American Heritage Federal Credit Union Ups 20-Month CD Rate
Last week, Philadelphia-based American Heritage Federal Credit Union (American Heritage) added 27 bps to its 20-month Share Certificate rate, giving the Share Certificate its highest APY since May 2020. Currently earning 1.02% APY, the 20-month Share Certificate can be opened with a $1k minimum opening deposit and there is no stated balance cap.
The 20-month Share Certificate is also available as an IRA Certificate (Traditional, Roth), earning the same APY, but with higher $2k minimum opening deposit.
While American Heritage is an easy membership requirement credit union, the fine print on the Certificate/IRA Accounts page specifies who can open this special.
20-month Certificate/IRA only available to residents of Pennsylvania, New Jersey
and Delaware, as well as existing members of American Heritage Credit Union.
As stated in the Truth In Savings document, the Early Withdrawal Penalty (EWP) reads as follows:
For accounts with terms of 12 months to 35 months, the amount of
the early withdrawal penalty for your account is 180 days’ dividends.
4-Month CD/IRA 4.00% APY
For nearly five years, American Heritage has offered a 4-month CD/IRA CD (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
In addition to NCUA insurance, American Heritage offers Excess Share Insurance.
Certificates insured up to $250,000 by the NCUA. An additional $250,000 worth of insurance is provided by the Excess Share Insurance Corporation, a private insurance company, for a total coverage, paid on $1,000 minimum balance.
Availability
Headquartered in Philadelphia, American Heritage Federal Credit Union's field of membership (FOM) is varied, with residency, employment, and organization membership serving as qualifying criteria.
Easy Membership: Individuals who join the Kids-N-Hope Foundation qualify for American Heritage membership. According to CSR, this easy membership option is available to all U.S. citizens/resident aliens with a valid Social Security number.
If you are not currently a Kids-N-Hope Foundation member, we will
donate to the foundation on your behalf so you become a member!
Residency: Individuals who live, work, worship, or attend school in the following Southeastern Pennsylvania communities are eligible to join: Ambler, Bensalem, Bridgeport, Bristol, Bryn Athyn, Butler, Cheltenham, Conshohocken, Fort Washington, Norristown, Penndel, Philadelphia, Souderton, Southhampton, Tullytown, Villanova, and Warminster Heights.
Employment: Employees of nearly 800 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 31 Pennsylvania branches located in Bristol, Doylestown, East Norriton, Fairless Hills, Feasterville, Horsham, King of Prussia, Langhorne, Lansdale, Limerick, New Britain, Newtown Square, Perkasie, Philadelphia (16), Pottstown, and Quakertown, or the two New Jersey branches located in Bellmawr and in Cherry Hill.
As stated on American Heritage’s Locations page,
To protect our members, branch access has temporarily changed. Transactions are available at drive-thru locations and lobby services are available by appointment.
The Share Certificate can be opened at any of the above-mentioned branch locations. Even though there is an “Apply Now” link on the Certificate/IRA Accounts page, 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.”
DA reader, hairy823, posted the following comment in response to my October 24, 2020 blog post.
I live in Oregon and got this secure message from them after doing the online app
“Thank you for your interest in joining the American Heritage family! At this time, your residence is outside of our field of membership area. In order to proceed with your application process, we will need you to sign the account opening documents in the presence of a notary and mail them to 2060 Red Lion Rd Philadelphia, PA 19115. We can email you blank documents that you can take to a notary to have completed or you can access them via our website through: ....”
Also this: “Please use the upload feature to attach a secondary form of ID, such as: Social Security Card, Medical Insurance Card, Auto Registration, or State Birth Certificate.”
A $15 minimum deposit in a Primary Savings account establishes an American Heritage membership.
American Heritage participates in both the CO-OP Shared Branch and ATM networks.
In addition to American Heritage online services, we are a part of the Shared Branching Network, which gives you access to bank at over 5,300 other credit unions across the country. Membership also grants you access to over 30,000 ATMs that are part of the CO-OP network.
Credit Union Overview
American Heritage Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 5.38% (excellent) based on September 30, 2020 data. In the past year, American Heritage has increased its total non-brokered deposits by $403.37 million, an excellent annual growth rate of 20.97%. Please refer to our financial overview of American Heritage Federal Credit Union (NCUA Charter # 5621) for more details.
American Heritage Federal Credit Union is currently Pennsylvania’s fifth largest credit union, with nearly 210,000 members and assets in excess of $3 billion. Founded in 1948, American Heritage’s original FOM was exclusive to 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 a change in the FOM, including the increase in and diversity of affiliated companies.
How the Share Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, that are available within the tri-state area and required a similar minimum deposit, American Heritage Federal Credit Union's 20-month Share Certificate APY currently ranks first.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 1.02% APY | 20-Month Share Certificate | American Heritage Federal Credit Union |
| 1.00% APY | 19-Month CD Special | Western Vista Federal Credit Union |
| 0.90% APY | 18-Month CD | Evansville Teachers Federal Credit Union |
The above rates are accurate as of 1/11/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
So, new members from outside those states are treated like second-class members, not the same as members from those states? I wonder if that squares with NCUA rules, two classes of membership. It would be different if they barred all new members from getting the CD.