Over the weekend, Air Force Federal Credit Union (AFFCU) raised the rates on all of its Share Certificates, with the 1-year (2.30% APY) and 2-year (2.55% APY) the most competitive. The minimum opening deposit for the 1-, 2- and 3-year Share Certificates is $1k, while the 5- and 7- year require a minimum $2.5k.
In the past eleven months, the 1- and 2-year Share Certificates each had five rates increases, adding a total of 139 bps and 149 bps, respectively. The current APYs are the highest for both since DA began tracking them in late 2009. In the past, AFFCU Share Certificates had tiered APYs based on deposit levels, but the Rates page lists the same APY for each of the five different deposit tiers.
The Share Certificates are also available as IRAs (Traditional, Roth, and CESA), earning the same APYs with the same funding requirements.
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the date of the withdrawal to the maturity date applying the contracted rate on the certificate based to the amount withdrawn over and above any dividends credited or accrued to the certificate to date of withdrawal.
Air Force FCU’s Member Rewards program lets you “earn more money on your certificate,” with an additional 10 or 20 bps applied when opening a certificate.
If you have an Air Force FCU loan AND checking account with direct deposit – receive a 20 basis point bonus reward.
If you have an Air Force FCU loan OR checking account with direct deposit – receive a 10 basis point bonus reward.
Headquartered in San Antonio, Texas, Air Force Federal Credit Union's field of membership (FOM) is primarily (and historically) comprised of military and civilian employees of the Department of Defense, but membership is open to all U.S. residents through the Airman Heritage Foundation.
A list of more than 50 organizations and companies that qualify for membership is available on the AFFCU’s website. The majority of these qualifying organizations are Department of Defense related and are located in Arkansas, Louisiana, Mississippi, Oklahoma, and Texas.
About a year ago, AFFCU announced that the FOM had expanded to include military veterans.
The new FOM will now allow AFFCU to include honorably discharged veterans who served in any of the Armed Services of the United States listed in its charter and members of their immediate families or households.
Credit Union Overview
Air Force Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 6.64% (excellent) based on December 31, 2017 data. In the past year, AFFCU has increased its total non-brokered deposits by $10.98 million, an excellent annual growth rate of 3.18%. Please refer to our financial overview of Air Force Federal Credit Union (NCUA Charter # 8169) for more details.
Established in 1952, Air Force Federal Credit Union takes pride in "being built from the ground up by Airmen volunteers." With more than 43,300 members and assets in excess of $387 million, AFFCU has been named "Credit Union of the Year" (less than $1 billion in assets category) by the United States Air Force in 1996 and 2013.
How the Share Certificates Compare
When compared to the 203 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Air Force Federal Credit Union’s 1-Year Share Certificate APY currently ranks second.
When compared to the 197 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Air Force Federal Credit Union’s 2-Year Share Certificate APY currently ranks third.
7-Year Share Certificate
It’s hard to get excited about a 7-year CD that earns 3.20% APY, when 2-year CD APYs are nearing 3.00%. I’ve included this comparison simply because Air Force FCU’s 7-Year Share Certificate currently has the top APY for its term length category.
The above rates are accurate as of 5/7/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.