Northrop Grumman Federal Credit Union is offering special 9-month, 18-month, 30-month and 60-month CDs and IRA CDs. Unfortunately, these are not available to all members (see below). The best rates require a $40K minimum deposit. These are listed at the credit union's rates page as of 2/26/2010 and include:
- 1.92% APY 9 months
- 2.41% APY 18 months
- 2.81% APY 30 months
- 3.63% APY 60 months
Rates are about 25 basis points lower for a $2,500 minimum.
Unfortunately, unlike NGFCU's standard CDs, these specials are available to NGFCU members of record prior to 1/31/2010 and to NGC and LA Metro employees and their family members who are not current members. Note, this restriction is stated near the top of the rates page. This is the same promotion that NGFCU did last year (and the year before), so if you're not already a member, you may want to join now so you can take advantage if they offer this again next year.
For those who don't qualify for these promotions, NGFCU continues to have some competitive rates on its regular CDs. These are listed at the credit union's rates page as of 2/26/2010, and the most competitive ones include:
- 1.63% APY 6 months
- 1.87% APY 12 months
- 2.15% APY 24 months
- 3.32% APY 48 months
The above rates require a minimum deposit of $40K. Rates are about 25 basis points lower for a $2.5K minimum.
Anyone can qualify for NGFUC membership by joining the Southern California Historical Aircraft Foundation (SCHAF). The credit union website has an online application link that takes you to the Andera service where you can join the SCHAF, join the credit union and open accounts. According to the first page of the Andera application:
Members of the Southern California Historical Aircraft Foundation (SCHAF). When you join using this method, you will receive a free one-year membership in SCHAF concurrent with your lifetime Credit Union membership.
Refer to the credit union's eligibility page for more details. For more details about membership and their certificates, please refer to my 2008 Northrop Grumman FCU review post.
NGFCU has branches in several cities of California, Illinois, Maryland, Virginia, Louisiana and Florida.
NGFCU ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 24292).