Dedicated to Deposits: Deals, Data, and Discussion

6.10% 16-Month CD at Agriculture FCU - $25K Min

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Agriculture Federal Credit Union
Agriculture FCU has started the "Let It Grow" certificate special with three high yield share certificates. The best deal is a 6.10% APY 16-month CD with a $25K minimum requirement. There are two CDs with an APY of 5.60%. One has an 8-month term with a $100K minimum and the other has a 25-month term with a $1K minimum deposit.

The field of membership includes members of CityDance Ensemble. CityDance has open membership to anyone that pays membership dues of $20.00. This membership can be done at the same time that you apply for credit union membership. They have 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.

In the online application, I noticed that it includes an option for the 16-month CD with the $25K minimum deposit. However, I've read that the credit union limits an electronic transfer to $10K from a newly linked funding account. I called their toll-free number, but was unable to get help since they were already closed for the Veteran's Day holiday.

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. So with competitive rates and online funding capabilities, this might be a good 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.

Credit for this find goes to the FW CD thread. There was also a useful FW thread on AFCU when it first started offering 6% CDs. The link to that thread is here.

  Tags: Agriculture Federal Credit Union, Virginia, Maryland

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Comments
4 Comments.
Comment #1 by Anonymous posted on
Anonymous
Thanks for the tip!
I just completed opening the
16 month CD.

I was able to fund the CD online with a transfer from my current checking account at another bank. There was no problem. The transfer to the share account was limited to $10,000. But the transfer to the CD just said "minimum $25,000" and it accepted a number much larger than that.

After you complete your application, you are instructed to print out a two-page form, sign it, and mail it in. All the information is already filled in on the form. Make sure your printer is on and has paper.

You will need to enter your drivers license number.

I also noticed on the fee schedule that it said there was a $2 monthly fee for share accounts under $100. I didn't know if this meant the total in all of your accounts or the amount in each account. So just to be on the safe side, I funded my basic share account with $100.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the detailed info. Glad to read you were able to electronically fund the CD without problems.

And thanks for noting the $2 monthly fee when your savings account balance is under 100. Here's a list of all the fees.

I also noticed at the bottom of the fee list a $2 fee for online standard funds transfer. So once your CD matures and if you transfer the money into your savings account, it may be better to pull the money from the ACH system of another bank (like GMAC's money market account).

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Comment #3 by Anonymous posted on
Anonymous
I'd also be concerned about the inactivity fee: $3.50 after just 6 months.

1
Comment #4 by Anonymous posted on
Anonymous
Looks like they no longer offer 6.10% APY 16-month CD, according to today's update.

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