Dedicated to Deposits: Deals, Data, and Discussion
Fort Knox Federal Credit Union1.00%$500-23 Month CD Special
Fort Knox Federal Credit Union0.25%$500-6 Month CD
Fort Knox Federal Credit Union0.15%$500-3 Month CD
Accounts mentioned in this post. Rates as of August 28, 2014

Special CD Rates Rise at Fort Knox FCU - Easy Membership


Fort Knox Federal Credit Union

It's rare to see very competitive rates go up in today's environment. That happened yesterday at Fort Knox Federal Credit Union. The rates of its two CD specials went up by 5 basis points. The new rates are 1.75% APY for a 14-month term and 2.30% APY for a 23-month term. Minimum deposit is $500. These rates are listed on the credit union rates page as of the morning of 7/16/2010.

The credit union continues to have competitive standard CDs. As of 7/16/2010, the best ones include a 1.40% APY 3-/6-month CD and a 3.00% APY 60-month CD.

One reader emailed me about a very convenient way to open CDs. The credit union is part of the CU Service Center which allows you to take care of many banking transactions at a shared branch. The reader deposited a large check at a local credit union that belonged to this network. The deposit was made to his Fort Knox savings account. He called Fort Knox FCU that same day, and he was able to open the CD with the funds from the deposited check.

For more CD details, please refer to my previous post in which I discuss the early withdrawal policy and penalties.

Money Market Account

The credit union also continues to offer a top rate on its money market account. It's a tiered account with a 1.60% APY for balances of at least $50K as of 7/16/2010.

Visa Platinum Cash-Back Credit Card

The credit union also offers a great cash-back credit card with 5% cash back for gas and 1.25% cash back on all other purchases.

Membership Eligibility

Fort Knox FCU used to have a typical field of membership which included residents of several counties in Kentucky. However, earlier this year I noticed the following highlighted sentence in the credit union's membership eligibility page:

If you do not meet any of these eligibility criteria, you may qualify for membership by joining the American Consumer Council --it's free!

The American Consumer Council lists several credit union affiliates. In ACC's membership page it describes one way you can join:

You can contact one of the affiliated credit unions and complete their membership application. The process is simple. By joining through an affiliated credit union, you can join us for free!

Several readers have reported success in joining the credit union and opening CDs. One thing that has changed a little since my last post is that they list the Kentucky chapter for the American Consumers Council in the online application. I'm not sure if this was done to impede applications for those out-of-state. They have a toll-free number at 800-285-5669 for questions about membership. Many readers have been pleased with their customer service.

Credit Union Overview

Branches are located in several cities in Kentucky including Fort Knox, Radcliff, Elizabethtown and Campbellsville. Also, as I mentioned above, the credit union belongs to the shared credit union network that allows you to perform several banking transactions at shared branches across the nation.

The credit union continues to have strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial, 4 stars (sound) at and an overall health score of 4 out of 5 at (see our financial overview for Fort Knox FCU). These ratings are based on March 2010 data except for Bankrate which is based on 12/31/09 data. Fort Knox FCU is federally insured by the NCUA (Charter # 7000).

Related Pages: Fort Knox Federal Credit Union, Kentucky, CD rates

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Comment #2 by Anonymous posted on
It's been my experience that Fort Knox FCU does not always pay the advertised APY on their CD offerings. They advertise an APY to 2 decimal places, then calculate the corresponding APR, rounding it to 2 places ... and base the periodic payments on this rounded APR. This sometimes results in a lower APY than advertised.

Other banks and credit unions I have done business with over the years use an APR rounded to 3 places, which alleviates this issue.

Comment #4 by Anonymous posted on
Is it legal for the credit union to do this?This sounds like a bait and switch thing.If they advertize a APY it seems like they would be bound to pay the advertized APR.I would like to hear a responce from the credit union on this issue.