Dedicated to Deposits: Deals, Data, and Discussion

Higher Special CD Rates at NASA Federal Credit Union

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NASA Federal Credit Union

NASA Federal Credit Union has been offering a very competitive 49-month CD special since February. The rate went up in June by 25 basis points to 2.25% APY. In addition, the credit union started to offer a new shorter-term CD special. It’s a 15-month CD with a 1.25% APY. Minimum deposit is $5,000, and new money is required. These are also available in an IRA. These specials are listed at the credit union’s rates table as of 6/3/2014. It’s a limited-time offer that is subject to change at any time.

DETAILSINSTITUTIONAPYMINMAXPRODUCT
NASA Federal Credit Union2.25%$5k-49 Month Share Certificate Special
Learn MoreSponsored Note: You don’t have to work at NASA to save with NASA FCU.
NASA Federal Credit Union1.25%$5k-15 Month Share Certificate
Learn MoreSponsored Note: You don’t have to work at NASA to save with NASA FCU.
Accounts mentioned in this post. Rates as of August 21, 2014

According to the credit union’s Q&A’s database, the early withdrawal penalty is "up to six month's loss of dividends on the amount withdrawn." This appears to apply to all maturities.

Membership Eligibility

In addition to NASA and many other select employee groups, the credit union's field of membership includes several associations in which anyone can join. One of those associations is the Moon Society. NASA FCU has a link to the Moon Society application page. The cost ranges from $20 to $35. Once you’re a Moon Society member, you can apply online for NASA FCU membership. In the membership eligibility section of the credit union application, you can select Moon Society. For more details, please refer to the credit union’s membership page and NASA FCU’s associations page.

Credit union membership page requires a minimum balance of $5 in the savings account.

In February, the DA member Sylvia shared her experience opening a CD at NASA Federal. Below is an excerpt of her comment (Thanks!):

Account was easy to open online. If you pass the automated identity verification questions, as I did, there's no need to send copy of drivers license. I got an account number right away, which I used to wire in funds for CD. (No cost for incoming wires.) Through online banking, I then opened the CD by transferring money from savings account, once received. This all happened within a day's time. In between, I had many questions for member services, which the reps patiently answered.

If you have opened accounts at NASA Federal, please share your experiences in the comments. They are very much appreciated!.

Credit Union Overview

NASA Federal Credit Union branches are located in Maryland, Washington, DC and Virginia. Some of these branches are in facilities that have restricted access. The credit union is part of the CO-OP Shared Branch network. This allows NASA FCU members to conduct many banking transactions at other credit unions that are part of this network.

NASA FCU is a large credit union with over $1 billion in assets. The credit union has an overall health grade at DepositAccounts.com of an A with a Texas ratio of 4.98% (excellent) based on December 2013 data. Please refer to our financial overview of NASA Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 6328).

Edit 6/13/14: Updated membership information.


  Tags: NASA Federal Credit Union, CD rates, IRA rates, Maryland

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Comments
15 Comments.
Comment #1 by Anonymous posted on
Anonymous
Ken, any way you could reorganize the site CDs so that they are easier to change the term length once in the CD section. I can only see 1 year CDs and 9 month, because you have a link for 9 month in the CD page.  Thanks

1
Comment #2 by Sylvia posted on
Sylvia
NASA is part of the CO OP shared branching network.  I imagine you could also deposit a check at one of its branches for quick opening of a CD.  I chose a wire transfer because it was free to me where funds originated.

2
Comment #3 by paoli2 posted on
paoli2
I called NASA today to see if I became a member could I pay the $5.00 savings fee and/or buy a CD through a shared branch.  They said no to both questions.  They will withdraw the $5.00 from my local checking account if I fill out the correct info on the Application Online but the funds for CDs must be mailed or wired in to them.  If i join and get CDs, I will probably do wires even if I have to pay Chase for the wire-outs.  All depends upon what happens Friday.

3
Comment #4 by Sylvia posted on
Sylvia
My comment presumes that you've gone through the online application process so you have a savings account # for making deposit at shared branch.  If memory serves, I think they need to be assured of the $5 before # is assigned.  To expedite process, I paid it with a credit card.  If you provide checking account # instead, might you be subject to delay that comes with ACH verification?  That's something to ask.  I do seem to recall ACH's being a way you could fund CD.  The money would, of course, have to first go through the savings account #.  You can never use a shared branch to open the CD outright.

4
Comment #5 by paoli2 posted on
paoli2
Sylvia, never thought about paying the $5.00 with credit card.  Did you do it over phone or is there a place on the Application for you to do it?  Thanks.

1
Comment #6 by Sylvia posted on
Sylvia
It was an option in the online application process.  If ACH's are allowed for funding account, you might be able to have the $5 as well as CD amount transferred over at one time.  Call to confirm, if interested.  It will probably take longer, as source account would need to be verified, but you won't have to pay for outgoing wire charge or make a special trip to shared branch.  Once CD amount gets into savings, you can then buy online, as I did.

4
Comment #10 by Anonymous posted on
Anonymous
Paoli2...if I may take the liberty of commenting on your other postings related to trustee to trustee movement of IRA funds.  In about half of my IRA transactions I tell the current IRA trustee that I want a trustee to trustee transfer BUT I will be the "post office," i.e. I'll pick up the check and deliver it to the transferee IRA trustee...that way there is no lost time, etc.  I've never had a problem with that.  The check is payable to the transferee and FBO with my name.  I do not endorse it and there has never been a 1099.  Hope this provides some insight to "shorten the delivery time" of IRA funds!

2
Comment #11 by lou posted on
lou
If the institution allows you take physical possession of the check. I know quite a few which don't allow for that to happen.

1
Comment #12 by paoli2 posted on
paoli2
#10  Unfortunately, Lou is correct.  I battled it out all day yesterday with my so called "bank" which has the maturing CD and they absolutely refuse to do a FBO check for me and give it to me.  The only way they will give me the check is to put our name on each one and that shoots down what I want to do.  So today we hope to just turn it all over to our brokerage and let them take charge.  This is NOT a bank I could ever recommend!  Thanks anyway.

1
Comment #7 by Anonymous posted on
Anonymous
Took a while to open this CD, but was able to do $500 deposit via credit card into savings to open. About a week between online app and account set up.  Ach'd money intended for CD from alliant to savings, called and had it deposited to CD.
Interesting to note, though I have no intention of doing so, as long as you leave at least $5000 in cd you could make withdrawal, subject to the EWP, of the amount  over %5000.

1
Comment #8 by cumulus posted on
cumulus
This article re NASA FCU's Truth in Savings Disclosure
may prove of interest tp anyone opening a CD with them.

2
Comment #9 by Anonymous posted on
Anonymous
This is a good "lesson/article/comment" on what a cu shouldn't do!!!

1
Comment #14 by cumulus posted on
cumulus
Comments on these terms, in particular,

     "The rate will not change during the term of your certificate unless
      the Credit Union notifies you at least 30 calendar days prior to
      any rate decrease."

worth reading before opening one of these CDs can be read here:

1
Comment #15 by lou posted on
lou
Cumulus, thanks for pointing this out. If this is true, then it is a joke to call it a certificate of deposit. I am shocked they have the right to adjust the rate anytime they want. Unless they stricken this language, I would never buy a CD from them.

2