Founded in 1948 by just eight people with $5 apiece, Andrews Federal Credit Union now provides a variety of financial products and services to over 120,000 members throughout Washington, DC, Maryland, New Jersey, and Virginia. It also serves members at select military outposts in Germany, Belgium, and the Netherlands.
There are a variety of personal depository banking products available from the credit union. These include savings accounts, checking accounts, Certificates of Deposit (CDs), and money market accounts. Andrews Federal Credit Union requires a basic savings account for membership, but it also offers Individual Retirement Account (IRA) savings accounts, as well as holiday savings accounts, vacation savings accounts, and youth savings accounts. As for checking accounts, the credit union provides both non-interest-bearing and interest-bearing options, depending upon the account balance. Standard CDs are available, as well as Traditional, Educational, and Roth IRAs available as CDs. CD terms range from 6 months to 84 months, and higher interest rates are available for larger “jumbo” CD balances. The credit union also offers personal loans, credit, insurance, and investment services.
Andrews Federal Credit Union also provides business savings accounts and business checking accounts. The latter vary by account balance and number of transactions. In addition to these deposit account products, business loans and other business services – such as payroll and merchant processing – are also available.
Field of Membership Restrictions
Membership in Andrews Federal Credit Union is open to anyone through the American Consumer Council. Membership is also open to those who live, work, worship, or attend school in Washington, D.C.; military and civilian personnel from Joint Base Andrews or Joint Base McGuire-Dix-Lakehurst; and other military-related qualifications.
See current membership details
Related Posts
3/12 - Andrews Federal Credit Union 24-Month Jumbo CD Adds 65 bps
3/6 - Andrews FCU CD Specials - No More
1/20 - Andrews Federal Credit Union's 13-Month CD Special A Near Rate Leader
11/19 - Andrews FCU 3-Month Share Certificate 3.01%
11/14 - Andrews Federal Credit Union 84-Month CD (3.05% APY) Is A Rate Leader
10/11 - Big Drop In Andrews FCU Rates
8/14 - Andrews FCU Share Certificate Specials - Rate Cuts
8/7 - 3.45% -84 Month CD / 3.05% -55 Month
6/10 - 3.05% For 55Mo Or 2.75% For 9Mo.
4/19 - Andrews Federal Credit Union Adds 17-month CD Special, 2.95% APY
4/17 - 17-Month Share Certificate With 2.95%
2/25 - Andrews Federal Credit Union Has 6-Month CD (3.25% APY) For One Week
2/16 - Special 6 Month 3.25% APY* Share Certificate Available During Military Saves Week
11/21 - Black Friday 8-Month CD Special At Andrews Federal
11/20 - Online Black Friday CD Special
7/5 - Andrews Federal Credit Union Adds 9-Month CD Special
7/4 - Possible CD Specials: 9 Month @ 2.75%; 55Month @ 3.05%
5/4 - Andrews FCU Added Special 17 Month 2.25% And 30 Month 2.55% Cds
2/3/17 - Andrews FCU Hikes 12-Month CD Rate
1/26/17 - Andrews FCU Adds 84-Month Share Certificate
12/15/16 - Good Overview Of Joining Andrews FCU And Opening Its 3.01% CDs
12/2/16 - Andrews FCU Extends Black Friday CD Deals Through 12/31/2016
12/1/16 - Promtions Extended To Year-End
11/19/16 - Lack Of Andrews Copycats Is Concerning
11/7/16 - Black Friday Promotions
9/19/16 - Andrews FCU Promotes Long-Term "Nest Egg" IRAs
9/12/16 - 3% APY For 7-Year IRA Certificate
8/9/16 - Overview Of Opening Andrews FCU's 3% 7-Year IRA CD
5/5/16 - Andrews FCU (Easy Membership) Hikes Rates For Military Appreciation Month
5/1/16 - May CD Promotions
3/23/16 - Andrews FCU (Easy Membership) Has Competitive 84-Month IRA
5/12/15 - 3.00% 6Mon, 2.00% 18Mon CD's, $10K Max. Quick Look.
5/29/13 - Top Long-Term CD Rates Continue at Andrews FCU - Easy Membership
1/13/12 - Competitive Long-Term CD Rates at Andrews FCU - Easy Membership
10/17/10 - Top Long-Term CD & IRA CD Rates at Andrews FCU - Easy Membership
4/3/08 - 5.25% 15-Month / 4.95% 7-Month CD at a MD/NJ/DC Credit Union (Andrews).
Fantastic Service
It took an hour to become a member of Andrews Federal CU via membership in American Consumer Council. Moved money from another bank to my account at Andrews through the shared branch; it took 5 minutes and money arrived to my account at Andrews in less than an hour. Called the Rep on Saturday around noon, waited for about 10 minutes. Asked to open CD, it took 5 minutes to open one; in 10 minutes I had a confirmation in my computer. The interest rates are at the top and service is fantastic! Highly recommended.
Decent, But Some Hoops
Recently signed up for a CD with them, and although it went reasonably well, just be prepared for a little bit of work.
Setting up an account (without a branch near you) requires the typical 'life story' application along with scans of your license/documents. Not a big deal, but a little bit of a pain.
Moving the money in on a CD isn't quite as easy as a simple ACH, however, as they have 10K limits (at least for new members). So there it's easiest to use a shared CU branch. So long as you have a local branch, not too terrible, just make sure you can write a check or get the money to the local CU.
But the big issue with these guys is simply getting them on the phone. It's easy to get the call center, but they are kind of useless, they can't handle CDs. So you need a real bank person ... sometimes they answer reasonably quickly, other times it feels like you are dealing with a support call with Microsoft or some tech company. Took me close to an hour to get a hold of someone when I did it. You have an option through the call center of leaving a callback number, but I was kind of shocked when I was told it'd take 1-2 days to get that call back. That's simply too long, especially if eager to get a CD finalized in an environment where the FED just crashed the rates.
Anyway, managed okay in my case, but just be aware that it may not be supersonic to get them on the phone.
Not Only Very Long Wait On Phone To Talk To Rep But Rep Does Not Know The Answer And You Have A Second Wait
I made a deposit through shared branching for $100,000. I had been told previously by one rep that after I made the deposit I needed to call to have the money put into their advertised CD. I called and was told by the rep I spoke with that my money was on hold for 12 days and there was nothing that could be done until then. When I became upset with that response, she said she would transfer me to the main office. Luckily I was not disconnected but did have another long wait. I explained to the second rep that I did not want to withdraw the money, just open a CD. The second rep said she could open the CD and would have the hold removed. After a lengthy wait, she did so. Not an easy process. Were it not for the 9 mo. CD at 2.75% I would never deal with this credit union again.
Illegal To Withhold Money From My Certificate Of Deposit
I recently opened an account here in order to buy the 84 month CD(right before rate dropped). Seems they transferred all money into CD except $1000 which they said would be returned at maturity. I believe it's illegal to withhold funds from a CD like this. Trying to get answers now...I'll keep this post active until it's resolved.
Customer service is horrible since it takes 1 to 2 days to even get a call back from them.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 5754 |
| Year Chartered | 1948 |
| Employees | 298 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.72% |
| Return on Equity - YTD | 7.47% |
| Annual Interest Income | $76.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $2.06B$1.76B |
| Loans | Q4 2019vs Q4 2018 | $1.76B$1.48B |
| Deposits | Q4 2019vs Q4 2018 | $1.75B$1.46B |
| Equity Capital | Q4 2019vs Q4 2018 | $193.6MM$178.9MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $24.8MM$23.0MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $11.2MM$7.6MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $1.4MM$155.00K |
