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


Update 12/21/2022: The availability of the 5.00% APY 7-Month Inflation Buster Share Certificate Special has been extended for the second time. It's now scheduled to be available through December 30, 2022. This post was originally published on November 8, 2022.

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.

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 #45
I agree Ratesaver, good service and never during my CDs with them, have they changed rates during the term.
  |     |   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 #34
I have deposited cashier's checks and they put a hold on it but the institution it is going to can see it and when I tell them I want to put the money in a cd, they do that right away even during the hold since you're not going to be access it anytime soon.
This cd is for only 7 months. Seems like a lot of work to open it just to close it 7 months later
  |     |   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.
  |     |   Comment #47
mapple, I did the same. No issues. Transfer to CD less than 24hrs.
  |     |   Comment #35
Put funds in this 7 month CD now and you won't have to worry long-term CD rates will have past their peak when it matures next summer, - Ken Tumin's judgment that we might already be past that peak notwithstanding.

Then quit reading and listening to all the talking heads sending you on the emotional roller coaster of having no idea from their cumulative "expertise" what is going to unfold, and ignore the markets too, which are a no more accurate compass in determining the future of things but gyrate almost psychotically.

So what to do? How about listening to the Fed Governors, and tuning into their expressed and unanimous mindset, - and watching the data they are watching? Has anything along these lines indicated interest rates are anywhere close to begin falling (or even stop rising), - that inflation is significantly moderating, that unemployment is accelerating, that a recession is about to occur? Nothing to my observation.

So why this irrational belief among some posters (and Ken himself) that they've missed the boat, they've held out too long, and they better act now before rates are back to zero again?

It's astonishing, and without any "real world" foundation whatsoever.
  |     |   Comment #36
Greg, I agree with you regarding the direction of Fed policy and interest rates but I think you're being too hard on Ken. He just regurgitates all the market data for us, including the CME market predictions for future interest rates. I don't think he is stating one way or the other if he personally agrees with these probability percentages. I can tell you this: if Ken ever left DA it would be an unmitigated disaster for this site.
  |     |   Comment #37
Ken, will leave when his earn out agreement permits it!
  |     |   Comment #39
And what exactly is that, Choice?
  |     |   Comment #38
DA would quickly go kaput without Ken, - I agree, Lou, - and we would all be lost finding the best rate CD’s and other deposit-type accounts. But his genius is really more along the lines of collecting, organizing, and presenting information than making economic and financial judgments. Maybe you’re correct in suggesting he’s no more than a conduit for channeling other parties predictions and evaluations, - it’s not always clear. But the tenor of what seems to be his own recent mindset regarding long term CD rates strikes me as far too pessimistic and without enough good supporting argument to be convincing.  Treasury rates are bound to fluctuate week to week, and so too the brokered and direct CD rates offered by FI’s.  But a few weeks trend downward in that regard seems more based on fantastical market delusions than any strong grounding in data and Fed policy resolutions. Treasury rates shot up on all durations last Thursday & Friday with the release of those day’s economic reports, - and so it goes. Almost all of what’s been occurring over the last year (and longer) is indicative of much higher long term interest rates going forward than has been the norm since the early 2000’s, - but everyone struggles to believe that’s anything more than a temporary aberration.
  |     |   Comment #40
What I find amusing is that the posters who have been buying long-term CDs since June at much lower rates get angry when you point out to them they may be making a mistake by not waiting. It kind of tells me they are far less certain about what they are doing than what they would like you to think.

It's almost 100% certain 75 to 100 basis points increases are coming in the next few months. It would be inconceivable to me that we would not have CDs over 5% with a Federal Funds rate of 5%. The real question is will the Fed have to go higher than this. I think the economic and labor market data suggest they will. If this is the case, it's very conceivable we may be seeing 6% CDs in the not too distant future.
  |     |   Comment #41
Ive posted this before, and Ill post it again. I think I may have posted it a couple different times, and no one really has replied directly to it, I am assuming thats because there is no good response to it. lol......
I have met so many people who will keep cash liquid for 6-12 months waiting for the "peak CD rates". Even after they THINK they locked in the peak rate, I calculate and show them the final maturity dollar amount of their CD, then I do the math and calculate if they would have taken the lower APY from 6-12 months ago. I will add in the 6-12 months of interest they missed out on of course. The ending result is most of the time the numbers are about the same, or the difference isnt worth the "work" they put in. OK BUT, here is the real kicker, you dont know what rates will be at the end of the 5 or 7 year CD period. So, what if by opening the 5 year CD exactly 6-12 months earlier, it just happens to mature during another peak time(?)......................For example, I opened a lot of 5 year CDs in 2018, which will all mature in 2023 (which is shaping up to be perfect timing)..... BUT when I look back at the data, it appears rates peaked in 2019 (oh crud, I missed out on all that extra money by locking too early didnt I ?!), which those would have matured in 2024....which COULD BE too late...shoot, we may be in a recession by 2024 with obama ZIRP back. You see what I mean? Timing CDs is just about as futile as timing the market. But this is just one mans opinion.
  |     |   Comment #42
Difficult no question and with the fed's most rapid rate rise in history in a given time frame tougher. But you seem to have right idea. While its more "speculative" you might want to consider even longer corporate bonds investment grade. You can get about 7 for between 7 and 10 years maturity. Yes you will be at the mercy of the market if you cash them in early, but the flip side is you could have a capital gain and seven plus percent for several years even cashed in early.
  |     |   Comment #43
If you look at the stock market you will often see the best year is followed by the worst year. Worst month followed by best month etc etc. This has been one of the worst years in bond performance ever. Wouldnt shock me next year to see one of the best..
  |     |   Comment #44
You remain absolutely wrong, spentcattle #42

