Week #8 of the college football season has just ended. While my team isn’t doing as well as I had hoped and needs some help, Ascentra Credit Union (Ascentra CU) is helping its members “Kickoff Your Savings” with a 48-month CD Special that earns 2.45% APY. This limited-time offer requires a minimum deposit of $500, 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.
I confirmed with CSR that the 48-month CD Special is eligible for the higher rates with a larger deposit, so the CD Special could earn 2.50% APY ($50k+), 2.55% APY ($100k+) or even 2.60% APY ($150k+).
The CD Special is also available as an IRA (Traditional, Roth), earning the same APYs with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is 180 days of interest.
Headquartered in Bettendorf (Quad Cities area), Iowa, Ascentra Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live or work in 13 eastern Iowa counties and eight northwest 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 can be done online or at any of the nine Iowa branches located in Bettendorf (2), Clinton (2), Davenport (3), LeClaire, and Muscantine, or the single Illinois branch located in Moline.
According to the promotion page, the CD Special is not available through Online Account Access, but can be opened in-branch at any of the above mentioned locations, or by calling 563.355.0152.
Credit Union Overview
Ascentra Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.71% (excellent) based on June 30, 2017 data. In the past year, Ascentra CU has increased its total non-brokered deposits by $30.68 million, an excellent annual growth rate of 10.02% APY. Please refer to our financial overview of Ascentra Credit Union (NCUA Charter # 63268) 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 67-year history, Ascentra CU has expanded its field of membership and its footprint to become the tenth largest Iowa credit union, with over 37,800 members and assets in excess of $414 million.
How the CD Special Compares
When compared to the 228 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in the Quad Cities area, Ascentra Credit Union's 48-month CD Special base APY currently ranks first.
The above rates are accurate as of 10/23/2017.