AFFCU Adds Limited-Time Competitive 7-Month Promo Certificate
Texas-based AFFCU has introduced a 7-month Promo Certificate to the product line, with a competitive 4.50% APY. This limited-time offer can be opened with a $1k minimum deposit of new money, which is defined simply as funds not currently on deposit at AFFCU.
While there is no specified end-date, the fine print does state that the “7-month special offer is subject to end at any time without notice.” DA readers may remember the 13-month Promo Certificate (3.50% APY) offered by AFFCU in late September. Although it was advertised as a “limited-time offer,” it’s still available and still earns its initial 3.50% APY.
As stated in the Truth-in-Savings Account Disclosure (part of the online application), the Early Withdrawal Penalty reads as follows:
The penalty we may impose will equal one half of the dividends that would accrue from the date of the withdrawal to the maturity date applying the contracted rate on the certificate based to the amount withdrawn over and above any dividends credited or accrued to the certificate to date of withdrawal.
Funding and Other Particulars
- Funding – ACH, wire ($5 fee), internal transfer, check (if opening in-branch), or credit card ($1k max).
- CO-OP Shared Branch Network – Yes.
- Maturing Funds – ACH, wire ($15 fee), cashier’s check, or internal transfer into an existing checking or savings account.
- Dividends – compounded/credited quarterly but cannot be withdrawn.
- Grace Period – 10 calendar days before the 7-month Promo CD renews as a 6-month CD.*
- Beneficiaries – unlimited, equal shares, Social Security numbers required.
*In the event that the maturity date passes without the Term Share Certificate Account being renewed and the Certificate is not presented for payment on the maturity date, we may, at our option, transfer the funds in the Certificate Account to any Share (Savings) Account you have with us or any other Account of yours or, alternatively, pay the funds in the Certificate Account directly to you.
Availability
Headquartered in San Antonio, Texas, the original Air Force Federal Credit Union field of membership (FOM) was primarily comprised of military and civilian employees of the Department of Defense, but since 2012, membership has been open to all U.S. citizens and resident aliens through the Airman Heritage Foundation.
The Airman Heritage Foundation supports the USAF Airman Heritage Museum and other heritage-related activities in preserving and honoring the history and heritage of enlisted airmen.
The last option on the AFFCU Membership Eligibility page reads,
Foundation membership is open to anyone. One-time membership dues in the amount of $25 are required.
Other ways to qualify for membership include:
Live, work (or regularly conduct business in), worship, or attend school, or have a business or other legal entity located within qualified areas of Bexar County, Texas. (Eligibility Map)
Family members or persons who reside in the household of an existing AFFCU member or person who qualifies for membership.
Honorably discharged veterans residing in Texas, Oklahoma, Arkansas, Louisiana, or Mississippi.
Active duty, reservist, or National Guard and assigned to, stationed at, or working at a United States Government installation, facility, or unit, afloat or ashore in Texas, Oklahoma, Arkansas, Louisiana, or Mississippi.
Members, volunteers or employees working for or are paid from one of the following eligible companies, organizations, or churches. (Member Eligibility List)
Individuals who live, work (or regularly conduct business in), worship, or attend school, or have a business or other legal entity located within the following Mississippi counties: Clay, Lowndes, and Oktibbeha.
Joining AFFCU and/or opening a 7-month Promo Certificate can be done online or at any of seven full-service Texas branches located in Del Rio, San Antonio (5), and Schertz. AFFCU also has a branch in Columbus, Mississippi.
Current AFFCU members can open a 7-month Promo Certificate by logging into Digital Banking, at any of the above-mentioned branch locations, or by calling 800.227.5328.
A $5.00 opening deposit into your AFFCU Savings Account establishes your lifetime membership and gives you a share of ownership.
AFFCU participates in both the CO-OP Share Branch and ATM networks, giving member “access to over 5,000 participating branches nationwide, plus nearly 30,000 surcharge-free ATMs.”
Credit Union Overview
AFFCU has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.99% (excellent) based on June 30, 2022 data. In the past year, AFFCU has increased its total non-brokered deposits by $11.1 million, an above average annual growth rate of 0.22%. Please refer to our financial overview of AFFCU (NCUA Charter # 8169) for more details.
Established in 1952, the original Lackland Federal Credit Union was founded by ten Lackland Air Force Bank servicemen, each of whom contributed $5. By the end of the first year of operation, the membership had grown to 853 members, even though it operated on a part-time basis in a one-room “office” on the Lackland AFB.
Lackland FCU rebranded in 2002 as the Air Force Federal Credit Union. Following the 2018 merger with Local 142 Federal Credit Union, the credit union became known as AFFCU to reflect an expansion of the FOM beyond the military community. With nearly 52,000 members and assets in excess of $592 million, AFFCU is currently the 56th largest credit union headquartered in Texas.
How the 7-Month Promo Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the AFFCU 7-month Promo Certificate. The following table compares the 7-month Promo Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 11/17/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
