It’s been more than five months since Philadelphia-based American Heritage Credit Union (American Heritage) offered really competitive rates. Following recent and substantial rate increases of 150, 100, and 75 bps, respectively, the 30-month (4.05% APY), 48-month (4.00% APY), and 60-month (4.00% APY) Share Certificates have become rate leaders. Any of these long-term Share Certificates can be opened with a minimum $1k deposit, with no stated balance cap.
All three Share Certificates are also available as IRA Share Certificates (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
There is also a Jumbo 30-month Share Certificate that also offers 4.05% APY ($100k minimum). The fine print on the “Certificates & IRAs” page is slightly confusing.
***4.05% Annual Percentage Yield (APY) effective September 27, 2022 and subject to be cancelled, changed or withdrawn at any time without prior notice.
Rates listed paid on $100,000 minimum balance.
Share and IRA Certificates available at lower Annual Percentage Yield for balances under $100,000.
A penalty will or may be imposed for early withdrawal.
30-month Jumbo special only available to existing members of American Heritage Credit Union, or new member Jumbo certificate account holders must be residents of Pennsylvania, New Jersey or Delaware.
That fine print disclaimer made me wonder if the 4.05% APY listed on the “Certificates & IRAs” page for the 30-month Share Certificate might be incorrect. In a Live Chat this morning, CSR stated that “The rate is also 4.05% for balances under $100,000.” That left the issue of eligibility.
DA: My question is this: is a new member (someone joining today) who does not live in PA, NJ, or DE eligible to open a 4.05% APY 30-month CD with a deposit of less than $100k?
CSR: Yes. You would have to be eligible for the membership.
CSR then listed all membership eligibility options, including “You become a member of the Kids-N-Hope Foundation”, which has no residency component.
Am I completely confident in the information I received in the Live Chat? Not really. Best case scenario – the 4.05% APY 30-month Share Certificate is available to new and existing members nationwide, with the lack of clear information on the “Certificates & IRAs” a simple oversight. Comments about your experience in opening the 30-month Share Certificate are definitely welcome!
Early Withdrawal Penalty
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.
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 Share 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 cashier's check to the address on file or transferred to an American Heritage savings account. There is a 7-day grace period before a Share Certificate automatically renews.
Credited dividends can remain in the Share Certificate, be paid out by check to the address on file, or transferred into another American Heritage liquid account.
Unlimited beneficiaries can be designated online by using the "Add A Beneficiary" form, which can be found on the Account Maintenance Request Forms page.
Excess Share Insurance
In addition to NCUA insurance, American Heritage offers Excess Share Insurance.
The National Credit Union Administration, a U.S. Government agency, insures your shares at American Heritage up to $250,000. IRA and IRA Certificates are insured an additional $250,000 by the Excess Share Insurance Corporation, a private insurance company. You have the security and peace of mind of knowing that your retirement savings are insured up to $500,000.
Headquartered in Philadelphia, American Heritage 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 28 Pennsylvania branches located in Bristol, East Norriton, Fairless Hills, Horsham, King of Prussia, Langhorne, Lansdale, New Britain, Perkasie, Philadelphia (14), Pottstown, Quakertown, Warminster (2), and Wayne, or the three New Jersey branches located in Bellmawr, Cherry Hill, and Glendora.
A 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. CSR stated that “you can open a CD ‘online’ via a 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.
Although this comment by DA reader, hairy823, is from an October 2022 blog post, it is still relevant.
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 network and ATM network.
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 Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 5.97% (excellent) based on June 30, 2022 data. In the past year, American Heritage has increased its total non-brokered deposits by $327.75 million, an excellent annual growth rate of 11.52%. Please refer to our financial overview of American Heritage Credit Union (NCUA Charter # 5621) for more details.
American Heritage Credit Union is currently Pennsylvania’s fifth largest credit union, with more than 264,000 members and assets in excess of $4 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 the number of diverse affiliated companies.
How the 30-, 48-, and 60-Month Share Certificates Compare
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the American Heritage Credit Union 30-, 48-, and 60-month Share Certificates. The following table compares the Share Certificates to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 9/29/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.