ASI Federal Credit Union (ASI) is currently offering competitive rates on two of its long-term CDs: 48-month CD (2.27% APY) and 60-month CD (2.53% APY). The minimum deposit is $1k, with no stated balance cap.
The CDs are also available as IRAs (Traditional, Roth), earning the same APYs with the same funding requirements.
Both CDs have been part of ASI’s product line since late 2011, with rather unimpressive APYs. Last month’s rate changes were the first increases since their introduction, with the 48-month CD gaining 121 bps and the 60-month CD adding 142 bps.
As stated in the Truth In Savingsdisclosure, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity of more than one year:
The penalty we may impose will be the greater of: seven days dividends on the amount withdrawn, or all dividends that have been earned not to exceed 180 days.
Headquartered in Harahan, Louisiana, ASI Federal Credit Union’s field of membership (FOM) is primarily residency-based, with individuals who live, work, worship, or attend school in the municipalities of Avondale, Bridge City, Gretna, Harvey, Marrero, South Kenner, Waggaman, or Westwego eligible to join. Those who live, work, worship, or attend school in Lafourche, Orleans or St. Tammany Parishes also qualify for membership.
Employees of more than 600 SEGs are also eligible to join.
Immediate family members (parent, grandparent, sibling, child) of current members and membership-eligible individuals qualify.
Joining ASI and/or opening a CD can be done at any of 12 Louisiana branches located in Covington, Harahan (2), Harvey, Jefferson, Mandeville, New Orleans (3), Slidell, Thibodaux, and Westwego.
Credit Union Overview
ASI Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 11.64% (above average) based on December 31, 2016 data. ASI has an excellent capitalization level (12.55%), the result of holding $313.11 million in assets with $39.3 million in equity. Please refer to our financial overview of ASI Federal Credit Union (NCUA Charter # 14692) for more details.
ASI Federal Credit Union was established in 1961 to serve the blue-collar workers of Avondale Shipyards, Inc. ASI is currently the eighth largest credit union in Louisiana, with more than 56,300 members and assets in excess of $313 million. In keeping with its Mission Statement of “To strengthen the financial health of underserved communities through financial services and education,” ASI participates in the Department of Treasury’s Community Development Financial Institution program.
As a certified Community Development Financial Institution, ASI is specifically a community development credit union (CDCU). CDCUs offer an economic lifeline to low-income communities that have been abandoned by commercial banks and targeted by high-priced check cashers and predatory lenders. CDCUs also provide a platform to serve the broader community through outreach to disadvantaged populations and neighborhoods, participation in government programs, and partnerships with the private sector in community revitalization efforts.
How the CDs Compare
When compared to the 181 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available within the FOM, ASI Federal Credit Union's 48-month CD APY currently ranks first.
When compared to the 203 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available within the FOM, ASI Federal Credit Union's 60-month CD APY currently shares the top spot with MutualOne Bank’s 61-month CD APY.
*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.
These rates are accurate as of 5/9/2017.