AgFed Credit Union (AgFed) raised the rate on its 60-month Share Certificate (2.20% APY) yesterday, which is the first rate change in eight months for this Share Certificate.
In the past year, the 60-month Share Certificate had two rate increases (2.30% and 2.25% APY), which each were in effect for approximately a month. Those short-lived rates (and the current rate) are the highest in almost five years.
|2.00%||$1k||-||AgFed Credit Union||60 Month Share Certificate|
|2.00%||$1k||-||AgFed Credit Union||60 Month IRA Certificate (Traditional, Roth, CESA)|
The minimum opening deposit is $1k, with no maximum balance cap. The CD is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.
As stated on AgFed’s Share Certificates FAQ page, the Early Withdrawal Penalty reads as follows:
If the qualifying period is 60 months or greater, the member shall forfeit an amount equal to the lesser of:
(A) All dividends for 365 days on the amount withdrawn, or
(B) All dividends on the amount withdrawn since the date of issuance or renewal.
Many thanks to DA reader, cumulus, for his Forum post about this AgFed rate increase.
AgFed Credit Union is headquartered in Alexandria, Virginia, and its field of membership is broad and diverse. You are eligible for membership if you meet any of the following prerequisites :
Residency: Any person who lives, works, worships, volunteers, attends school in, and any businesses and other legal entities in the District of Columbia.
Employment: Any current or retired employee of 60+ Select Employee Groups.
Family Relationship: Any person related by blood, adoption or marriage to a member (except relatives of members who have been expelled from the Credit Union).
Easy Membership: If you don’t qualify through any of the above methods, you can become a member of The Friends of the National Zoo or The Friends of CityDance Associaton for $20 (one-time only, non-refundable dues), and be eligible for AgFed membership. Using AgFed’s online application allows you to join either association as part of the AgFed membership application process.
Joining AgFed and opening a CD can be done online, by mail or fax, by phone (800.368.3552), or at any of five branches located in Washington, D.C. (3), Riverdale, Maryland, and Alexandria, Virginia. AgFed's Membership Application is available for download to expedite the process.
Credit Union Overview
AgFed Credit Union (NCUA Charter # 16400) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 3.59% (excellent) based on December 31, 2015 data. In the past year, AgFed has increased its total deposits by $12.55 million, an excellent annual growth rate of 5.81%. Please refer to our financial overview of AgFed Credit Union for more details.
AgFed Credit Union (originally known as the Agriculture Federal Credit Union) was started by the United States Department of Agriculture and chartered by the NCUA in 1934. It has grown to over 22,100 members nationwide, with assets in excess of $262 million. AgFed is very involved in community non-profit organizations, actively participating in the Washington D.C.’s Bread for the City, Children’s Medical Center, and Habitat for Humanity.
How the CD Compares
When compared to the 112 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, AgFed Credit Union’s 60-month Share Certificate APY currently ranks third.
The above rates are accurate as of 5/27/2016.