Added to the product line less than two months ago, CommunityAmerica Credit Union’s (CommunityAmerica) 14-month Share Certificate currently earns 1.00% APY. The minimum opening deposit is $500, with no stated balance cap.
The 14-month Share Certificate is also available as an IRA Share Certificate (Traditional, Roth, CESA), earning the same APY with the same deposit requirements.
The 1.00% APY is, by far, the most competitive Share Certificate APY offered by CommunityAmerica. The other rates range from 0.30% APY (12-month) to 0.55% APY (60-month).
According to CSR, partial withdrawals are not allowed: the 14-month Share Certificate can only be closed early. If the closure occurs within the first 12 months of the term, the early withdrawal penalty (EWP) is 90 days interest. If the Share Certificate is closed after the first 12 months, the EWP is 180 days interest.
Now through October 31, 2020, CommunityAmerica is offering a $150 cash bonus when opening a new Chiefs Checking account and meeting the following requirements.
- Provide your email address
- Enroll in eStatements
- Set up a recurring monthly direct deposit of at least $250 (not aggregated)
Within 30 days of meeting the above qualification requirements, the $150 bonus will be posted into the primary account owner’s membership savings account. The account must be open and in good standing at the time of payout to qualify for the bonus. There is a limit of one $150 bonus per account and per member.
Current members with an existing Chiefs Checking or Cashback Free Checking account, or with a Chiefs Checking or Cash Back Free Checking account that have been closed within the past six months do not qualify for the bonus offer.
The Chiefs Checking account is not a high-yield reward checking account, as it earns 1% cash back, up to $5 per month, on monthly point-of-sale debit card transactions, if the following are met:
Enrolled in eStatements Monthly direct deposit of at least $250 posted to one deposit-suffix 15 posted point-of-sale debit card transactions per month to a single checking-suffix
Enrolled in eStatements 25 posted point-of-sale debit card transactions per month to a single checking-suffix
High Interest Savings
CommunityAmerica’s High Interest Savings account currently earns 4.00% APY on balances up to $1.5k; balances over $1.5k earn 0.25% APY. Earning the 4.00% APY is dependent on having a checking relationship and meeting the requirements listed above. There is a limit of one High Interest Savings account per member and is only available as a consumer account.
CommunityAmerica’s Profit Payout shares a portion of its profits with members.
Based on the average balance in qualified products across the six categories, members in good standing are eligible to receive a portion of the payout. Profit Payout must be approved annually by CommunityAmerica’s Board of Directors and is not guaranteed.
All members in good standing and who have qualified products in at least three of the six categories for the full calendar year. Profit Payout would be pro-rated for accounts opened less than one year.
Headquartered in Lenexa, Kansas, CommunityAmerica Credit Union’s field of membership (FOM) is residency-based, with individuals who live or work in the Kansas counties of Douglas, Jackson, Jefferson, Johnson, Leavenworth, Miami, Shawnee, Wyandotte, or the Missouri counties of Clay, Platte, or St. Louis eligible to join.
Family members of existing CommunityAmerica members also qualify for membership. Eligible family members include spouse, child, sibling, parent, grandparent, grandchild, aunt/uncle, niece/nephew, or legal guardian, including step-, in-law, and adoptive relationships.
Joining CommunityAmerica and/or opening a CD can be done online, or at any of 11 Kansas branches, located in Kansas City, Lansing, Leavenworth, Lenexa, Olathe (3), Overland Park (2), Prairie Village, and Shawnee, or 25 Missouri branches, located in Blue Springs (2), Bridgeton, Grandview, Independence (3), Kansas City (11), Lees Summit (2), Liberty, North Kansas City, Pleasant Valley, and Raytown (2). As of yesterday, all the Kansas and Missouri branch lobbies are open to walk-in traffic.
A membership account is required to join the Credit Union. This account acts as a regular savings account, and you are required to hold $1.00 in this account for membership.
CommunityAmerica participates in the CO-OP Shared Branch network and ATM network.
As a credit union member, you also have access to nearly 30,000 surcharge-free ATMs and 5,000 shared branches through the CO-OP network.
Credit Union Overview
CommunityAmerica Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.04% (excellent) based on June 30, 2020 data. In the past year, CommunityAmerica has increased its total non-brokered deposits by $609.28 million, an excellent annual growth rate of 25.83%. Please refer to our financial overview CommunityAmerica Credit Union (NCUA Charter # 67664) for more details.
Established in 1940 as the TWA Club Credit Union, the original FOM was exclusive to airline employees. By the end of the first year of operation, the credit union had more than $20,000 in assets and 644 members. In 1992, the name was changed to Members America Credit Union and six years later, a merger with CommunityAmerica Credit Union occurred. In 2007, CommunityAmerica merged with Midwest United Credit Union, becoming one of the largest credit unions in the US. CommunityAmerica is currently the largest credit union headquartered in Kansas (and the 83rd largest credit union in the country), with nearly 251,000 members and assets in excess of $3.5 billion.
How the Share Certificate Compares
When compared to 305 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, CommunityAmerica Credit Union’s 14-month Share Certificate APY currently ranks fourth.
The above rates are accurate as of 10/9/2020.
Looking for the best CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.