APGFCU (MD) Adds Competitive 15-Month Fall Into Savings CD Special

The “Jump Into Summer” 15-month CD Special (4.50% APY) offered by APG Federal Credit Union (APGFCU) has morphed into the “Fall Into Savings” 15-month CD, earning an improved 5.50% APY. The opening deposit requires only $100 and is capped at $250k. New money is required to earn the stated APY and is defined simply as “funds not currently on deposit on APGFCU."

The 15-month CD Special is also available as an IRA CD Special (Traditional, Roth, SEP), earning the same APY with the same deposit requirements.

According to CSR, the Early Withdrawal Penalty for the 15-month CD Special is “approximately 90 days of dividends.” Partial withdrawals are allowed, with the EWP applying to the amount being withdrawn. The principal will be reduced if a withdrawal is made within 89 days of account opening.

Availability

Headquartered in Edgewood, Maryland, APG Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, worship, attend school, or volunteer in the Maryland counties of Baltimore, Cecil, or Harford, or the City of Baltimore eligible for membership. The combined population of the three counties and the independent city comprise about 30% of Maryland’s total population.

Immediate family members and household members of a current APGFCU member or a membership-eligible individual also qualify for membership.

Account Opening

Joining APGFCU can be done online, or at any of 13 Maryland branches located in Aberdeen, Aberdeen Proving Ground (restricted access), Bel Air (2), Belcamp, Chesapeake City, Edgewood, Elkton, Fallston, Forest Hill, Havre de Grace, North East (yes, the town’s full name is really North East), and Rising Sun.

Once you have submitted an online membership application, please allow approximately 48 hours for completion of the process. You will be notified via email, phone, or post mail once we have finalized your application.

According to CSR, opening a CD Special must be done in-branch at any of the above-mentioned locations. I asked if the CD Special could be opened by phone, since the landing page reads,

To open this special certificate please call 800.255.2555 or request a branch appointment*.

According to CSR, “they can only give you information.”

*A branch appointment can also be scheduled online.

You must complete payment of $5.00 in your Regular Share
account as a condition of admission to membership.

Funding and Other Details

All the following information is from a conversation with CSR.

• Funding – ACH, wire, or cashier’s check (if opening in-branch).
• Ownership – Individual or joint.
• CO-OP Shared Branch Participant – No.
• Dividends – Compounded/credited quarterly, but cannot be withdrawn without penalty.
• Maturing Funds – Cashier’s check or internal transfer to a Regular Shares account.
• Grace Period – 14 calendar days before automatic renewal as an 18-month CD.
• Beneficiaries – Unlimited with equal shares, Social Security numbers are required for all beneficiaries.
• Credit Check – Soft pull.

Credit Union Overview

APG Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.44% (excellent) based on March 31, 2023 data. In the past year, APGFCU has increased its total non-brokered deposits by $91.75 million, an excellent annual growth rate of 4.98%. Please refer to our financial overview of APG Federal Credit Union (NCUA Charter # 2540) for more details.

Formerly known as the Aberdeen Proving Ground Federal Credit Union, APG Federal Credit Union was established in 1938 by a small group of Aberdeen Proving Ground (APG) employees. (APG is the U.S. Army's oldest active proving ground, established in October 1917, six months after the U.S. entered World War I.) The Credit Union’s first "home" was a single cash drawer in a small APG office. Through a charter change more than 25 years ago, the FOM expanded to include two Maryland counties, with Baltimore County and the City of Baltimore added to the FOM about a year ago. Currently the fifth largest credit union in Maryland, APGFCU has more than 157,000 members and assets in excess of $2.1 billion.

How the 15-month CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, one bank and one credit union have higher rates than currently offered on the APGFCU 15-month CD Special. The following tables compare the 15-month CD Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 8/22/2023.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.