It’s been about four years since I last wrote about AlaskaUSA Federal Credit Union (AlaskaUSA). The occasion for this blog post is AlaskaUSA’s new, limited-time 36 Certificate Special. Earning 4.55% APY, a 36 Certificate Special can be opened with a $500 minimum deposit, with no stated balance cap. In addition to a term of 36 months, a term length of up to 47 months may be chosen with this same rate.
|5.00*%||$500||-||Global Credit Union (AK)||36 - 47 Month Tax-Deferred IRA (Traditional, Roth, SEP)|
|3.20*%||$250k||-||Global Credit Union (AK)||36 - 47 Month CD|
|OTHER TIERS: 2.90% → $500 - $100k | 3.05% → $100k - $250k|
The CD is also available as an IRA CD (Traditional or Roth), earning the same APY with the same deposit requirements.
As stated in the Share Account Statement Disclosure (page 16), the Early Withdrawal Penalty (EWP) reads as follows:
If the maturity period (term) of the Certificate is 730 days or more, you shall forfeit an amount equal to the lesser of:
- 365 days of dividends on the amount withdrawn, or
- all dividends on the amount withdrawn since the date of issuance or renewal.
Partial withdrawals are allowed, but if a withdrawal would lower the balance below the required minimum, the certificate will be closed and the EWP will apply to the entire balance.
Headquartered in Anchorage, AlaskaUSA Federal Credit Union’s field of membership (FOM) is currently community-based, with individuals who live, work, worship, or attend school in Alaska, Washington, San Bernardino County (California), and Maricopa County (Arizona) eligible to join.
I described the FOM as “currently community-based” because the FOM will be changing in the near future. Effective April 3, AlaskaUSA will rebrand as Global Credit Union, following the merger of Washington-based Global Credit Union into AlaskaUSA. According to a Credit Union Times January 20, 2023 article, a change to the credit union’s charter will now allow “anyone working in the U.S. Department of Defense, anywhere in the world, to join the credit union.”
For such a large credit union, it is surprising AlaskaUSA doesn’t have an online membership application, or even a PDF of the membership application available for download. Joining AlaskaUSA can be done at any of 84 branches located in Alaska (23), Arizona (12), southern California (6), and Washington (15) or by calling the 24-hour Member Service Center (800.525.9094). Appointments are available and can be scheduled online.
Opening a Certificate Special can be done at any of the above-mentioned branches or by calling the 24-hour Member Service Center (800.525.9094). Existing Alaska USA members can open a Certificate Special by using the credit union’s online banking system in three easy steps.
1. Sign into your account
2. Select the Account Profile tab, then the Open New Shares link below the tabs
3. Follow the onscreen instructions to open your new certificate account
Funding and Other Details
The following information is from a conversation with CSR.
- Funding – ACH, Wire, check, Shared Branch transaction.
- CO-OP Shared Branch Participant – Yes.
- Dividends – Compounded/credited monthly and can be withdrawn penalty-free.
- Maturing Funds – Cashier’s check to address on file, internal transfer to AlaskaUSA savings/checking account.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers are required.
- Grace Period – 7 calendar days before automatic renewal.
- Credit Check – None.
Credit Union Overview
AlaskaUSA Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 7.29% (excellent) based on September 30, 2022 data. In the past year, AlaskaUSA has increased its total non-brokered deposits by $970.73 million, an excellent annual growth rate of 10.14%. Please refer to our financial overview of AlaskaUSA Federal Credit Union (NCUA Charter # 5913) for more details.
AlaskaUSA Federal Credit Union is currently the largest credit union headquartered in Alaska and the 15th largest credit union in the country, with more than 767,000 members and assets in excess of $11.9 billion. Chartered in 1948 as the Alaskan Air Depot Federal Credit Union, the original FOM was exclusive to military personnel and federal employees stationed in pre-statehood Alaska. The AlaskaUSA rebrand occurred in 1975 as its FOM diversified, including the addition of ten Alaska Regional Native Corporations. Between 1983 and 2010, AlaskaUSA merged or acquired six credit unions in Washington and California, and in 2014, opened its first Arizona branch. As mentioned above, AlaskaUSA will re-brand as Global Credit Union in early April 2023, following the acquisition of Global Credit Union.
How the 36-Month Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, one bank and two credit unions have higher rates than currently offered on the Alaska USA Federal Credit Union 36-Month Certificate Special. The following table compares the 36-Month Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 1/31/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.