In October, AgFed Credit Union (AgFed) introduced a limited-time 21-month Certificate Special (3.20% APY). It was definitely a limited-time offer: it was available for one week. AgFed has brought the 21-month Certificate Special back as another limited-time offering, but at a lower rate of 2.90% APY. New money (defined as “funds not held in existing AgFed accounts”) is required, with a minimum opening deposit of $1k. Unlike the previous offering, this 21-month Certificate Special is capped at $150k. There is also a limit of one certificate per member.
I’d like to thank the DA reader who let me know about the return of the 21-month Certificate Special. As he stated in his email, “This isn’t a killer deal, but AgFed has really good customer service.” In addition, AgFed has a long history of competitive CD rates and CD specials. When I first saw this offering, I didn’t think the APY was high enough to be “blog-worthy,” but with CD rate cuts happening, 2.90% is within reach of the rate leaders.
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(A) All dividends for 180 days on the amount withdrawn, or
(B) All dividends on the amount withdrawn since the date of issuance or renewal.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 ten day grace period before the 21-month Certificate Special automatically renews as an 18-month Certificate.
Headquartered in Washington, D.C., AgFed Credit Union’s field of membership (FOM) is wide and varied, 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 and opening a 21-month Certificate Special 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).
Credit Union Overview
AgFed Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.65% (excellent) based on December 31, 2018 data. In the past year, AgFed has increased its total non-brokered deposits by $5.13 million, an above average annual growth rate of 1.76%. 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-five years later, AgFed Credit Union has more than 25,000 members and assets in excess of $331 million.
How the Certificate Special Compares
When compared to 189 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, AgFed Credit Union's 21-month Certificate Special APY currently ranks seventh.
The above rates are accurate as of 4/3/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.