Top 2-Year CD Rate at Northrop Grumman Federal Credit Union - Easy Membership

It has been a while since I last reported on Northrop Grumman Federal Credit Union. They used to regularly offer competitive CD and IRA CD rates, but that changed a couple of years ago. Consequently, they fell off my weekly summary lists. I'm glad to see some of their CD rates have been turning around. They are now offering a few competitive rates. The best one is the 2-year CD with a 1.70% APY for a $40K minimum deposit (1.55% APY for a $2.5K minimum). The longer-term CDs are a little less competitive. However, the shorter-term CDs are not competitive at all. These rates are listed at the credit union's rates page as of 7/12/2011.

Note, NGFCU typically changes rates on early Tuesday mornings, so these rates should last at least until next week.

The early withdrawal penalty is 182 days of interest on the amount withdrawn for terms over 12 months. CD details are available in the credit union's terms and conditions.

There's an online membership application, but it doesn't allow you to open a CD at the same time as applying for membership. You'll have to join first. I have more details in my old Northrop Grumman FCU CD review.

Membership

In addition to employees of Northrop Grumman and other companies, the credit union's field of membership includes members of the Southern California Historical Aircraft Foundation. The credit union allows you to join this foundation concurrently with your membership to the credit union.

The credit union has an online application (for both membership into the aircraft foundation and into the credit union). The link to the online application is at the top left of the home page. I noticed the following in that 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.

Credit Union Branch Locations

Most of Northrop Grumman Federal Credit Union branches are located in the Los Angeles and San Diego metro areas. There are also branches in Florida, Illinois, Louisiana, Maryland and Virginia.

Credit Union Overview

The credit union has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 5.68% (excellent) based on March 2011 data. Please refer to our financial overview of Northrop Grumman FCU for more details. The credit union is federally insured by the NCUA (Charter # 24292).

How These CD Rates Compare

Northrop Grumman FCU 2-year CD rates are inline with the best CD rates. As of 7/12/2011, the best nationally available 2-year CD rate is 1.77% APY at Self-Help Credit Union. For a bank, the best rate is 1.55% APY (for $25K minimum) at MetLife Bank.

Searching for Top CD Rates

To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.

Tags: Northrop Grumman Federal Credit Union, CD rates, IRA rates, California, Florida, Illinois, Louisiana, Maryland, Virginia