The week between Christmas and New Year’s is usually not when I expect to see new products introduced, but Ascentra Credit Union (Ascentra CU) has added a 17-month CD Special (1.70% APY) in the last few days in 2016. This limited time offer requires a minimum deposit of $500 of new money, with no stated balance cap.
As stated in the fine print on the CD Rates page,
Dividend rate is .05% higher on single certificates of deposit with a balance of $50,000,
.10% higher with a balance of $100,000, or .15% higher with a balance of $150,000.
According to CSR, the Early Withdrawal Penalty is 90 days of interest.
Headquartered in Bettendorf (Quad Cities area), Iowa, Ascentra Credit Union’s field of membership is primarily residency based, with individuals who live or work in 13 eastern Iowa counties and eight northwestern Illinois counties eligible for membership.
Iowa counties – Cedar, Delaware, Des Moines, Dubuque, Jackson, Johnson, Jones, Linn, Louisa, Muscatine, Scott, and Washington
Illinois counties – Carroll, Henry, Jo Daviess, Knox, Mercer, Peoria, Rock Island, and Whiteside
Relationship: Family members of current Ascentra CU members also qualify for membership.
Joining Ascentra Credit Union and/or opening a CD can be done online or at the nine Iowa branches located in Bettendorf (2), Clinton (2), Davenport (3), LeClaire, and Muscantine, or single Illinois branch located in Moline.
Credit Union Overview
Ascentra Credit Union (NCUA Charter # 63268) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.08% (excellent) based on September 30, 2016 data. In the past year, Ascentra CU has increased its total non-brokered deposits by $31.06 million, an excellent annual growth rate of 11.11% APY. Please refer to our financial overview of Ascentra Credit Union for more details.
Ascentra Credit Union was established as the Alcoa Credit Union in 1950, in the basement of the Aluminum Company of America (ALCOA) plant in Riverdale, Iowa. The formation of the Credit Union was spurred by a problem of the times: in 1950, credit was a luxury and not available to many. In its 66-year history, Ascentra CU has expanded its field of membership and its footprint to become the tenth largest Iowa credit union, with over 36,800 members and assets in excess of $389 million.
How the CD Special Compares
When compared to the 199 similar length-of-term CDs tracked by DepositAccounts.com that are available in the Quad Cities area, Ascentra Credit Union's 17-month CD Special base APY currently ranks fourth. A minimum deposit of $150k (an additional 0.15%) bumps the APY up to second.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||17-Month CD Special||Navy Federal Credit Union|
|1.85% APY||17-Month CD Special ($150k min)||Ascentra Credit Union|
|1.81% APY||18-Month Holiday Certificate Special||Andrews Federal Credit Union|
|1.70% APY||17-Month CD Special ($500 min)||Ascentra Credit Union|
The above rates are accurate as of 12/30/2016.