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5.71% 6-Month CD at Northrop Grumman FCU - Easy Membership

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Northrop Grumman Federal Credit Union
Northrop Grumman FCU is offering high rates on its 6-month and 12-month certificates. The 6-month certificate with a $40,000 minimum has a 5.71% APY. The 12-month CD is at 5.55% APY. The CDs with a minimum of $2,500 have rates about 0.25% lower.

Northrop Grumman has been maintaining competitive short-term CD rates for awhile. Although the rates have remained competitive, they do fluctuate each week. My last report on them was in January.

In addition to employees of Northrop Grumman, the credit union's field of membership includes members of the Southern California Historical Aircraft Foundation. The credit union allows you to join this foundation concurrently with your membership to the credit union.

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:
Members of the Southern California Historical Aircraft Foundation (SCHAF). 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 $569.3 million in assets and over 49,331 members.

  Tags: CD rates, Northrop Grumman Federal Credit Union

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Comments
4 Comments.
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
The rates dropped a little last Tuesday, but they're still high. The 6-month CD for the $40K min is 5.69% APY.

1
Comment #2 by Anonymous posted on
Anonymous
They also do an Equifax check for your credit history etc.

So be sure you wanna do that.

1
Comment #3 by Anonymous posted on
Anonymous
Opened an account today with no hassles at a local branch. Rep advised opening an account online takes a lot longer as they have to confirm everything is legit. She recommended to anyone interested that they open it up in person if possible. She was impressed their CU was being highlighted on the web. Overall great service, felt extremely comfortable and confident. Thanks banking guy I would have never known they existed if it had not been for you.

2
Comment #4 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Glad the account was easy to open.

2