For the past five months, Andrews Federal Credit Union (Andrews Federal) 9-month Certificate Special (2.75% APY) had no real competition. That will change on Black Friday, when Andrews Federal unveils its 8-month Certificate Special (CS), which offers a 2.86% APY. Like the 9-month CS, the 8-month CS can be opened with a $1k minimum deposit, and is capped at $250k. There is also a limit of one 8-month CS per member.
When the 9-month CS was introduced in early July, its 2.75% APY was excellent; the next highest rate offered was 2.26% APY. Even in the current climate of climbing rates, there is still a difference of 22 bps between the 9-month CS and its nearest competitor.
Two years ago, Andrews Federal had three Black Friday Specials that were available through the end of December, although the original end-date was November 30. CSR wasn’t able to tell me how long the 8-month CS will be available, based on the information she had at hand. When the offer goes live on the Andrews Federal’s website, there should be some indication if this is a limited-time Black Friday Special, or perhaps a longer-lived Special.
As stated in Andrews Federal's Truth In Savings document, the EWP 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 reader, Ricochet, for the Forum post about Andrews Federal’s Black Friday Special.
Headquartered in Suitland, Maryland, Andrews Federal Credit Union’s field of membership includes virtually all U.S. citizens and resident aliens with 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 in the online application, “You can join ACC at no charge by using the 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 groups in Maryland, New Jersey, and Virginia offer Andrews Federal 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 Federal and/or opening a Certificate Special can be done online, or at any of ten 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.
Credit Union Overview
Andrews Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.18% (excellent), based on June 30, 2018 data. Andrews Federal has an excellent capitalization level (11.80%), the result of holding $1.63 billion in assets with $192.22 million in equity. 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 years later, Andrews Federal is Maryland’s fourth largest credit union and the 161st largest credit union in the country, with more than 126,000 members and assets in excess of $1.6 billion.
How the Certificate Special Compares
When compared to the nationally available similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit, Andrews Federal Credit Union's 8-month Certificate Special APY currently ranks first. (Great Lakes Credit Union’s 7-month Share Certificate Special not included because of the $7k balance cap.)
The above rates are accurate as of 11/21/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.