Philadelphia-based American Heritage Federal Credit Union (American Heritage) has raised the rates on its 47-month Bump-Up Certificate (1.86% APY) and 59-month Bump-Up Certificate (2.16% APY). This is the first rate increase for either Bump-Up Certificate since being added to the product line in May 2015.
The minimum deposit for either Bump-Up Certificate is $1k, with no balance cap.
|1.91%||$1k||-||American Heritage Federal Credit Union||59 Month Bump-Up CD|
|1.72%||$1k||-||American Heritage Federal Credit Union||47 Month Bump-Up CD|
As stated on American Heritage’s Certificate page,
Bump-Up Certificates allow a one-time rate increase corresponding with current
advertised 47-month fixed-rate or 59-month fixed-rate AMHFCU certificates.
The new rate will remain in effect until the certificate maturity date.
The "regular" versions of the Bump-Up Certificates are a 48-month Certificate (1.86% APY) and a 60-month Certificate (2.11% APY). These are also available as IRAs (Traditional, Roth, and CESA) earning the same APYs, with the same funding requirements.
As stated in the American Heritage’s Truth In Savings, 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 2 years, American Heritage has featured a 4-month 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. That offering is now also available as a CD.
|4.00%||$1k||$2k||American Heritage Federal Credit Union||4 Month CD Special (New Money)|
|4.00%||$1k||$2k||American Heritage Federal Credit Union||4 Month IRA Special (New Money)|
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.
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, or worship in certain areas of 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 and/or opening a CD can be done online, or in person at any of 28 Pennsylvania branches located in Bristol, Doylestown, East Norriton, Fairless Hills, Horsham (2), King of Prussia, Langhorne, Lansdale, Limerick, New Britain, Perkasie, Philadelphia (15), and Quakertown, or the sole New Jersey branch located in Bellmawr.
Credit Union Overview
American Heritage Federal Credit Union (NCUA Charter
# 5621) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 7.65% (excellent) based on December 31, 2015 data. In the past year, American Heritage has increased its total deposits by $120.31 Million, an excellent annual growth rate of 10.89%. Please refer to our financial overview of American Heritage Federal Credit Union for more details.
Founded in 1948, American Heritage Federal Credit Union’s original field of membership 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 to coincide with the change in FOM, and increase and diversity of affiliated companies. Today, American Heritage is the 6th largest credit union in Pennsylvania, with over 141,600 members and assets in excess of $1.6 Billion
How the CDs Compare
When compared to the 113 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 47-month Bump-Up CD APY currently ranks fourth.
When compared to the 115 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 59-month Bump-Up CD APY currently ranks in the top six. The following is a sampling of those six CDs.
The above rates are accurate as of 3/11/2016.