Andrews Federal Credit Union Adds Rate-Leading 6-Month CD Special

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Update 3/21/2024: This 6-month Certificate Special has expired.

Deal Summary: 6-Month Share Certificate Special, 5.75% APY, $1k minimum/$250k maximum deposit, new members only, limit of one Share Certificate Special per member.

Availability: Easy membership requirement.

Yesterday’s CD Deals Summary featured a new rate leader in the “Under 1-Year CD” category: a 6-month Share Certificate Special (5.75% APY) offered by Maryland-based Andrews Federal Credit Union (Andrews Federal).

As stated in the landing page fine print, this limited-time offer is only,

available to members who have established membership after January 1, 2024, and is available for a limited time only. The 6-Month "New Member" Share Certificate is not available to members if your account was closed within the past 180 days or if you are primary on an existing membership.

There is a limit of one 6-month Share Certificate Special per member. A $1k minimum opening deposit is required, with a maximum deposit of $250k allowed, but the fine print on the Share-Certificate-Rates page includes this cautionary note:

Credit Union reserves the right to limit deposits into this special certificate.

8-Month Share Certificate Special

For those who are established members, Andrews Federal is offering an 8-month Share Certificate Special earning 5.50% APY. With the exception of the “new members only” limitation, all the requirements for the 6-month Share Certificate Special apply to the 8-month Share Certificate Special.

Early Withdrawal Penalty

As stated in the fine print on the Special Certificates Rate page, the Early Withdrawal Penalty reads as follows:

If your account has an original maturity of less than 24 months,
we will charge a penalty equal to 90 days of dividends.

Availability

Headquartered in Suitland, Maryland, Andrews Federal Credit Union’s field of membership (FOM) includes virtually all U.S. citizens/resident aliens (18 years or older) who have a valid Social Security number.

Easy Membership Requirement – Members of the American Consumer Council (ACC) are eligible to join Andrews Federal.

Note: Andrews Federal's online application asks for your ACC membership number; in other words, you must join ACC prior to joining Andrews Federal. As stated on Andrews Federal’s Membership page,

Use the code ANDREWS to receive ACC membership for free.

Residency – Individuals who live, work, worship, or attend school in Washington, D.C. qualify for membership.

Military Relationship – U.S. active duty or retired military personal, military spouse, dependent or dependent survivor, or 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 businesses/groups in Maryland, New Jersey, and Virginia offer Andrews Federal membership as an employee 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.

Account Opening

Joining Andrews Federal and/or opening the 6-month Share Certificate Special can be done online, or at any of ten full-service U.S. branches located in Maryland (3), New Jersey (3), Virginia (2), and the District of Columbia (2). Andrews Federal also has branches associated with military bases in Germany, The Netherlands, and Belgium.

Your Andrews Federal Credit Union membership begins with a $5.00 deposit to your Base Share Savings Account.

Andrews Federal participates in the CO-OP Share Branch Network, providing its members with access to more than 5,600 branch locations and over 30,000 ATMs.

Through the CO-OP Shared Branch Network, you will be able to complete some of the same transactions as if you were at an Andrews Federal branch.

Funding and Other Details

The following information is from the Andrews Federal website and a conversation with CSR.

  • Funding* – ACH, wire, check, or CO-OP shared branch transaction.
  • CO-OP Shared Branch Participate – Yes.
  • Ownership – Individual, joint, or trust.
  • Dividends – Compounded/credited quarterly and can be transferred to another Andrews Federal account.
  • Maturing Funds –Cashier’s check to address on file or transferred to a Base Share Savings Account.
  • Beneficiaries – Up to four beneficiaries (equal shares, with Social Security numbers required) can be added using the Payable-On-Death Beneficiary Designation Form. The form can be returned by secured message, by email, or at any branch location.
  • Grace Period – 10 calendar days before automatic renewal as a standard CD.
  • Credit Check – Soft pull.

*The following appears on the Share Certificate Rates page:

When you open a new Share Certificate online at Andrews Federal and are not a current member, you must open your base Share Savings account with your new Share Certificate. During the online account opening process, you will open the Share Certificate with a $0 deposit, and then fund the share certificate within 10 calendar days.

Credit Union Overview

Andrews Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.40% (excellent), based on September 30, 2023 data. In the past year, Andrews Federal has increased its non-brokered deposits by $67.78 million, an excellent annual growth rate of 3.68%. Please refer to our financial overview of Andrews Federal Credit Union (NCUA Charter # 5754) 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. Seventy-six years later, Andrews Federal is currently Maryland’s fourth largest credit union (and the 197th largest credit union in the country), with more than 120,000 members and assets in excess of $2.3 billion.

How the 6-Month Share Certificate Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that available nationally and have minimum deposit requirements of $10k or less, no bank or credit union has a higher rate than currently offered on the Andrews Federal Credit Union 6-Month Share Certificate Special. The following table compares the 6-Month Share Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 2/2/2024.

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

Related Pages: New York CD rates, Philadelphia CD rates, Washington CD rates, Columbia CD rates, St. Louis CD rates, Abilene CD rates, 1-year CD rates, nationwide deals

Previous Comments
momhott
  |     |   Comment #1
This is only for new members.
SamFam
  |     |   Comment #2
They also have an 8 month 5.50 APY for all members.
deplorable_1
  |     |   Comment #3
As a consolation prize they still have their "online savings account" with a 5.75% APY on up to $1,000 still available for existing members. The availability of this account seems to come and go but if rates drop it will probably just go so this might be a good time to grab it. I have 2 of these and the rate was 5% and went up to 5.75% so there's the rate history....so far.
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