AgFed Credit Union Adds 16-Month CD Special, 3.16% APY

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Deal Summary: 16/16/16 Share Certificate Special – 16-months, 3.16% APY, $1.6k minimum deposit, new money.

Availability: Easy membership requirement.

AgFed Credit Union (AgFed) has added a 16/16/16 Share Certificate Special – 16-months, 3.16% APY, and $1.6k minimum deposit of new money. This is a limited-time offering, and “AgFed reserves the right to change of withdrawn this offer at any time without advance notice.”

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.16%$1.6k-AgFed Credit Union16/16/16 Share Certificate Special
Rates as of September 23, 2018.

When AgFed states this is a “limited-time offer,” they are serious: previous limited-time offers have been available for only about a week or so.

Unlike recent AgFed Certificate Specials, this one is NOT a no-penalty CD. It's a standard CD with an Early Withdrawal Penalty. As stated on the Share Certificates page, the Early Withdrawal Penalty reads as follows:

If the qualifying period is greater than 11 months but less than 60 months, the member shall forfeit an amount equal to the lesser of:

    (A) All dividends for 180 days on the amount withdrawn, or
    (B) All dividends on the amount withdrawn since the date of issuance or renewal.

There is a 10 day grace period before the Share Certificate automatically renews.

Availability

Headquartered in Washington, D.C., AgFed Credit Union’s field of membership (FOM) is wide, allowing almost anyone in the U.S. with a valid Social Security number to join:

Easy Membership: Members of The Friends of the National Zoo or The Friends of the National Arboretum (one-time $20 donation) are eligible for membership. Joining either association and applying for AgFed membership can be done simultaneously, using the Credit Union’s online application.

Residency: Individuals who live, work, worship, or attend school in the District of Columbia also qualify for membership.

Employment/Affiliation: Any current or retired employee or member of more than 60 Select Employee Groups and organizations are eligible to join.

Family Relationship: Any person related by blood, adoption, or marriage to a current member (except relatives of members who have been expelled from the Credit Union) are welcome to apply.

Joining AgFed can be done online, by phone (800.368.3552), or at any of seven full-service branches located in Washington, D.C. (3), Alexandria (VA), Beltsville (2) and Riverdale (MD).

Opening the 16/16/16 Share Certificate Special

According to CSR, there is no option in the online application for the 16/16/16 Share Certificate Special. CSR suggested that you first deposit funds into your share savings account. Once the funds are in the saving account, call and request to open the Certificate Special. The account can be opened over the phone during business hours (8:00am to 4:00pm ET, M-F). Note, since the Certificate Special requires new money, the funds must come from an external account. Funds can’t come from another AgFed account such as the No-Penalty CD.

Credit Union Overview

AgFed Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.80% (excellent) based on June 30, 2018 data. In the past year, AgFed has increased its total non-brokered deposits by $40.75 million, an excellent annual growth rate of 16.24%. Please refer to our financial overview of AgFed Credit Union (NCUA Charter # 16400) for more details.

Originally established in 1934 as the Agriculture Federal Credit Union by United States Department of Agriculture, the Credit Union had a membership of 20 people and assets of $59.75 within a month of opening its doors. Eighty-four years later, AgFed Credit Union has more than 25,200 members and assets in excess of $326 million.

How the 16/16/16 Share Certificate Special Compares

When compared to the 163 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, AgFed Credit Union's 16/16/16 Share Certificate Special APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
3.25% APY15-Months Share Certificate SpecialNASA Federal Credit Union
3.16% APY16/16/16 Share Certificate Special AgFed Credit Union
2.83% APY18-Month Step-Up CDLuther Burbank Savings

The above rates are accurate as of 9/14/2018.

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

Related Pages: Washington CD rates, 1-year CD rates, nationwide deals

Comments
losingtrader
losingtrader   |     |   Comment #1
Ag Fed always has a specific dollar amount they want in new money with most of these specials and it's monitored closely
RJM
RJM   |     |   Comment #2
Decent deal but Nasa is better.

