Top Long-Term CD Rates at INOVA FCU in Several States - Easy Membership
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INOVA Federal Credit Union is offering some competitive long-term CD rates. The two best include a 3.05% APY 6-year CD and a 2.75% APY 5-year CD. The rates are 10 basis points higher for IRA CDs. Minimum deposit is $200. These rates are listed on the credit union's certificates page as of 11/04/2010.
As a comparison with internet banks, the best 5-year CD rate is currently 2.75% APY at Sallie Mae Bank.
The credit union also offers a high-yield reward checking account that pays 4.00% APY on balances up to $20K as of 11/04/2010. The 4.00% APY has held since my first report on this account in April 2010.
One odd thing regarding their CD rates is how much difference there is between the short-term rates and the long-term rates. For example, the 1-year CD rate is only 0.25%. This made me a little worried about the early withdrawal penalty. I couldn't find it mentioned on the website. I called the credit union this morning. The CSR didn't know the penalty and is checking on this for me. I'll update the post when I hear back.
Membership and Online Application
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 INOVA" 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 any of the CDs. 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 has an overall health score at DepositAccounts.com of 3 out of 5 with a Texas Ratio of 28.64% (above average) based on June 2010 data. Please refer to our financial overview of INOVA Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 4968).
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com:
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