Virginia-based ABNB Federal Credit Union (ABNB) recently raised all its Certificates rates, with the 24-month Certificate offer the most competitive rates: 2.30% APY ($100k minimum) and 2.25% APY ($1k minimum).
The 24-month Certificate is also available as an IRA Certificate (Traditional, Roth, CESA), with tiered APYs 5 bps higher than offered on 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and IRA Certificates, the amount of the early withdrawal penalty on your account is 15 days dividends on the amount withdrawn for each month of the original term of the certificate.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.
According to CSR, funding a Certificate can be done by ACH, wire transfer, check, or internal account transfer. ABNB participates in the CO-OP Shared Branch network, making the transfer of funds relatively easy.
Maturing funds can be distributed by a check to the address on file or deposited into an ABNB checking/savings account. There is a ten-day grace period before the 24-month Certificate automatically renews.
Headquartered in Chesapeake, Virginia, ABNB Federal Credit Union’s field of membership (FOM) is community-based, with legal U.S. residents (18 years or older) who live, work, worship, or attend school in the following Greater Hampton Roads (VA) area or northeast North Carolina area eligible to join.
Virginia cities – Chesapeake, Franklin, Hampton, Newport News, Norfolk, Poquoson, Portsmouth, Suffolk, Virginia Beach, and Williamsburg.
Virginia counties – Gloucester, Isle of Wight, James City, Mathews, Southampton, Surry, and York.
North Carolina counties – Camden, Currituck, Dare, Gates, Pasquotank, Perquimans, and Tyrrell.
Joining ABNB and/or opening a Certificate can be done online, by phone (800.443.1141), or at any of 17 Virginia branches, located in Chesapeake (4), Norfolk, (3), Portsmouth, Suffolk (2), Virginia Beach (6), and Yorktown. ABNB also has two full-service North Carolina branches in Elizabeth City and Myock.
Current ABNB members can open a Certificate or IRA Certificate using ABNB’s Online Banking platform.
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 and ATM networks, giving its members access to more than 5,600 branches and over 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 5.14% (excellent) based on December 31, 2021 data. In the past year, ABNB has increased its total non-brokered deposits by $67.42 million, an excellent annual growth rate of 10.53%. 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 more than 73,000 members and assets in excess of $777 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.
Three years ago, ABNB opened its 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 24-Month Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, two credit unions and one bank have higher rates than currently offered on the ABNB 24-month Certificate, regardless of minimum deposit requirements. The following table compares the 24-Month Certificate to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 5/27/2022.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.