3.25 for 15 is better than 3.16 for 16.
#3 - This comment has been removed for violating our comment policy.
#5 - This comment has been removed for violating our comment policy.
???
???   |     |   Comment #7
This comment has been removed for violating our comment policy.
I just thought that I'd be pro-active about this.
111
111   |     |   Comment #8
Let's see. The history here is - 9/2017, AgFed offered 1.85% APY 30-month No-Penalty CDs - I bit. I left most of them alone until early 7/2018 when Agfed offered a 2.40% APY 30-month No-Penalty CDs, "new money only". I used the shared branching capability (AgFed's a member) to do a quick in-and-out to convert to this new 2.40% - gained 55 basis points with very little work.

Now AgFed's in effect offering me another 76 basis points (3.16% APY), BUT with a big change - no longer a No-Penalty CD, but a 16-month CD with a 6-month EWP, with all the attendant hassle therein.

This is a big difference. I'm probably going to say "no, let's keep the powder dry".

Thanks again to Ken for this site. I've made a cr*pload of extra money, safely (with Federal insurance), because of it.
No Deal Is Always Better Than A Bad Deal
No Deal Is Always Better Than A Bad Deal   |     |   Comment #9
I thought the shared banking process had dollar limits. For example, transferring 100k to a shared branch in NY would not be immediately available for several days. In addition, I have experienced transfer limits. Am I in error? Would love to have shared banking work as efficiently as ACH process since i have large SCU CDS maturing later this month.
NYCDoug
NYCDoug   |     |   Comment #10
In my experience, limits on transferring OUT may range from $5,000 to none. The limit (if any) seems to vary from one financial institution union to another.

But transferring IN, from one shared branch to another, is close to instantaneous, at least from one savings account to another. And even if there is some hold on the money transferred in, you can usually have that hold transferred, in turn, to a newly opened CD -- from where it's presumably not going to go anywhere, anyway!

Best you contact your SCUs directly, to find out their individual policies . . .
111
111   |     |   Comment #11
I've now used shared branching several times by driving to the same small, local CU that offers this (where I'm not even a member, BTW.) The personnel at that CU have always told me that they themselves impose no transfer dollar limits or hold times on anything I do - instead, these are always based on the dollar limits or hold times of the CU that I'm accessing THROUGH the Shared Branching system. In other words, use of Shared Branching adds or subtracts nothing in terms of dollar limits or hold times. And at least for me, what they've told me has turned out to be true in every case.

However, I don't live in New York so I don't know whether there are any particular state-specific restrictions there. There are none where I live.
Anon123
Anon123   |     |   Comment #12
So to clarify, you were able to meet the "new money only" requirement by using a shared branch to close an AgFed CD and transfer those funds to a newly opened AgFed CD?
111
111   |     |   Comment #13
Well no, it wasn't quite THAT simple. First, in my experience the Shared Branch system typically does NOT allow visibility of CDs, and my original AgFed No-Penalty CDs were, of course, CDs, and were listed as such by AgFed. Since I'd done the research and knew this, first I called AgFed to have these CDs emptied to my AgFed liquid account (you can't do it yourself online as with Ally's No-Penalty CDs).

At this point, I could possibly HAVE completed the rest via Shared Branching (except for the final step), IF the "new money" FI were another CU accessible via Shared Branching. But in my case it was a bank. Also, I was considering time constraints - AgFed offers often expire soon. So I called AgFed again that afternoon to have the now-liquid funds wired to that bank (this cost me $20). When these funds arrived the next day, I went to the Shared Branch location and deposited a check on that bank account into my liquid AgFed account (the Shared Branching system typically DOES have visibility on all or most liquid accounts). When I got home I saw these funds in my AgFed liquid account.

The final step was then to call AgFed to have the funds allocated to several No-Penalty CDs at the new, higher rate. AgFed agreed to have any "hold on the check" applied to the new CDs; therefore the funds did not have to sit in the liquid account for days, earning little interest.
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Availability: Easy membership requirement.

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Availability: Easy membership requirement.

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Availability: Easy membership requirement.

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While the 60-month CD did enjoyed a short-lived 2.30% APY for one month last Spring, the current rates for these three CDs are the highest in almost four years.

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