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3.96% 12-Month CD at Northrop Grumman FCU - Easy Membership

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Northrop Grumman Federal Credit Union
Update 1/27/09: The CD rates have fallen, but they remain very competitive. Refer to the credit union's rate table for the latest rates.

Northrop Grumman Federal Credit Union is offering two competitive short-term certificates: 3.42% APY for 6 months and 3.96% APY for 12 months. Minimum deposit is $40,000. The rates for a $2,500 minimum are 25 basis points lower. The 60-month CD is also competitive with an APY of 4.56% for $40,000 minimum and 4.30% APY for a $2,500 minimum. Similar rates are also available for IRAs. These rates are listed in the credit union's rate table as of 1/13/09. The credit union typically changes rates on Tuesdays so these should last through this 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.

For details about these CDs, fees, membership and opening accounts, please refer to my Northrop Grumman FCU review.

Branches are located in several cities of California including Los Angeles and San Diego. There are also branches in Illinois, Maryland, Virginia, Louisiana and Florida.

The credit union has some strong ratings for soundness: 4 stars (sound) at Bankrate and 5 stars (superior) at BauerFinancial. Both ratings are based on 9/30/08 financial data. The credit union is federally insured by the NCUA (Charter # 24292).

Other Top Certificate of Deposit Rates

Another credit union which is offering competitive CD rates is Western FCU. It has a promotional 13-month CD with an APY of 4.05% which is scheduled to last through January. Like Northrop, anyone can be eligible to join via an association membership. Also like Northrop, it has many branches in California (see post). For other top CD rates, please refer to my weekly rate summary. To find CDs local to your state, refer to my CD deals by state section.
  Tags: Louisiana, California, Northrop Grumman Federal Credit Union, Illinois, Virginia, CD rates, Maryland, IRA rates, Florida

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Comments
2 comments.
Comment #1 by goldsheet (Bob) (anonymous) posted on
goldsheet (Bob)
Some branches have restricted access:

"A Northrop Grumman badge is required to gain access to this location."

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Comment #2 by Anonymous posted on
Anonymous
I opened the 12 month bonus CD (3.9497% APY) today at the Rolling Meadows, IL location.

The "branch" consisted of one associate sitting behind a secured, windowless, unmarked door, just off the lobby. Visitors are required to ring a buzzer to request entry. The building address was not exactly as indicated on the web. My advice to anyone planning a branch visit: Call first to make sure it's open to the public and confirm exact address and building.

I joined through the Southern California Historical Aircraft Foundation, paying a $10 membership fee, in addition to $5 to open share account with NGFCU. As my share account is now showing a $15 balance, I'm unsure if $10 will later be transferred out to Aircraft Foundation.

Handling of membership through the Aircraft Foundation is not very clear. The CSR I initially got on the phone was not even aware of this option. After putting me on hold, she later gave me two different amounts for the membership fee. Upon visiting the Rolling Meadows branch, I received yet another set of directions. At my request for confirmation, the associate called presumably headquarters, passing along what amounted to a fourth answer.

If you should hear that the membership fee is more than $10 (plus $5 for share account), I suggest you request confirmation.

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