumbo Certificates ($25k min), and Jumbo Certificates ($50k min). The APYs are tiered in increments of 10 bps.
Advancial’s Certificates are also offered as IRAs (Traditional, Roth, CESA), earning the same tiered APYs with the same funding requirements.
In a Live Chat, CSR stated,
The early withdrawal penalty for our One-Year, 18-Month, Two-Year,
and Three-Year Savings Certificates is equal to 180 days dividends.
Many thanks to DA reader, alan1, for his continued Forum posts about Advancial’s CDs.
Headquartered in Dallas, Texas, Advancial’s field of membership (FOM) is fairly wide, with almost any U.S. citizen or resident alien able to join.
Easy Membership: Joining Connex ($5 membership fee) qualifies for membership in Advancial. According to Connex’s website, membership with Connex provides “access to a professional, online interactive network of work associates and friends, company information and jobs, and other opportunities.”
Residency - Individuals who live, work, worship, or attend school in the Louisiana parishes of Acadia, Avoyelles, Evangeline, Iberia, Lafayette, St. Landry, St. Martin, and Vermillion are eligible to join.
Employment - Employees of hundreds SEGs also qualify for membership. Unfortunately, Advancial does not list any of the SEGs on their website. According to the Membership Eligibility page,
To learn if your company or association is an Advancial Select Employer Group,
please contact your local branch or our Member Service Center at 800.322.2709.
I still don’t have much information about the SEGs, but I do know that Advancial’s branch locations “are in energy producing areas, having started as ARCO’s credit union catering to the oil and gas industry,” and that many of the SEGs are oil and gas industry companies.
Joining Advancial can be done by downloading the Membership Application and returning the completed application by mail, fax, or email to the Member Service Center in Dallas. Advancial also has 16 branches located in Alaska (2), Louisiana (2), New Jersey (1), Oklahoma (1), and Texas (10).
Advancial also participates in Shared Branching through the CO-OP network, giving members access to more than 5,000 branches and nearly 30,000 surcharge-free ATMs nationwide.
Credit Union Overview
Advancial has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.28% (excellent) based on June 30, 2017 data. In the past year, Advancial has increased its total non-brokered deposits by $85.33 million, an excellent annual growth rate of 7.7%. Please refer to our financial overview of Advancial (NCUA Charter # 2285) for more details.
Chartered in 1937, as the Atlantic Federal Credit Union, Advancial is the 12th largest credit union based in Texas, with more than 82,500 members and assets in excess of $1.4 billion. The original charter was issued by the Farm Credit Administration, an independent agency of the Executive Branch that was created in 1933. (If you’re wondering why a Texas-based credit union would have “Atlantic” in its name, the original FOM included employees of the Atlantic Richland Company, better known as ARCO.) In 2001, the Credit Union rebranded as Advancial to better reflect its diverse membership.
How the Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, all of Advancial's shorter term Jumbo Certificate APYs currently rank first, regardless of minimum deposit.
The above rates are accurate as of 12/1/2017.