You are still, somehow, confusing coupon with yield..

Paying well over 100% of par for a bond with a coupon of 7%, means the yield you will actually earn less than 7%.

corporate bonds investment grade. You can get about 7 for between 7 and 10 years maturity.

You can't magically earn the 7% coupon while you own it, and then sell it so someone else who will earn the 5% yield.

Yes you will be at the mercy of the market if you cash them in early, but the flip side is you could have a capital gain and seven plus percent for several years even cashed in early.

  |     |   Comment #46
It's gonna take some time for CD rates to yield 6%, most likely around the ending of my 7-month CD term with
  |     |   Comment #48
This is a good one to grab if you can. Pretty good odds that rates will be higher on a variety of CD terms when this matures. Those 17-24 month CD's are too long as rates may have peaked and start to drop by that time. Just my opinion for whatever it's worth. Merry Christmas everyone! : )
  |     |   Comment #49
The basic universal truth is that everyone has 50% chance to be the genius in retrospect.
In a meantime everyone's forward looking opinion has 100% chance of being as good as dart throw
  |     |   Comment #50
Your opinion is greatly valued sir. Money ach'd to Andrews. Has to be a ton of 7-year 3% money coming due for Andrews in 2023.Merry Christmas!
  |     |   Comment #51
Been trying to close a CD before it matures. Been three days. Told would have the money wired today but did not show up. Whenever I call on the phone I am told someone will get back to me within 48 hours. Too much hassle.
Andrews Federal Credit Union Adds Competitive 7-Month CD Special
Deal Summary: 7-month Share Certificate Special, 3.00% APY, $1k min/$50k max deposit, in-branch only, limit of one per member.

Availability: Easy membership requirement.

Now through October 31, 2022, Andrews Federal Credit Union (Andrews Federal) is offering 7-month Share Certificate Special in celebration of the Joint Base Andrews 75th Airshow. Earning 3.00% APY, the 7-month Share Certificate Special must be opened in-branch with a $1k min/$50k max deposit of new money (funds not already on deposit at Andrews Federal). There is a limit of one 7-month Share Certificate...

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Availability: Easy membership requirement.

I, as well as many DA readers, was sad to see that Andrews Federal Credit Union (Andrews Federal) stopped offering its long-running Certificate Specials earlier this month. But according to Andrews Federal Credit Union’s website home page, there actually is a little good news:

That announcement is welcome news, considering the recent downward rate spiral. While Andrews Federal has raised rates on all its Share Certificates, the 24-month Jumbo is the most competitive,...

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Deal Summary: 13-month Share Certificate Special, 2.15% APY, $1k min/$250k max deposit, limit of one certificate per member.

Availability: Easy membership requirement.

Added to the product line in late September, Andrews Federal Credit Union’s (Andrews Federal) 13-month Share Certificate Special (SCS) is the newest of five SCS currently available. While its 2.15% APY wasn’t that competitive when the SCS was first introduced, it’s become more impressive as many other 1-year CD rates have fallen. Like all of the...

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Deal Summary: 3-month Share Certificate Special, 3.01% APY, $1k minimum deposit, limit of one certificate per member, available 11/25/2019 through 12/6/2019.

Availability: Easy membership requirement

Last year, Andrews Federal Credit Union (Andrews Federal) had a Black Friday 8-month Share Certificate Special that earned 2.86% APY. Last week, Andrews Federal announced it would be offering a limited-time 3-month Share Certificate Special (SCS) earning 3.01% APY. Now through December 6, 2019, the 3-month SCS can be opened with a $1k minimum deposit. Unlike other Andrews Federal SCS, this 3-month...

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Deal Summary: 84-month Share Certificate Special, 3.05% APY, $1k min/$250k max deposit, limit of one certificate per member.

Availability: Easy membership requirement

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