Dedicated to Deposits: Deals, Data, and Discussion
Fort Knox Federal Credit Union1.40%$500-59 Month CD
Accounts mentioned in this post. Rates as of August 21, 2014

Top 59-Month CD Rate at Fort Knox Federal Credit Union - Easy Membership


Fort Knox Federal Credit Union

Fort Knox Federal Credit Union recently increased its 59-month CD rate from 2.00% to 2.25% APY which makes it the highest rate for a nationally available 5-year CD. The shorter term CDs are much less competitive. Minimum deposit is $500. This rate is listed on the credit union rates page as of 7/2/2012. Thanks to the reader who mentioned this change in the comments.

The early withdrawal penalty for the 59-month certificate is equal to 365 days of interest. This is specified in the small print below the rate table.

Fort Knox FCU is well known here as the credit union which raised the early withdrawal penalty on members' existing certificates. A member filed a complaint with the NCUA over this issue, but the NCUA ruled in favor of Fort Knox FCU's right to increase the EWP based on generic clauses in the membership agreement. I have the details in this post.

If this EWP incident isn't a deal killer for you, there are several nice perks with Fort Knox FCU membership. First, the credit union is part of the CU Service Center which allows you to take care of many banking transactions at a shared branch. In 2010 a reader described how he easily opened a Fort Knox FCU CD by 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.

The credit union offers a free checking account with free ATMs worldwide.

Fort Knox FCU 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

According to 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!

There's a "Become a member" link on this page which takes you to an online application. In the online application where you select how you're eligible to join, it states:

If you can't find an eligibility requirement to match your situation, you can still join the credit union. Just select the "I'm eligible for membership through" drop down to the left and choose the "other" option.

Membership requires a one-time $10 fee and a minimum $5 balance in your share account.

Credit Union Overview

Fort Knox Federal Credit Union 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 has an overall health score at of 5 stars (out of 5) with a Texas Ratio of 2.69% (excellent) based on March 2012 data. Please refer to our financial overview of Fort Knox Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 7000).

How This CD Rate Compares

This 59-month CD rate is currently the highest CD rate for a term around 5 years that's available nationwide. The second highest is 2.17% APY at Melrose Credit Union. The highest 5-year CD rate at a bank is 1.91% APY at State Bank of India, NY and The National Republic Bank of Chicago.

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

  Tags: Fort Knox Federal Credit Union, Kentucky, CD rates

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Comment #1 by Truthseeker (anonymous) posted on
Even if the interest rate were a good one, which it isn't (no long term CD is worth buying these days), I wouldn't touch an account with thieves in charge, no matter what the interest rate. It is totally unethical to change the withdrawal penalty after the fact, and illegal also. The NCUA is just another corrupt government supposed "regulator" which favors financial institutions over customers. Unfortunately, it is very expensive to take the matter to court to get a decision based upon the rule of law.

Comment #2 by I hate Fort Knox CU (anonymous) posted on
I hate Fort Knox CU
Amen, brother!

Comment #3 by Anonymous posted on
Since they can change the terms of existing CDs whenever they want, what prevents them from lowering your interest rate?

And that is the reason they will always have to pay more interst to attract depositors (aka 'suckers') in the future!


Comment #4 by Anonymous posted on
I agree.  Ther's no way that I would trust Fort Knox CU with my money.  They have shown their true colors!

Comment #5 by Anonymous posted on
This fine institution likes to change the rules after you enter into an agreement.  Go buy I-bonds instead.  Don't reward their deceipt.

Comment #7 by Anonymous posted on
Surprised to see such a lengthy mention of a Credit Union that did what they did.  Changing the terms on existing CD's is not acceptable.  They do not deserve to be promoted on this site.  Doesn't matter what rate they may offer.  The credit union has a motto "people helping people."  Their past actions did not help members.  They need a new CEO and Board Chairperson, IMO.

Comment #8 by Anonymous posted on
I agree with #7. I find it hard to believe that this site would mention this reject outfit. I'm really disappointed in Ken. He should know better.

Comment #9 by Anonymous posted on
Ken is supposed to be giving us the "highest rates in the nation" for CDs and I think it should be up to us to do our research and decide if we want to fool with Fort Knox CU.  He has done his job by making sure he has posted a lot about the problems with Fort Knox.  Rates are so low right now, I had to think twice about Fort Knox and whether to risk fooling with them.  These aren't normal times for CDs. Ken's job is to give us as much info as he can about these institutions and then we need to make up our own mines.  I still don't think I would want to put a deposit with them but that's my personal decision.

Comment #10 by Anonymous posted on
#9 - Great post. I agree that Ken has stated the relevant details, and without trying to make up our minds for us one way or another. I much prefer his informative posts rather than being blasted with negative posts by the haters. I think most of us can come to our own conclusions based on the facts and personal preferences, rather than by some biased rant. Again, good post. 

Comment #11 by Bozo posted on
I wouldn't give this credit union a penny of my money. That said, I agree totally with post #10. This blog, and Ken in particular, raised the issue of the change to the EWP when it first occurred. Kudos for that. Ken's job is not to pontificate, but to educate.

Comment #12 by Anonymous posted on
I do not have money in this credit union, but assume the name FORT KNOX would say it all!

Comment #13 by Anonymous posted on
Ken does an awesome job.  I would not put a penny with these indian givers.  Since they alreay lied, I know they will not honor a contract.  When they did change the rates, were you charged a penalty to take your money out?

Comment #14 by Kaight posted on
FNFCU is a reprehensible and preditory institution.  It deserves to be shunned, avoided, and disrespected.  It merits nothing more than that, and it certainly does not deserve, nor will it ever receive, my deposit.

I want to tell you where I'd like to see FNFCU potentates burn.  But maintenance of posting standards here forces my silence on this matter.  Suffice it to say I hope those FNFCU vermin meet a fate appropriate for their kind.  On the savers' hate parade, they are right up there on top, alongside Bernanke.  

Comment #15 by Anonymous posted on
I have CDs at FKFCU anywhere from  3% up to 4%, if they were going to change rates retroactively, why haven't they done it to me yet?  As far as them retroactively changing the EWP from3 months to 6 months, I reported it originally on this site but after thinking about it I decided the 3 months was low and the 6 months still is not out of the ordinary. They never changed it to a year instead they offered a new 59 month CD with an EWP of a year. I might be wrong but I feel safe at FKFCU, everybody has to make their own decisions but I feel comfortable for now.

Comment #16 by Anonymous posted on
So many of us are bashing Fort Knox now but how can we feel safe with any banks or credit unions under these financial circimstances these days.  Any one of them can do the same thing  Fort Knox did and get away with it.  Let's face it.  We are at their mercy and who do we have to protect the savers?  I never thought I would ever see these things happen in the US but it's a different US today. 

Comment #17 by Kaight posted on
Psychology fans need to read Anonymous #15 (above) carefully.  It is as fine, as classic, as textbook an example of Stockholm syndrome as you will find anywhere.  

Comment #22 by da10 posted on
I can understand why there are negative comments about Fort Knox. Customer service is bad and getting worst.