American Heritage Credit Union based out of Philadelphia, PA is offering some highly competitive CD (certificate of deposit) rates to their members currently featuring APYs (annual percentage yields) up to 4.05%.
American Heritage Credit Union is a member-owned financial cooperative and all deposit accounts are federally insured by the NCUA up to $250,000 per depositor.
They were founded in 1948 and are in the top 100 credit unions nationwide by assets and membership serving over 250,000 members with more than $4 billion in assets.
They offer 19 standard CDs with terms ranging from 3 months to 5 years. They also have a number of promotional CDs available as well.
If you don’t live near one of their 35 locations across Philadelphia, Bucks, Montgomery, Delaware and Camden Counties, you can still join the credit union by becoming a member of their partner organization Kids-N-Hope. Once you become a member you can open any of American Heritage Credit Union’s CDs online. Learn more below.
American Heritage Credit Union CD Rates + Account Details
American Heritage Credit Union CDs require a minimum deposit of $500 to open and can be opened as IRA CDs as well.
|4 month (Special)||4.00%|
|18 month (Legacy Club)||3.10%|
📍 Please note – The 4 month promotional CD requires new money to the credit union and has a maximum deposit limit of $2,000.
To put these CD rates above into perspective, the current national average for a 12 month CD and a 60 month CD sit at just 0.60% and 0.74% APY, respectively, according to FDIC data.
That said, the highest yielding 12 month CDs and 60 month CDs are now topping 3.0% and 4.0% APY, respectively, with American Heritage Credit Union being among the rate leaders for their long term CDs.
Compounding and Crediting Interest
American Heritage Credit Union CDs feature daily compounding interest. By default the interest gets deposited to your CD for further compounding, however, for CDs with terms longer than 12 months members may choose to have this interest paid to them by check or transferred to another account of theirs. This is great for folks who use the interest as income, but just remember if you do this compounding interest does not apply.
Grace Period and Early Withdrawal Fees
American Heritage Credit Union CDs have a 7 calendar day grace period upon maturity in which you may add or withdraw any/all funds without incurring a penalty fee. If nothing is done during this period the CD will automatically renew.
If you need access to your CD’s funds prior to its maturity you will incur an early withdrawal fee. The fees are based on the term of the CD.
Early withdrawal fees are as follows:
|11 months or less||90 days’ interest|
|12 – 35 months||180 days’ interest|
|36 months or longer||360 day’s interest|
You can learn more about their CDs by reading their Truth in Savings disclosure.
The easiest way to join is if you live in the greater Philadelphia area and can go into one of their physical branches.
For those outside of that region just looking to take advantage of their competitive CD rates, you can easily join Kids-N-Hope with a one-time $5.00 donation.
Kids-N-Hope was formed by American Heritage Credit Union back in 1996. Doing this made AHCU the first credit union to create its own charitable organization.
The Kids-N-Hope foundation primarily provides financial support for the Music Therapy Program at the Children’s Hospital of Philadelphia, PA.