Earlier this week, American Eagle Financial Credit Union (AEFCU) added 200 bps to its 24-month Certificate, boosting the APY to 3.25%. Last month, 285 bps were added to AEFCU’s 15-month Certificate, giving it a 3.15% APY that is still in effect. The minimum opening deposit for either Certificate is $1k, with a maximum deposit of $500k.
|1.15%||$1k||-||American Eagle Financial Credit Union||24 Month CD|
|0.85%||$1k||-||American Eagle Financial Credit Union||15 Month CD|
These substantial rate increases have rescued the two Certificates from rate oblivion, and have transformed them into rate contenders.
AEFCU Certificates are also offered as IRAs (Traditional, Roth, and CESA) earning the same APY. The Traditional/Roth IRAs can be opened with a $1k minimum opening deposit, while the CESA requires only a $500 deposit.
In the past, a checking relationship was required to open a CD with a promotional rate. There is no reference to a checking account for the 24-month Certificate, but there is fine print (marked with “**”) on the Certificate Rates page that mentions a required checking account. One problem – there is no “**” next to any Certificate listed on the Rates page. According to CSR, all the information listed in the fine print is the “default information” that stays on the page all the time, and may not necessarily apply. CSR assured me the 24-month Certificate does NOT require a checking account relationship.
CSR stated that the Early Withdrawal Penalty for the 24-month Certificate is “150 days dividends on the amount withdrawn.”
Headquartered in East Hartford, American Eagle Financial Credit Union field of membership (FOM) is residency based, with U.S. citizens and resident aliens who live, work, worship, or attend school in the Connecticut counties of Hartford, Middlesex, New Haven, and Tolland eligible to join.
Immediate family members or household members of current AEFCU members are welcome to apply.
Joining AEFCU and/or opening a Certificate can be done online, or in person at any of 18 Connecticut branches located in Bloomfield, Cromwell, East Hartford (5), Enfield, Farmington, Glastonbury, Manchester, Middletown, Newington, Plainville, South Windsor, Southington, Vernon, and West Hartford.
Note: The Middletown and four of the East Hartford locations are “in-plant” branches, and are not open to the general public.
Credit Union Overview
American Eagle Financial Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.85% (excellent) based on September 30, 2018 data. In the past year, AEFCU has increased its total deposits by $101.08 million, an excellent annual growth rate of 7.28%. Please refer to our financial overview of American Eagle Financial Credit Union (NCUA Charter # 68659) for more details.
American Eagle Financial Credit Union can trace its beginnings back to 1935, when Pratt & Whitney Aircraft Employment Manager, Harry C. Smith, and 14 fellow employees founded the East Hartford Aircraft Federal Credit Union. In the past 83 years, membership growth and expansion (including three name changes and two charter changes) has made AEFCU Connecticut’s second largest credit union, with more than 138,700 members and assets in excess of $1.6 billion.
How the Certificate Compares
When compared to 285 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available within the FOM, American Eagle Financial Credit Union's 24-month Certificate APY currently shares the top spot with Mutual Security Credit Union’s 22-month CD Special APY.
The above rates are accurate as of 11/30/2018.
To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com.