3.00% 48-Month CD at INOVA FCU in Several States - Easy Membership

INOVA Federal Credit Union is offering a special 4-year CD with a 3.00% APY. This is also available as an IRA with a 3.10% APY. These rates are listed on the credit union's front page as of 4/11/2010.

The credit union also has a high-yield reward checking account (see review).

Membership

Credit union membership is primarily based on employment or membership in one of many organizations. Refer to the credit union's become-a-member page for more details. On the front page there's a "Join Now" link at to top left of the page. This link takes you to an online application provided by loanspq.com. One of the options for eligibility listed in this application includes:

You may elect to join one of the approved not for profit organizations such as Cass County Conservation Club or the Elkhart River Restoration Association.

The online application allows you to select the 4-year CD. You are also required to open a savings account with a minimum balance of $5.

Credit Union Overview

Branches are located in the Indiana cities of Elkhart, Michigan City, Mishawaka and Granger. Other branches are located in Berkeley, California; Tarrytown, New York; Orange, Connecticut; Clayton, North Carolina; and Morristown and Wayne, New Jersey. It's also part of the Credit Union Service Center which allows you to perform basic transactions at branches of other credit unions around the nation.

According to the credit union's About page

Established in 1942, INOVA FCU was originally chartered to serve the employees of Miles Laboratories.

According to Wikipedia

Miles operated as an independent firm from 1884 until 1979 and as a wholly-owned subsidiary of Bayer AG from 1979 until 1995, when it was consolidated into the parent corporation.

The credit union's ratings for safety and soundness are a little weak: 2 stars (problematic) at BauerFinancial (based on 12/31/09 data) and 2 stars (below peer group) at Bankrate.com (based on 9/30/09 data). The credit union is federally insured by the NCUA (Charter # 4968).

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