Andrews Federal Credit Union Adds Wow-Worthy 7-Month CD Special


Deal Summary: 7-Month Inflation Buster Share Certificate Special, 5.00% APY, $1k min/$100k max deposit, new money, limit of one per member, available through 12/2/2022.

Availability: Easy membership requirement.

Now through December 2, 2022, Andrews Federal Credit Union (Andrews Federal) is offering a 7-Month Inflation Buster Share Certificate Special (IBSCS) earning 5.00% APY. The minimum opening deposit is $1k of new money (funds not already on deposit at Andrews Federal) and there is a balance cap of $100k. There is a limit of one 7-month IBSCS per member.

The 5.00% APY is definitely “wow-worthy,” but I wouldn’t call it a “hot deal” because of the $100k balance cap. The 5.00% APY is actually higher than any short-term brokered CD rates currently available, which is not an easy feat for direct CDs in today's rising rate environment.

Note: While the fine print on the landing page states the 7-month IBSSC “will be available through 12/02/2020,” it includes this cautionary sentence:

The credit union reserves the right to change offered rates at any time.

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.

Funding and Other Particulars

According to CSR, the easiest way to fund a 7-month IBSCS is through an internal transfer. Andrews Federal participates in the CO-OP Shared Branch network, facilitating the transfer of “new money” into an Andrews Federal Base Share Savings Account. Funds can also be transferred by ACH, wire, or check.

Maturing funds can be distributed by cashier’s check to the address on file or transferred to a Base Share Savings Account.

Dividends are compounded and credited every quarter and may be transferred to another Andrews Federal account.

Up to four beneficiaries (equal shares) can be added using the Payable-On-Death Beneficiary Designation Form. Social Security numbers are required for all named beneficiaries. The form can be returned by secured message, by email, or at any branch location.

There is a ten calendar grace period before a 7-month IBSCS automatically renews as a 12-month Share Certificate.

Many thanks to all the DA readers for their Forum posts, comments, and emails about the 7-Month Inflation Buster Share Certificate Special. In the Forum posts, several readers have been sharing their experiences as they try to open a IBSCS. If you are considering opening a IBSCS, I would highly recommend reading the Forum posts.


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,

You can join the American Consumer Council at no charge. Just use promo code "Andrews."

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 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.

Joining Andrews Federal and/or opening the 7-month 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.

Credit Union Overview

Andrews Federal Credit Union has an overall health grade of "B+" at, with a Texas Ratio of 8.09% (excellent), based on June 30, 2022 data. In the past year, Andrews Federal has increased its non-brokered deposits by $42.55 million, an above average annual growth rate of 2.34% APY. 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-four years later, Andrews Federal is currently Maryland’s fourth largest credit union (and the 171st largest credit union in the country), with more than 134,000 members and assets in excess of $2.4 billion.

How the 7-Month Inflation Buster Share Certificate Special Compares

When compared to similar length-of-term CDs tracked by 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 7-month IBSCS. The following table compares the 7-month IBSCS to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
5.00%7-Month Inflation Buster Share Certificate Special (EWP=90 days)Andrews Federal Credit Union
4.00%9-Month Share Certificate Special (EWP=182 days)NASA Federal Credit Union
4.00%6-Month CD (EWP=90 days)Bask Bank
3.87%6-Month CD (EWP=180 days)First Internet Bank
3.50%9-Month CD (EWP=90 days)PSECU

The above information and rates are accurate as of 11/8/2022.

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

  |     |   Comment #1
As a former service member I have had a IRA with Andrews with excellent customer service with no problems for over 5yrs... This is a good short-term deal that is worth it to just go that far and maybe next yr a longer term cd may be available
  |     |   Comment #2
I'm glad Andrews is offering us a bit of time on this deal . . at least I hope it turns out that way. There is so much going on right now, this week, which could impact future rates.

