Although ABNB Federal Credit Union (ABNB) lowered the tiered rates on its 60-month Certificate last month, those rates are still extremely competitive: 3.20% APY ($100k minimum) and 3.10% APY ($1k minimum).
The 60-month Certificate is also available as an IRA (Traditional, Roth, CESA), with tiered APYs 5 bps higher than the Certificate.
As stated in the Truth-In-Savings disclosure, the Early Withdrawal Penalty reads as follows:
For Certificates and IRA Certificates, the amount of the early withdrawal penalty on your account is 15 days dividends on the amount withdrawn for each month of the original term of the certificate.
When establishing a new certificate, you may elect to have your dividends compounded (placed back into the certificate) or deposited to your account. If you elect dividends to be deposited to your account, you may withdraw these dividends after they are posted to your account.
There is a ten-day grace period before the Certificate automatically renews.
Headquartered in Chesapeake, Virginia, ABNB Federal Credit Union’s field of membership (FOM) is residency based, with U.S. residents who live, work, or worship in the Greater Hampton Roads (VA) area or in northeast North Carolina eligible to join.
Joining ABNB and/or opening a Certificate can be done online, by phone (800.443.1141), or at any of 19 Virginia branches, located in Chesapeake (4), Norfolk, (3), Portsmouth, Suffolk (2), Virginia Beach (8), and Yorktown. ABNB also has two full-service North Carolina branches in Elizabeth City and Myock.
Opening a Prime Share Savings account with a minimum $1 deposit establishes membership in ABNB but,
Members who have only one service (share/savings account) and whose
average monthly balance is less than $500 will be assessed a fee of $5.00 each month.
ABNB participates in the CO-OP Shared Branch Network, giving its members access to more than 5,000 branches and nearly 30,000 ATMs throughout the country.
Credit Union Overview
ABNB Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.72% (excellent) based on March 31, 2019 data. In the past year, ABNB has increased its total non-brokered deposits by $21.01 million, an excellent annual growth rate of 4.13%. Please refer to our financial overview of ABNB Federal Credit Union (NCUA Charter # 13605) for more details.
Founded in 1960 as ComFive Federal Credit Union, ABNB Federal Credit Union is currently the 18th largest credit union in Virginia, with nearly 60,000 members and assets in excess of $592 million. “ABNB” is an acronym for Amphibious Base Naval Base, which was derived from the 1996 merger of Amphibious Base Federal Credit Union and Naval Base Norfolk Federal Credit Union. With its 60th anniversary approaching, ABNB has recently opened the Yorktown branch, its first branch on the Virginia Peninsula.
The branch will be the first of its kind for ABNB and serves as a working model for the credit union’s new “Total Financial Center” branch concept. Beyond traditional transactions-based products and services, ABNB will also spotlight Business Services, Investment Services, Indirect Auto Lending, Home Loan Services and Insurance Services, all under one roof.
How the Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and require a large minimum deposit, ABNB Federal Credit Union’s 60-month Certificate APY currently ranks second.
When compared to 200 similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and require a minimum deposit of $10k or less, ABNB Federal Credit Union’s 60-month Certificate APY currently ranks first.
The above rates are accurate as of 8/24/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.