Dedicated to Deposits: Deals, Data, and Discussion

High Rate CDs and Easy Membership at Northrop Grumman FCU

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Northrop Grumman Federal Credit Union continues to have high rates on all of their CDs especially for the $40K Jumbo CDs. The 6-month CD has the highest rate with a 5.53% APY. The 12-month CD is also very competitive at 5.41% APY. The CDs with a minimum deposit of $2.5K have rates about 0.25% less than the $40K minimum ones.

NGFCU's IRA CD rates are a little lower than the regular certificate rates. They had been offering IRA CD rates as high as 6.39% last October and as high as 6.60% last July.

In addition to employees of Northrop Grumman, the credit union's field of membership includes members of the Southern California Historical Aircraft Foundation. Anyone can join this foundation.

One new thing that I just noticed about membership into NGFCU, is that it can be done online (both membership into the aircraft foundation and into the credit union). The link to the online application is at the top left of the home page (Picture with the words "Take Ownership Join Online Now!"). I noticed the following in that application:
If you are not currently a member of SCHAF and you wish to join through SCHAF membership, you will receive a one-year membership in SCHAF concurrent with your lifetime Credit Union membership.

So it looks like you can join NGFCU as easy as you can join Penfed (see my post on Penfed).

Some of the small downsides of membership were listed in the FAQ of this application. These included:
The only requirement for membership is an initial deposit of $8.00 (includes a one-time $3.00 membership fee).

Members who maintain a quarterly average daily balance or have a total balance in all shares at the end of each quarter of at least $100, or have an outstanding balance on a loan on the same account number during that quarter will be in good standing. Accounts that fall below this minimum requirement will be assessed an account maintenance fee of $6.00 per quarter.

NGFCU has branches in several cities of California, Illinois, Maryland, Virginia, Louisiana and Florida.

The credit union is NCUA insured. It has $574 million in assets and 49,689 members.

Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
Note: NGFCU rejected my IRA application after they did a credit check and noticed all the recent activity (i.e. I opened up 5 new online banking/CU CD accounts across the country who did due diligence as well). Other than those inquiries, my credit history is spotless.

All these credit inquiries will expire in the short-term.

My explanation to them fell on death ears to say the least.

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Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to read about being rejected. That's the first time I've heard about a credit union or bank rejecting an application due to credit inquiries. I understand rejecting based on a bad ChexSystem report (due to account problems at other banks). But this definitely seems unfair.

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Comment #3 by Max (anonymous) posted on
Max
I hope not to scare you, but maybe your the victim of identity theft? I mean the bank inquiries are only 20% of your score max I think. Anyways, you might want to order a credit report just in case.

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