It's not just today's election, which is of course important. But also on Thursday, at 8:30 am ET, we will learn the latest readout concerning inflation in October. So shortly thereafter, with any luck at all, we will have more information that could impact a CD purchase decision of this Andrews CD. At least I hope by then enough votes will have been counted. And a Thursday CPI announcement is all but guaranteed. I can wait two days to decide on this one.
  |     |   Comment #6
Really appreciate your posts and ideas, thanks.
  |     |   Comment #9
The problem with these short-term teaser rates is that by the time that they mature CD and bond yields may be declining.  Andrews offers 5.00% on a 7 month CD and only 4.20% on a 60 month one.  And, 0.30% on an 84 month one.

Since TIPS yields have been positive since June, I've been replacing my maturing CD's with TIPS.  At the outset, the yields were paltry.  But now that they're over 1%, they're getting yields close to those that could be had before 2008.

My main concern is principal protection.  I really don't need to try to squeeze-out another percentage point or two hoping that a 5% CD will suffice to do that.  I don't have to try to predict when CD rates will be higher than inflation.

The stock and bond markets will continue their November rally if the election predictions hold true. The "all knowing markets" have been looking to any bone to chew on for the last several months. However, it may only last thru Wednesay.

The Cleveland FED's "Nowcast" is estimating the October inflation to be up +0.76%. That makes an annualized "looking forward" rate of 9.12%. If that projection holds true it bodes well for future CD and bond rates.

So, it comes down to whether inflation facts will prevail over market sentiment. Market psychology may prevail in the short term. The Cleveland's FED's Nowcasting is projecting +0.62% inflation for November. Yet another high number.

I'm just hoping that "irrational exuberance" in the stock and bond markets don't kill the yields that are currently available on TIPS.   When I run out of "dry powder", I may even break a few CD's to lock in positive yields versus inflation. 
  |     |   Comment #13
Good info, l hope cit takes an interest in a 5yr. CD soon, a group of us are looking for a 5yr/5%+.
  |     |   Comment #14
Thanks for your posts. Ok, just let me know when and what to buy.
  |     |   Comment #15
And the October CPI comes out this Thursday
  |     |   Comment #3
I note, if you deposit a check at a shared branch to open the CD, your check will be put on hold, as is usual anywhere. This is the ONLY financial institution I know of that will not let you then transfter the money on hold, even retaining the hold, to open the CD. They insist I will have to wait until the hold comes off. For larger sums, that will be no less than five business days (and so plus a weekend, for seven calendar days). That wait is even extended this week by Friday being the Veterans Day holiday.

All that while you are waiting on the hold to come off, your money is sitting in their savings account at 0.05% APY interest, basically nothing, you lose a week or more of interest.

Just FYI. And this even though I have been a member for years. I actually recall being furious about this when I first joined, but I thought it was for new members only.
  |     |   Comment #4
I belong there also but its been a while since I opened a CD there, did you try and talk to a supervisor? I've used the shared branching for other credit unions and usually the rep will say that I have to wait for the funds to clear.... I then ask for a supervisor and tell them the money is going into a CD that is staying in the credit union, it's not being taken out... the supervisor gives the okay.
Also their EWP is only 6 months on 5 years CDs.
  |     |   Comment #5
me1004 and Mak,
Is it possible for you to deposit a cashier's check at a shared branch with no hold at Andrews Federal Credit Union?
  |     |   Comment #8
SouthernGirl - See my post at for a partial, but dated, answer.
  |     |   Comment #10
you may want to check the forum
  |     |   Comment #11
Southern Girl...I don't know the answer to that, you might want to call them because I've deposited cashier checks into my Chase account and they put a hold on them..... I don't pay that much attention usually but I think they release the funds quicker than a regular check, might also depend on the amount.
  |     |   Comment #20
I am awaiting a call back from their CD Department -- I asked for it last week, it is now Wednesday. I already have spoken with a branch manager about it, she says the same, they don't transfer to open the CD until after the check clears.

Any check gets a hold. I now recall this issue from when I first joined the CU years ago, I thought it was because I was a new customer. I'm not a new customer now.

Yes, I know this is the only place that handled it like that -- everyone else will transer with the hold o it, not a problem, the hold is to protect them from losing the money by someone withdrawing before the check clears. It's not so they can hold our money for a week of basically no interest. They would not budge.
  |     |   Comment #22
@me1004; Mak is absolutely correct.
There is absolutely no reason for them to waste your time. If God forbid the check doesn't clear, they are at the same risk whether the funds are in a CD, checking, savings, etc. doesn't matter.

