UPDATE 12/1/16: The Black Friday CD deals have become "Holiday" CD deals, and are extended through December 12/31/2016.
On Monday, DA reader and contributor, ChasR, posted about Andrews Federal Credit Union (Andrews FCU) Black Friday Share Certificate deals, which are available now through
November 30 December 31, 2016: 3-month Share Certificate (3.01% APY), 18-month Share Certificate (1.81% APY), and 84-month Share Certificate (3.01% APY).
The minimum opening deposit is $1k and the minimum balance to earn the stated APYs is $1k. Dividends are compounded and credited quarterly.
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.
If your account has an original maturity date of more than 24 months, we will charge a penalty equal to 180 days of dividends.
Those are the facts, as gathered from Andrews FCU’s website and a conversation with CSR. That being said, if any of these Black Friday deals “calls out your name”, reading the comments to ChasR’s Forum post may be beneficial. The information I post represents a theoretical best-case scenario, and as we all know from personal experience, that’s not always what happens. If you open one of these Share Certificates, feel free to share your experience.
Headquartered in Suitland, Maryland, Andrews Federal Credit Union offers membership through a variety of ways.
Easy Membership Requirement - 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 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.
Opening any of these CD cannot be done online. As stated in the Black Friday Terms on the promotion page,
Offer not available online; must visit an Andrews branch location or speak
with an Andrews telephone representative to open share certificate account.
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 2.40% (excellent), based on June 30, 2016 data. In the past year, Andrews FCU increased its total deposit by $69.92 million, an excellent annual growth rate of 8.18%. 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 Maryland’s 5th largest credit and the 221st largest credit union in the country, with more than 119,400 members and assets in excess of $1.1 billion.
How the Black Friday Promotions Compare
When compared to the 125 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Andrews Federal Credit Union's 3-month Share Certificate APY has no competition.
When compared to the 144 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 APY currently ranks first.
When compared to the 30 6+-year CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Andrews Federal Credit Union's 84-month Share Certificate APY currently ranks first, regardless of term length.
The above rates are accurate as of 11/9/2016.