Louisiana-based Carter Credit Union (Carter CU) is currently offering competitive rates on all of its Share Certificates, with the 12-month Share Certificate having the best APY. Terms of 36 months or more receive an additional 10 bps for three or more additional account relationships. The minimum deposit for any of these Share Certificates is $1k, with no stated balance cap.
These rates have been in effect since the beginning of the year and have become more competitive in the current falling rates environment.
The Share Certificates are also available as IRA Certificates (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements. (The 10 bps increase associated with the additional account relationships also applies.)
As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:
Terms of 12 months or less – 90 days’ dividends
Terms of 12 months or longer – 180 days’ dividends
Terms of 24 months or longer – 270 days’ dividends
Terms of 36 months or longer – 360 days’ dividends
Dividends are credited monthly and can be withdrawn or continue to compound in the Share Certificate. There is a 10-day grace period before a Share Certificate automatically renews.
Rewards Checking and Rewards Savings
Five years ago, I wrote about Carter CU’s Beyond Rewards Checking, which then earned 2.50% APY on qualifying balances up to $10k. That rewards checking account has apparently gone beyond and come back, because it’s now known simply as Rewards Checking, earning 2.25% APY on qualifying balances up to $10k.
|2.25*%||-||$10k||Carter Credit Union||Rewards Checking|
|OTHER TIERS: 0.25% → $10k+|
While the Rewards Checking $10k balance cap limits potential annual earnings to $225, when combined with the Rewards Savings (1.51% APY on qualifying balances up to $25k), the potential annual earnings are approximately $600 (1.71% APY/$35k).
The Rewards Checking qualifying requirements include,
- At least 11 debit card transactions
- At least one direct deposit or ACH debit
- Be enrolled in and receive e-Statements
The Rewards Checking account requires a $100 minimum opening deposit, but has no monthly service fees or minimum balance requirement to earn rewards. Nationwide ATM fees will be reimbursed up to $25 per month, if the qualifying requirements are met. Individual ATM fees of $5 or higher require a receipt for reimbursement.
Headquartered in Springhill, Louisiana, Carter Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the northwestern Louisiana Parishes of Bienville, Bossier, Caddo, Claiborne, DeSoto, Red River, and Webster, or the southern Arkansas counties of Columbia and Lafayette, eligible to join.
Joining Carter CU and/or opening a Share Certificate can now be done online or at any of eight Louisiana branches, located in Bossier City, Coushatta, Mansfield, Minden, Shreveport (3), and Springhill, or the sole Arkansas branch in Magnolia.
Opening a Basic Savings Account with a minimum $5 deposit ($4 of which is a Membership Fee) establishes a new membership at Carter CU.
Carter CU participates in the CO-OP Shared Branch network and the Allpoint ATM network.
All Carter members have the benefit of doing business at credit unions across the country through Shared Branching. This benefit allows you to transact your credit union business at any credit union nationwide that is a member of a Credit Union Service Center. A Service Center is a network of offices shared by many credit unions.
Credit Union Overview
Carter Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.45% (excellent) based on March 31, 2021 data. In the past year, Carter CU has increased its total non-brokered deposits by $75.52 million, an excellent annual growth rate of 29.43%. Please refer to our financial overview of Carter Credit Union (NCUA Charter # 9164) for more details.
Most credit unions have names that are descriptive of its membership or location. Carter Federal Credit Union is unique in that it bears the name of its founder, Floyd Carter, a paymaster at International Paper Company in Springhill, Louisiana. Mr. Carter obtained a charter in 1954 to establish a credit union in an effort to protect International Paper employees from predatory lending practices. Sixty-seven years later, Carter Credit Union is the eighth largest credit union headquartered in Louisiana, with nearly 35,000 members and assets in excess of $525 million.
How the Share Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Carter Credit Union’s 12-, 24-, 36-, and 60-month Share Certificate APYs currently rank first.
The above information and rates are accurate as of 7/19/2021.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.