So yes, you should absolutely ask for a Supervisor if you get the wrong answer. Unless all supervisors at Andrews have become completely incompetent, I can't fathom any other reason for them to tell you that the investment should be delayed.
  |     |   Comment #12
Reviews are consistent with comments here, that holds on funds can be frustrating, including delays in sending out wire transfers. One reviewer mentioned a hard credit check. And it seems like being close to a branch is necessary to resolve issues.
  |     |   Comment #17
Unbiased review on Andrews:
  |     |   Comment #31
Good: Truth-in-savings document is detailed and thorough. Bad: funds can be held for 7 to 60 days on all accounts; wire transfers more than $5,000 require prior approval; for wire transfers, form must be completed, which can be done online, but actual signature is required, so it must be completed, printed, signed, scanned, emailed back, then await approval.
  |     |   Comment #16
Please add Andrews FCU to the CD rate table. Thank you.!
  |     |   Comment #18
Well, well. There is never a dull moment in this life. I see nothing in the ensemble of election outcomes which would motivate the Fed to heighten their inflation angst. To the contrary, I think this election will empower Fed doves come December. After all, if the American people are not (overall) as concerned about inflation as I wrongly thought they would be, why should the Fed fret?

So will inflation still be hanging around seven months hence when this Andrews CD matures? I think the election outcome mitigates in favor of that by possibly stifling Fed response. So why not collect your 5% for seven months, sit tight, and see what happens?

As I wrote above, we still have the October CPI number emerging in 24 hours. It is released early in the day leaving, barring an unanticipated print, time to wire funds to Andrews in advance of the holiday. As for me, I'll probably wait until Monday. That option provides a cushion should the wire go awry. If your wired funds become "lost", you don't want a three day holiday weekend to get in your way as you pursue a trace. At least I think Friday is a Federal Reserve holiday. Could be wrong. I have not checked.
  |     |   Comment #19
Well after that election there seems to be a whole lot of dumb in this world. I would elaborate know. : /
  |     |   Comment #24
You can always drape a towel over that mirror...;)
  |     |   Comment #29
D1 - This article plus an “adult beverage” or two helped me weather yesterday's results -
  |     |   Comment #30
#29 lol Right be careful what you wish for you just might get it.
  |     |   Comment #21
Open as many 7 year CDs as you can at this point. After last night, its looking more and more like the whole thing will crash in the next year or so, and then you run the risk of having another 4 years of ZIRP after that into 2028....7 years will bring you out to 2029, which hopefully by then the Rs will focus on the economy only and not all this other silly stuff that turns people off. Open a 2-5 year for a little bit more interest, and it will mature at the worst time.
  |     |   Comment #23
I kind of think the opposite.

Constant bailouts mean inflation. Eventually, fixed income owners, are not going to accept less than inflation.

Good luck, to all hard-working self-sufficient people.
  |     |   Comment #25
Something will break with the higher rates and six months from now one may look like a genius locking in 7 years
  |     |   Comment #26

Eventually, even central banks might learn that spending Trillions to delay economic reality, is not a good use of Trillions of Dollars.
  |     |   Comment #27
I remember opening all 5 yr CDs and one 7 year CD in 2018, and people thought I was crazy. Well, the rates went up a little bit more into 2019, but as all mine mature next year, looks like I guessed right. By opening all of those in 2019, that wouldve put me into 2024....I think the economy tanks before then, which then you are SOL!
  |     |   Comment #28

Yes, same here. And I have bought a chunk of long-term fixed-income, far longer than 7 years.  Because absent stimulus, that is still being spent, I think rates should decline.

Though I don't recall anyone calling me crazy for buying long-term CDs, or other fixed-income.  Not that I would have noticed. Might be an imagined drama.
  |     |   Comment #32
There is definitely a correlation of rate leading interest rates, and more 1 start than 5 star reviews.
  |     |   Comment #33
I was able to open a 5% 7-month CD by transferring fresh money to share savings first, then funded the CD by the amount in share savings, but I did have to send a message CS for the transfer to be completed.
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Availability: Easy membership requirement.

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