For the past few years, I looked forward to October because there was usually a “spook-tacular” rate to write about. While ANECA Federal Credit Union’s (ANECA) 30-month Share Certificate Special doesn’t have a “spook-tacular” rate, it nonetheless is one of the few new CDs offering a very competitive rate. Earning 1.25% APY, the 30-month Share Certificate Special can be opened with a $1k minimum deposit; there is no stated balance cap. The Special is listed as a “limited-time” offering, but according to CSR, no specific end-date has been announced.
CSR also stated that the Early Withdrawal Penalty is 90 days of interest, with partial withdrawals allowed.
Headquartered in Shreveport, Louisiana, ANECA Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, or attend school in the parishes of Bossier, Caddo, or DeSoto, eligible to join.
Businesses and other legal entities in those three Louisiana parishes also qualify for membership.
Immediate family members of individuals eligible for membership are also welcome to apply.
According to CSR, opening a Share Certificate Special can only be done in-branch.
A $5 minimum deposit in a Savings account establishes an ANECA membership.
In addition to participating in the CO-OP Shared Branch network and ATM network,
ANECA is a part of the Allpoint ATM network of 55,000 surcharge-free ATMs worldwide. There is practically nowhere you can go where you won’t have access to your money. Look for the green Allpoint logo on ATMs in Target, CVS, Walgreens, Kroger, and more!
Credit Union Overview
ANECA Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.80% (excellent) based on June 30, 2021 data. In the past year, ANECA Federal has increased its total non-brokered deposits by $13.52 million, an excellent annual growth rate of 15.14%. Please refer to our financial overview of ANECA Federal Credit Union (NCUA Charter # 3212) for more details.
Founded in 1939, ANECA is a small credit union, with about 7,700 members and assets in excess of $187 million. Considering that the current membership is less than 3% of the membership-eligible individuals in the three parishes, the possibility of growth is real, with the 30-month Share Certificate Special providing an incentive to join.
A further incentive might be a recent change in overdraft fees that went into effect in mid-September. As stated in a Greater Shreveport Chamber article,
ANECA Federal Credit Union, a cooperative financial institution chartered for Caddo, Bossier, and Desoto Parishes is announcing the elimination of its Overdraft and Non-Sufficient Funds (NSF) fees. The change was approved at a recent ANECA Board Meeting. The fees will be eliminated from all consumer accounts September 15.
“These are challenging times, and these fees place even more stress on members who may be struggling financially,” stated David Wodke, ANECA CEO. “This is an opportunity to put our membership first, and we are proud to have a positive impact on our community.“
These types of fees are a huge revenue generator for banks and other financial institutions. According to Forbes, overdraft fees in the U.S. generated over $12.4 billion dollars in fee income in 2020.
How the Share Certificate Special Compares
When compared to 232 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, ANECA Federal Credit Union's 30-month Share Certificate Special APY currently ranks first.
The above information and rates are accurate as of 10/22/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.