RiverFall Credit Union Has Highest CD Rates In Alabama

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Deal Summary: Share Certificates – 60-month (2.22% APY), 48-month (2.02% APY), 36-month (1.86% APY), 24-month (1.71% APY), $500 minimum deposit.

Availability: Residents of six west central Alabama counties.

Even though RiverFall Credit Union’s (RiverFall CU) long-term Share Certificates experienced substantial rate cuts in the beginning of April, the APYs are still competitive. In fact, these Share Certificates have some of the highest rates currently available in Alabama. Any of the Share Certificates can be opened with a $500 minimum deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.71%$500-RiverFall Credit Union60 Month CD
1.51%$500-RiverFall Credit Union48 Month CD
1.46%$500-RiverFall Credit Union36 Month CD
Rates as of September 18, 2020.

All the Share Certificates are available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.71%$500-RiverFall Credit Union60 Month IRA (Traditional, Roth, CESA)
1.51%$500-RiverFall Credit Union48 Month IRA (Traditional, Roth, CESA)
1.46%$500-RiverFall Credit Union36 Month IRA (Traditional, Roth, CESA)
Rates as of September 18, 2020.

As stated in the fine print on the Share Certificates page, the Early Withdrawal Penalty reads as follows:

90 days dividends for certificates with 18 month terms and above.

Thanks to the DA reader who let me know about RiverFall CU's great rates.

Kasasa Cash

RiverFall Credit Union’s Kasasa Cash currently earns 3.00% APY on qualifying balances up to $15k. Qualifying balances over $15k earn 0.25% APY, with non-qualifying balances earning 0.10% APY. The Kasasa Cash account was added to the product line in October 2018, with an initial 2.00% APY, with a balance cap of $5k. The rate was raised to 3.00% APY and the balance cap increased to $15k in August 2019.

The qualifying requirements include,

  • At least 12 debit card purchases
  • Be enrolled in and log into online banking
  • Be enrolled in and agree to receive e-Statements

The Kasasa Cash has no monthly fee, no minimum balance requirement, and no minimum opening deposit. Unlimited nationwide ATM fees will be reimbursed, if qualifying requirements are met.

Availability

Headquartered in Tuscaloosa, Alabama, RiverFall Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the Alabama counties of Bibb, Fayette, Greene, Hale, Pickens, or Tuscaloosa eligible to join. FYI – You must be at least 19 years old to open a RiverFall CU membership.

Joining RiverFall CU and/or opening a Share Certificate can be done online, or at any of three Alabama branches located in Northport and Tuscaloosa (2).

To open a savings account, a $5 minimum deposit is required. You must also maintain a minimum balance of $5. This account is required for membership and makes you an owner of RiverFall Credit Union.

RiverFall CU participates in the CO-OP Shared Branch network, giving its members access to more than 5,000 branches nationwide.

Easily and conveniently bank like you would at your home RiverFall branch.

Credit Union Overview

RiverFall Credit Union has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 4.53% (excellent) based on December 31, 2019 data. In the past year, RiverFall CU has increased its total non-brokered deposits by $6.1 million, an excellent annual growth rate of 5.93%. Please refer to our financial overview of IC Federal Credit Union (NCUA Charter # 60942) for more details.

Chartered in 1953, RiverFall Credit Union was originally known as the Tuscaloosa Teacher Credit Union, founded by a group of teachers in the Tuscaloosa school district. In 2015, the RiverFall rebrand occurred. According to a Tuscaloosanews.com article,

The credit union said in a news release that its leadership worked with an outside marketing firm to develop a name that would resonate with the community and be more inclusive of its market.

“RiverFall” encompasses a direct reference to the Black Warrior and Tombigbee rivers as well as the fall line in Alabama that separates the hilly Cumberland Plateau from the flat Coastal Plain. These rivers flow through the six counties of the credit union’s market, which includes Bibb, Fayette, Greene, Hale, Pickens and Tuscaloosa. The city of Tuscaloosa, where the credit union was established, was developed along this topographical trait known as the fall line.

RiverFall CU is currently Alabama’s 30th largest credit union, with nearly 11,000 members and assets in excess of $126 million.

How the Share Certificates Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, all of RiverFall Credit Union's longer-term Share Certificate APYs currently rank first.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Birmingham CD rates, 5-year CD rates

Comments
Competitive Long-Term CD Rates at Tuscaloosa Teachers Credit Union in AL - Local Only

Tuscaloosa Teachers Credit Union has several competitive long-term CD and IRA CD rates. The best ones are a 3.04% APY 5-year CD and a 2.02% APY 2-year CD. Minimum deposit is $1,000. As a comparison, one of the best internet banks, Sallie Mae Bank, is currently paying 2.75% APY for its 5-year CD. These credit union CD rates are listed at the credit union's rates page as of 10/13/2010.

According to the credit union's certificates page, the early withdrawal penalty for terms of 18 months and above is 90 days of...

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