Affinity Plus Federal Credit Union 60-Month CD Is New Rate Leader
Last January, I wrote about the excellent rates offered on three Affinity Plus Federal Credit Union (Affinity Plus) CDs. At that time, the 18-, 30-, and 60-month CD rates had been increased by 25 bps and earned 2.25% APY, 2.50% APY, and 3.00% APY, respectively. Those competitive rates were short-lived, disappearing before the month was out.
Affinity Plus started 2021 by adding 25 bps to the 60-month CD, which now earns 1.50% APY. (No rate increases for the 18- and 30-month CDs.) The minimum opening deposit is $500, with no stated balance cap.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 1.25% | $500 | - | Affinity Plus Federal Credit Union | 60 Month CD | |
| 1.25% | $500 | - | Affinity Plus Federal Credit Union | 60 Month IRA (Traditional, Roth) |
The 60-month is also offered as an IRA CD (Traditional and Roth), earning the same APY with the same deposit requirements.
In the past year, the 60-month CD experienced two rate increases and three rate decreases, with the current APY half of what it was a year ago. The current 1.50% APY placed the 60-month CD at the top of the 5-year Nationally Available CD category in this week’s CD Rates Summary.
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
The penalty is calculated as a forfeiture of part of the dividends that have been or would
be earned on the account. It applies whether or not the dividends have been earned.Terms of longer than 36 months – 365 days’ dividends
Funding a CD can be done by ACH, wire transfer ($10 fee), or by mailing a check. The rate will not lock in until the funds have been received. Maturing funds can be distributed by a check to the address on file, by a wire ($15 fee), or transferred an Affinity Plus checking or savings account. There is 10-day grace period before a CD renews automatically.
Note: DA reader, oldman87, wrote the following comment on my Affinity Plus January 2020 blog post.
Good rates. One huge downside, hard inquiry on TU for membership, verified with Affinity.
According to CSR, a hard credit inquiry is part of the application process.
Availability
Headquartered in Saint Paul, Minnesota, Affinity Plus Federal Credit Union’s field of membership (FOM) is wide and varied, with a path to membership for almost any U.S. citizen or resident alien with a valid Social Security number.
Easy Membership: Joining the Affinity Plus Foundation with a one-time $25 dues payment, qualifies for Credit Union membership. Established in 2000, the Foundation is a 503(c)(3) that supports “financial education and programs through outreach, scholarships and grants.”
Residency: Individuals who live, work, or worship in Arden Hills, Mounds View, New Brighton, Roseville, Shoreview, St. Anthony, or the downtown areas of Minneapolis/Saint Paul are eligible to join.
Employment: Employees/volunteers of more than 50 Preferred Partner companies, including the State of Minnesota, the University of Minnesota Twin Cities, and any organization that receives funding from the State of Minnesota qualify for membership.
Educational: Students and alumni of the seven Minnesota State 4-year universities or any Minnesota State community/technical college are eligible to join, as are current students of the University of Minnesota Twin Cities campus and University of Minnesota Alumni Association members.
Relationship: Relatives or roommates of current Affinity Plus members are welcome to apply.
Joining Affinity Plus and/or opening a CD can be done online. The service availability of 27 Minnesota branches include drive-thru service (17), curbside service (3), lobby service (1), and temporarily closed (6). The Affinity Plus Branch Locations page provides information about all branch locations.
If a $25 Affinity Plus Foundation donation is what qualifies you for membership, please
note that the total minimum deposit (including your $10 member share) would be $35.
Affinity Plus participates in the CO-OP ATM network.
CO-OP's nearly 30,000 ATMs means you have more direct,
surcharge-free access to your money than most traditional bank customers do.
Credit Union Overview
Affinity Plus Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.46% (excellent) based on September 30, 2020 data. In the past year, Affinity Plus has increased its total non-brokered deposits by $620.52 million, an excellent annual growth rate of 29.64%. Please refer to our financial overview of Affinity Plus Federal Credit Union (NCUA Charter # 24362) for more details.
Established in 1930 as the State Capitol Credit Union, the original FOM consisted of the employees of the state of Minnesota. The Affinity Plus rebrand occurred in 1999, following several acquisitions and expansions of the Credit Union’s charter. With more than 216,000 members and assets in excess of $2.9 billion, Affinity Plus is currently the second largest credit union and the fifth largest financial institution in Minnesota.
How the CD Compares
When compared to 170 similar length-of-term CDs tracked by DepositAccounts.com, which are nationally available and require a minimum deposit of $5k or less, Affinity Plus Federal Credit Union's 60-month CD APY currently ranks first.
The above rates are accurate as of 1/7/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
