May is Military Appreciate Month and Andrews Federal Credit Union (Andrews FCU) is observing the occasion by offering higher rates on the 6-month and 18-month Share Certificates throughout the month of May.
6-month Share Certificate
- 3.25% APY Military Certificate
- 3.00% APY Civilian Certificate
18-month Share Certificate
- 2.25% APY Military Certificate
- 2.00% APY Civilian Certificate
The minimum deposit is $1k of new money, with a maximum deposit of $15k. This Military Appreciation Month offer is limited to one Share Certificate Special per member per account. In other words, you can open a 6-month or an 18-month Share Certificate Special, but not both.
According to the fine print on the promotional page,
Military rate is available to active and retired military personnel;
identification may be required to obtain special military rate.
As stated in Andrews FCU's Truth In Savings document, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity date of less than 24 months,
we will charge a penalty equal to 90 days of dividends.
Thanks to DA readers, OldGuy, cumulus, alan1, and jimbeau, for their Forum posts about these Military Appreciation Month specials.
Headquartered in Suitland, Maryland, Andrews Federal Credit Union offers membership through a variety of ways.
Easy Membership - Members of the American Consumer Council (ACC) are eligible to join Andrews FCU. (Note: Andrews FCU's online application asks for your ACC membership number. In other words, you must join ACC prior to joining Andrews FCU.)
Residency - Individuals who live, work, worship, or attend school in Washington, D.C. qualify for membership.
Military Relationship - Civilian and military personnel of Joint Base Andrews, Joint Base McGuire-Dix-Lakehurst, and military installations in central Germany, Belgium, and The Netherlands are also eligible to join.
Employment/Association - More than 200 groups in Maryland, New Jersey, and Virginia offer Andrews Federal Credit Union membership as a benefit.
Family Membership - Immediate family members (spouse, child, sibling, parent, grandparent, or grandchild) of an existing member, or household members of an existing member are eligible to join.
Joining Andrews FCU and/or opening a Certificate can be done online, or at any of nine U.S. branches located in Maryland (3), New Jersey (3), Virginia, and the District of Columbia (2). Andrews FCU also has branches associated with military bases in Germany, The Netherlands, and Belgium.
Credit Union Overview
Andrews Federal Credit Union (NCUA Charter # 5754) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 2.77% (excellent), based on December 31, 2015 data. In the past year, Andrews FCU increased its total deposit by $63.12 Million, an excellent annual growth rate of 7.49%. Please refer to our financial overview of Andrews Federal Credit Union for more details.
Andrews Federal Credit Union was established in 1948, when eight individuals each deposited $5 to form a credit union that would address the personal financial needs of military and civilian personnel at Andrews Air Force Base. Today, Andrews FCU is the 5th largest credit union in Maryland and the 213th largest credit union in the country, with more than 116,600 members and assets in excess of $1.1 Billion.
How the Share Certificates Compare
When compared to the 118 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Andrews Federal Credit Union's 6-month Share Certificate currently heads the list.
When compared to the 96 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Andrews Federal Credit Union's 18-month Share Certificate currently also tops the list.
The above rates are accurate as of 5/5/2016.