Northrop Grumman FCU just made a significant bump to the rates of its certificates with terms of 2 years and longer. For a minimum deposit of $40,000, the yields now range from 5.48% APY for a 24-month CD to 5.65% APY for a 60-month CD. Rates for CDs with a $2,500 minimum are about 0.26% lower. Similar rates are also available for IRAs.
For much of this year, Northrop Grumman FCU has been maintaining competitive short-term CD rates. The 6-month and 1-year rates are still competitive at 5.46% and 5.47% APY, but they have gone down since my last report in March. Note that rates have been changing once a week.
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.
The membership application 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.
A reader from my last NGFCU post confirmed that accounts can be opened online, but was told by a service rep that it's much quicker by visiting a local branch. Another reader warned that NGFCU does a credit check via Equifax which may be a hard pull that will slightly ding your credit score. Some other small downsides of membership were listed in the FAQ of the 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.