Banking

Carter Credit Union (LA/AR) Has Competitive CDs

Deal Summary: 12-month Share Certificate, 1.20% APY, $1k minimum deposit.

Availability: Residents of the Louisiana parishes of Bienville, Bossier, Caddo, Claiborne, DeSoto, Red River, and Webster, and the Arkansas counties of Columbia and Lafayette.

Louisiana-based Carter Credit Union (Carter CU) is currently offering competitive rates on all of its Share Certificates, with the 12-month Share Certificate having the best APY. Terms of 36 months or more receive an additional 10 bps for three or more additional account relationships. The minimum deposit for any of these Share Certificates is $1k, with no stated balance cap.

APY MIN MAX INSTITUTION PRODUCT DETAILS
1.65% $1k Carter Credit Union 60 Month Share Certificate
1.50% $1k Carter Credit Union 48 Month Share Certificate
1.40% $1k Carter Credit Union 36 Month Share Certificate
1.30% $1k Carter Credit Union 24 Month Share Certificate
1.20% $1k Carter Credit Union 12 Month Share Certificate

Rates as of August 4, 2020.

The Share Certificates are also available as IRA Certificates (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

APY MIN MAX INSTITUTION PRODUCT DETAILS
1.65% $1k Carter Credit Union 60 Month IRA Share Certificate (Traditional, CESA, Roth)
1.50% $1k Carter Credit Union 48 Month IRA Share Certificate (Traditional, CESA, Roth)
1.40% $1k Carter Credit Union 36 Month IRA Share Certificate (Traditional, CESA, Roth)
1.30% $1k Carter Credit Union 24 Month IRA Share Certificate (Traditional, CESA, Roth)
1.20% $1k Carter Credit Union 12 Month IRA Share Certificate (Traditional, CESA, Roth)

Rates as of August 4, 2020.

According to CSR, the Early Withdrawal Penalty for the 12-month Share Certificate is 90 days of dividends, with partial withdrawal permitted.

Rewards Checking and Rewards Savings

Four years ago, I wrote about Carter CU’s Beyond Rewards Checking, which earned 2.50% APY on qualifying balances up to $10k. That rewards checking account has apparently gone beyond and back, because it’s now known simply as Rewards Checking, earning 2.25% APY on qualifying balances up to $10k.

APY MIN MAX INSTITUTION PRODUCT DETAILS
2.25*% $10k Carter Credit Union Rewards Checking
OTHER TIERS: 0.25% $10k+
1.51*% $25k Carter Credit Union Rewards Savings
OTHER TIERS: 0.15% $25k+

Rates as of August 4, 2020.

While the Rewards Checking $10k balance cap limits potential annual earnings to $225, when combined with the Rewards Savings (1.51% APY on qualifying balances up to $25k), the potential annual earnings are approximately $600 (1.71% APY/$35k).

The Rewards Checking qualifying requirements include,

  • Have at least 11 debit card transactions.
  • Have at least one Direct Deposit or ACH transaction.
  • Be enrolled in and receive e-Statements.

The Rewards Checking account requires a $100 minimum opening deposit, but has no monthly service fees or minimum balance requirement to earn rewards. Nationwide ATM fees will be reimbursed up to $25 per month, with individual ATM fees of $5 or higher requiring a receipt for reimbursement.

Availability

Headquartered in Springhill, Louisiana, Carter Credit Union’s field of membership (FOM) is residency based, with individuals who live, work, worship, or attend school in the northwestern Louisiana Parishes of Bienville, Bossier, Caddo, Claiborne, DeSoto, Red River, and Webster, or the southern Arkansas counties of Columbia and Lafayette eligible to join.

Joining Carter CU and/or opening a Share Certificate can be done at any of seven Louisiana branches, located in Bossier City, Coushatta, Mansfield, Minden, Shreveport (2), and Springhill, or the sole Arkansas branch in Magnolia.

Please note our temporary hours and procedures have changed:

LOBBY HOURS:

9:00 AM to 10:00 AM: Reserved daily for at risk customers.
10:00 AM to 2:00 PM: Open to all other customers.
2:00 PM to 4:00 PM: By appointment only.

To schedule appointment please call us or text us at the appropriate branch.

Carter CU’s membership online application is just a “Contact Me” form. Following application submission, the Credit Union will then contact the applicant.

Opening a Basic Savings Account with a minimum $5 deposit establishes a new membership at Carter CU.

Carter CU participates in the CO-OP Shared Branch network and the Allpoint ATM network.

All Carter members have the benefit of doing business at credit unions across the country through Shared Branching. This benefit allows you to transact your credit union business at any credit union nationwide that is a member of a Credit Union Service Center. A Service Center is a network of offices shared by many credit unions.

Credit Union Overview

Carter Credit Union has an overall health grade of “B” at DepositAccounts.com, with a Texas Ratio of 14.63% (above average) based on March 31, 2020 data. In the past year, Carter CU has increased its total non-brokered deposits by $41.21 million, an excellent annual growth rate of 20.09%. Please refer to our financial overview of Carter Credit Union (NCUA Charter # 9164) for more details.

Most credit unions have names that are descriptive of its membership or location. Carter Federal Credit Union is unique in that it bears the name of its founder, Floyd Carter, a paymaster at International Paper Company in Springhill, Louisiana. Mr. Carter obtained a charter in 1954 to establish a credit union in an effort to protect International Paper employees from predatory lending practices. Sixty-six years later, Carter Credit Union is the eighth largest credit union headquartered in Louisiana, with more than 27,600 members, with assets in excess of $410 million.

How the Share Certificate Compares

When compared to 240 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Carter Credit Union’s 12-month Share Certificate APY currently ranks second.

Interest Rate CD Length of Term Credit Union/Bank
1.26% APY 12-Month Certificate Barksdale Federal Credit Union
1.20% APY 12-Month Share Certificate Carter Credit Union
1.10% APY 12-Month CD Pen Air Federal Credit Union

The above rates are accurate as of 8/5/2020.

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

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