I came across another credit union that's like PenFed in that they make it easy for anyone to join. The CD rates are not best for credit unions, but the long-term rates (3 and 5 years) are currently a little more competitive than what PenFed offers. I actually posted on this credit union in 2008 when they were offering some hot CD specials, but at that time they did not have an easy way to qualify for membership.
Andrews Federal Credit Union is offering three competitive long-term CD and IRA CD rates: 2.80% APY 5-year, 2.50% APY 4-year and 2.10% APY 3-year. Minimum deposit is $1,000. These rates are listed in the credit union's rates page as of 10/17/2010.
As you might expect, membership is open to personnel of Andrews Air Force Base. However, there's an association that you can join if you're not connected with the Air Force Base or other select employer groups. Here's what is stated in the credit union's membership page
Not eligible for Andrews Federal membership through one of the groups listed above? You can become eligible through our partnership with the American Consumer Council (ACC). When you join the ACC, you are eligible for membership at Andrews Federal, too. Membership in the ACC is free. For more information, please call 800.487.5500, option 3.
If you click on the "Open an Account" link on this membership page, you are taken to an Andera.com application. On the second page, if you click on "Association", you can select the option that states "I am interested in joining ACC so I will be eligible for membership at Andrews Federal Credit Union. Click here to join!" The "Click here" link takes you to the page where you can sign up for ACC.
Share Certificate Details
In the Andera.com application, they provide the disclosure documents. The Truth in Savings disclosure provides the CD details including the early withdrawal penalties. The penalty for terms of 2-years and longer is 180 days of interest. It also gives the credit union the right to refuse an early withdrawal request: "You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal."
Credit Union Overview
Branches are located in Maryland, Washington DC and New Jersey. It also has branches in the military bases in Germany, The Netherlands and Belgium.
The credit union has an overall health score of 4 out of 5 at DepositAccounts.com with a Texas Ratio of 2.04% (excellent) based on June 2010 data. Please refer to our financial overview of Andrews Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 5754).
Searching for the Best CD and IRA CD Rates
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