In the past eight years, I’ve written a few times about products offered by the New Orleans-based RiverLand Federal Credit Union (RiverLand). Currently, the most competitive product at RiverLand is the 60-month Certificate (2.10% APY). The minimum deposit is $1k, with no balance cap.
|2.10%||$1k||-||RiverLand Federal Credit Union||60 Month Certificate|
|2.10%||$1k||-||RiverLand Federal Credit Union||60 Month IRA Certificate (Traditional, Roth, CESA)|
|2.10%||$2k||-||RiverLand Federal Credit Union||60 Month HSA Certificate|
The 60-month Share Certificate is also available as an IRA (Traditional, Roth, and CESA) and HSA, earning the same APY and with the same funding requirements.
In a Live Chat, CSR stated that the Early Withdrawal Penalty is formulaic, with "½ of whatever dividends are yet to be paid" being forfeited.
Headquartered in New Orleans, RiverLand Federal Credit Union offers membership eligibility through a variety ways:
Easy Membership: Credit Union membership is "extended to all members of the New Orleans Art Council."
That simple statement leads to some commentary on my part. As I was reviewing DA’s Bank Page for RiverLand, I saw there were some comments by a few out-of-state readers who had a less than satisfactory experience trying to join RiverLand via the Arts Council New Orleans (Arts Council). As these comments were made more than five years ago, I contacted the Credit Union to see what kind of reception I would get, and I was pleasantly surprised.
First of all, CSR was neither surprised nor dismissive when I said I was from out-of-state. She stated that there were "quite a few non-local members," but I would first have to join the Arts Council ($75 plus tax for a one-year membership), and then forward the email confirming my Arts Council membership with my RiverLand application. She pointed out that there was a link to the Arts Council’s website on RiverLand’s membership page to facilitate the process.
Employment: Employees and retirees of more than 25 Eligible Employer Groups are also eligible for membership.
Relationship: In addition, family members of existing RiverLand members are also eligible to join. Family members is defined in this instance as, "spouses, children, parents, siblings, grandchildren, grandparents, great-grandchildren, great-grandparents, and step-relatives."
Joining RiverLand and/or opening a CD can be done by mail, or in person at any of five Louisiana branches located in Gretna, Jefferson, Killona, Morgan City, and New Orleans. RiverLand also has two branches in Mississippi (Jackson and Port Gibson) and a branch in The Woodlands, Texas.
Credit Union Overview
RiverLand Federal Credit Union (NCUA Charter # 24860) has an overall health rating of "B+" at DepositAccounts.com, with a Texas Ratio of 2.28% (excellent) based on March 31, 2016 data. In the past year, RiverLand has increased its total deposits by $566k, an above average annual growth rate of 0.33%. Please refer to our financial overview of RiverLand Federal Credit Union for more details.
Originally chartered in 1978, RiverLand describes its initial status as an "occupational credit union." RiverLand is currently the 15th largest credit union in Louisiana, with more than 14,600 members and assets in excess of $205 million.
How the CD Compares
When compared to the 114 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, RiverLand Federal Credit Union's 60-month Certificate APY currently ranks in the top seven. The following is a sampling of those seven CDs.
The above rates are accurate as of 6/8/2016.