Dedicated to Deposits: Deals, Data, and Discussion

6.00% 60-Month CD at Agriculture FCU (Open to All)

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Agriculture Federal Credit Union
Agriculture Federal Credit Union just increased the rate on its 5-year share certificate from 5.65% to 6.00% APY. The minimum deposit is $1,000, and it's also available in an IRA. According to the Truth in Savings page, the early withdrawal penalty is at most 180 days of interest.

The field of membership includes members of CityDance Ensemble. CityDance has open membership to anyone who pays membership dues of $20.00. This membership can be done at the same time that you apply for credit union membership. AFCU has an online membership application in which you can join CityDance for $20, join the credit union for a $5 inital deposit to the Primary Share account, and open the CD.

The FOM also includes those who live, work or worship in Washington DC plus other group affiliations.

AFCU just ended its "Let it Grow" 6.10% 16-month CD special yesterday. There must have been lots of demand for that CD because that special didn't last much longer than a week (see post). A few readers commented that they were able to join the credit and fund the CD using AFCU's online application. You can fund the AFCU accounts with a transfer from your current checking account. The transfer to the share account is limited to $10K but there doesn't seem to be a limit to the amount you can transfer into the CD.

There are a few fees at AFCU that you should be aware of. According to their schedule of fees page:
  • $2/month fee if your savings account average monthly balance drops below $100
  • $3.50 fee for no activiy for 6 months
  • $2 fee for a standard online funds transfer and $6 for a premium transfer

AFCU offered several 6-percent-plus CDs in late spring and early summer (see post). Even after these 6% CD specials, they've maintained competitive yields on their standard CD's. For the last several months, they've maintained a 5.65% APY for the 60-month CD. With frequent CD specials and competitive standard rates, this might be a credit union to join for the long term.

Branches are located in Washington DC, Riverdale, Maryland, and Alexandria, Virginia. They also are part of National Shared Branching network in which you can use local credit unions to access your account and conduct many transactions.

AFCU is NCUA insured. It has $192 million in assets and almost 24,000 members.

Thanks to the reader who mentioned this new 6% CD.
  Tags: Agriculture Federal Credit Union, Virginia, Maryland

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Comments
9 comments.
Comment #1 by Anonymous posted on
Anonymous
What about the $3.50 fee for no activiy for 6 months? If I open a 60 month CD and leave it alone, will I be charged $3.50 every 6 months? Has anyone looked into this? Thanks.

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Comment #2 by Anonymous posted on
Anonymous
The CU does not charge the fee for CD accounts but this fee would apply to the share savings account which everyone needs to open/fund for membership so there need to be some activity every six months.

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Comment #3 by Anonymous posted on
Anonymous
Are there any suggestions of handling the activities easily?

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Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Yes, the no-activity fee would be for the savings. I would think you could do an ACH transfer initiated by your online bank account to count as a transaction.

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Comment #5 by Anonymous posted on
Anonymous
Question: What is the 2 dollar standard transfer fund fee? Secondly, what is the premium transfer? I have the fund at another bank.

Wished we didn't have to have a share savings at all. Just wanted the cds and that it.

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Comment #6 by Anonymous posted on
Anonymous
Let me get this straight and correct me if i am wrong please. We have to maintain a 100 dollar in the savings, activity of saving to avoid 3.50 fee, but it cost 2 dollars to have ACH transfer initiated in order to have "an activity" on this savings account. So it best to have like 150 dollars in the savings to avoid this 2 dollars from making your savings drop below 100 and getting hit by another fee. By the way, how much can i transfer online from another bank?

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Comment #7 by Banking Guy (anonymous) posted on
Banking Guy
I just opened the CD online yesterday. I'll post more on this later. For the CD, there was no restriction listed to the amount that could be electronically transfered. There was a $10K cap for the savings. The external account can be either a checking or a savings account. You just need the routing and account number.

I'll have to call to get more info on these fees. They were off yesterday for the holidays.

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Comment #8 by Banking Guy (anonymous) posted on
Banking Guy
Here's my post on my experience joining AFCU and opening this CD.

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Comment #9 by Anonymous posted on
Anonymous
6% gone, rates are down to 5.5%.

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