In September, I wrote about American Heritage Federal Credit Union’s (American Heritage) 48-month Share Certificate (2.26% APY), which had had two rate increases totaling 50 bps in ten days. Good news – that APY is still in effect.
Even better new is that American Heritage’s 60-month Share Certificate had a 19 bps increase over the weekend, giving it a competitive 2.60% APY. Any of American Heritage Share Certificates can be opened with a $1k minimum opening deposit; there are no stated balance caps.
Both 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 document, the Early Withdrawal Penalty (EWP) reads as follows:
For accounts with terms of 36 months or longer, the amount of the
early withdrawal penalty for your account is 360 days' dividends.
4-Month CD/IRA 4.00% APY
For almost two years, American Heritage has featured a 4-month CD and IRA (Traditional, Roth, and CESA) that earns 4.00% APY. The minimum deposit is $1k of new money and there is a $2k balance cap.
The EWP reads as follows:
For accounts with terms of 11 months or less, the amount of the
early withdrawal penalty for your account is 90 days' dividends.
Excess Share Insurance
American Heritage offers Excess Share Insurance, in addition to NCUA insurance.
An additional $250,000 worth of insurance is provided by the Excess Share Insurance Corporation, a private insurance company, for a total coverage of $500,000 for your retirement savings.
Headquartered in Philadelphia, American Heritage Federal Credit Union's field of membership (FOM) is wide, with residency, employment, and organization membership serving as qualifying criteria.
Easy Membership: Individuals who join the Kids-N-Hope Foundation ($15 donation) qualify for American Heritage membership.
Residency: Individuals who live, work, worship, or attend school in Philadelphia are eligible to join. American Heritage has expanded its residency FOM to include individuals who live, work, worship, or attend school in Ambler, Bensalem, Bridgeport, Bristol, Bryn Athyn, Butler, Cheltenham, Conshohocken, Fort Washington, Norristown, Penndel, Souderton, Southhampton, Tullytown, Villanova, and Warminster Heights.
Employment: Employees of over 700 Southeastern Pennsylvania SEGs are eligible for membership.
Relationship: Immediate family members (including step relations) of current American Heritage members are eligible to join.
Joining American Heritage can be done online, or in person at any of 30 Pennsylvania branches located in Bristol, Doylestown, East Norriton, Fairless Hills, Horsham (2), King of Prussia, Langhorne, Lansdale, Limerick, New Britain, Newtown Square, Perkasie, Philadelphia (16), and Quakertown, or the single New Jersey branch located in Bellmawr.
Share Certificates can be opened at any of the above mentioned branch locations. Even though there is an “Open an Account” link, Share Certificates are not listed on the online application. In a Live Chat, CSR stated “You are able open CDs ‘online’ via this live chat, in person, or by calling into our Contact Center at 215-969-0777.”
Credit Union Overview
American Heritage Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 6.32% (excellent) based on September 30, 2017 data. In the past year, American Heritage has increased its total non-brokered deposits by $154.12 million, an excellent annual growth rate of 11.72%. Please refer to our financial overview of American Heritage Federal Credit Union (NCUA Charter # 5621) for more details.
Founded in 1948, American Heritage Federal Credit Union’s original FOM was exclusively the employees of the Budd Manufacturing Company, a major supplier of body components to the automobile industry and a manufacturer of stainless steel passenger railroad cars. The name was changed to American Heritage in 1985, coinciding with the change in the FOM, and increase and diversity of affiliated companies. Today, American Heritage is Pennsylvania’s fifth largest credit union, with more 161,400 members and assets in excess of $2 billion.
How the Share Certificate Compares
When compared to the 181 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available nationally, American Heritage Federal Credit Union's 60-month Share Certificate APY currently shares the top spot with Mountain America Credit Union’s 5-year Term Deposit APY.
The above rates are accurate as of 1/1/2018.
To look for the best CD rates, both nationwide in state specific, please refer to our CD Rates Table page.