American Heritage Federal Credit Union Ups All Certificate Rates

Philadelphia-based American Heritage Federal Credit Union (American Heritage) ended the week by raising the rates on all its Certificates, with increases between 6 and 20 bps. Currently earning 1.00% APY, the 36-month Certificate is the most competitive certificate in the product line. The minimum opening deposit is $1k, with no stated balance cap.

The 36-month Certificate is also available as an IRA Certificate (Traditional, Roth) earning the same APY, with the same deposit 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.

CSR stated that the easiest way to fund a Certificate is through a transfer from an existing American Heritage savings account. American Heritage participates in the CO-OP Shared Branch network, making the transfers of funds relatively easy. Maturing funds will be distributed by check to the address on file or transferred to an American Heritage savings account. There is a 7-day grace period before a Certificate automatically renews.

4-Month Certificate/IRA 4.00% APY

For about six years, American Heritage has offered a 4-month Certificate/IRA Certificate (Traditional, Roth, and CESA) that earns 4.00% APY. The minimum deposit is $1k, with a $2k balance cap. New money is required and there is a limit of one 4-month Certificate per membership.

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 more than 1,100 Southeastern Pennsylvania SEGs are eligible for membership.

Relationship: Immediate family members (including step relations) of current American Heritage members and individuals who are membership eligible also qualify for membership.

Joining American Heritage can be done online, or in person at any of 33 Pennsylvania branches located in Bristol, Doylestown, East Norriton, Fairless Hills, Feasterville, Horsham, King of Prussia, Langhorne, Lansdale, Limerick, New Britain, Newtown Square, Perkasie, Philadelphia (17), Pottstown, Quakertown, and Wayne, or the two New Jersey branches located in Bellmawr and in Cherry Hill.

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.” Current members can open a Share Certificate by using American Heritage’s “Online Teller” banking platform.

DA reader, hairy823, posted the following comment in response to my October 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.”

CSR confirmed that individuals applying for membership who live outside the tri-state area (DE, NJ, PA) may be required to submit notarized documents “in an effort to prevent fraud.”

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 "A" at DepositAccounts.com, with a Texas ratio of 4.03% (excellent) based on June 30, 2021 data. In the past year, American Heritage has increased its total non-brokered deposits by $535.68 million, an excellent annual growth rate of 23.21%. 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 225,000 members and assets in excess of $3.6 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 that included an 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 nationwide and require a similar minimum deposit, American Heritage Federal Credit Union's 36-month Share Certificate APY currently ranks third.

The above information and rates are accurate as of 11/22/2021.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.