Andrews FCU (Easy Membership) Hikes Rates For Military Appreciation Month


Availability: Easy membership

May is Military Appreciate Month and Andrews Federal Credit Union (Andrews FCU) is observing the occasion by offering higher rates on the 6-month and 18-month Share Certificates throughout the month of May.

6-month Share Certificate

  • 3.25% APY Military Certificate
  • 3.00% APY Civilian Certificate

18-month Share Certificate

  • 2.25% APY Military Certificate
  • 2.00% APY Civilian Certificate

The minimum deposit is $1k of new money, with a maximum deposit of $15k. This Military Appreciation Month offer is limited to one Share Certificate Special per member per account. In other words, you can open a 6-month or an 18-month Share Certificate Special, but not both.

According to the fine print on the promotional page,

Military rate is available to active and retired military personnel;
identification may be required to obtain special military rate.

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.

Thanks to DA readers, OldGuy, cumulus, alan1, and jimbeau, for their Forum posts about these Military Appreciation Month specials.


Headquartered in Suitland, Maryland, Andrews Federal Credit Union offers membership through a variety of ways.

Easy Membership - 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 and/or opening a Certificate 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.

Credit Union Overview

Andrews Federal Credit Union (NCUA Charter # 5754) has an overall health grade of "A+" at, with a Texas ratio of 2.77% (excellent), based on December 31, 2015 data. In the past year, Andrews FCU increased its total deposit by $63.12 Million, an excellent annual growth rate of 7.49%. 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 the 5th largest credit union in Maryland and the 213th largest credit union in the country, with more than 116,600 members and assets in excess of $1.1 Billion.

How the Share Certificates Compare

When compared to the 118 similar length-of-term CDs tracked by that require a similar minimum deposit and are nationally available, Andrews Federal Credit Union's 6-month Share Certificate currently heads the list.

When compared to the 96 similar length-of-term CDs tracked by that require a similar minimum deposit and are nationally available, Andrews Federal Credit Union's 18-month Share Certificate currently also tops the list.

The above rates are accurate as of 5/5/2016.

To look for the best CD rates, both nationwide and in your state, please refer to our CD rates table, or our new Rates Map page.

Anonymous   |     |   Comment #1
Thanks Ken
Anonymous   |     |   Comment #2
This is a great find, but did anyone figure out how to fund it with more than $1k?
StantheMan (anonymous)   |     |   Comment #3
You can go to a shared branch to fund it.
OldGuy   |     |   Comment #4
I'm already a member, and opened this CD and a "March Madness" CD when offered last year.  Once you join, you can deposit the funds into your Andrews savings account by initiating an ACH transfer to it from another bank,  and then open the CD once the funds are good at Andrews. 
NYCDoug   |     |   Comment #7
I also opened up the Civilian CD last year -- with great difficulty. The final straw was that they put a [10-day!] "hold" on the money transferred to my new account via Shared Branching; I had to get some higher-up CSR to clear the funds so I could open the account before the end of May. For this year's Civilian CD I'm planing to push $10K via ACH. Just wondering if there will be any similar "hold" this time around that would prevent me from opening up the CD before the end of the month . . .
rickz   |     |   Comment #13
Yes opening an account last year was a big hassle but, now that I am a member, opening an additional CD account this year was very smooth and easy. There is no hold on funds moved into your share account by ACH transfer.  I opened a CD the morning of the same day that my funds were received by Andrews. 
Anonymous   |     |   Comment #5
That's what I was going to use shared branching but the online application does not give you that option
Anonymous   |     |   Comment #6
I guess you fund the $5.00 for the share account and once that's established with an account number you can use the share branching to fund with more than 1000.00
Sylvia   |     |   Comment #9
Can anyone comment on credit pull -- hard or soft?
OldGuy   |     |   Comment #10
It didn't do a hard credit pull on me, but I joined back in 2012, so its practice may have changed since then.
Sylvia   |     |   Comment #20
OldGuy, #10, thank you for responding.  Based on your qualifier, I called customer service.  The rep said the pull is a soft one, so no change from when you joined.

Other info I gathered while on call, in case others are wondering:

* They will put a hold on checks received, including at a shared branch, which would delay opening of CD.  Rep could not be specific about length of that hold.  Said she wouldn't know until check's actually deposited, causing me to question if standards are ambiguous or reps unknowledgeable.

* Interest is posted at the end of each calendar quarter, on March, June, etc.

* Promotion is expected to last through the month.

I'm still deliberating.  While I agree with those who say it's a lot of work given size limitations, I suppose it could be worth the effort if CU has decent, recurring promotions.
Anonymous   |     |   Comment #11
The $15K maximum limit for the 6 month CD was specified to be $10K maximum on the Andrews web on May 3.  So the $10K maximum limit must have been an error?
RichReg   |     |   Comment #12
Maximum of $15K is RI-DIC-U-LOUS.....
..not worth the trouble of membership.
Anonymous   |     |   Comment #14
15K max and 6 month has the higher rate.  Not worth the bother.  Just bought a muni that will pay me %2.875  that matures in 2020 and is insured.  Did the transaction in 10 seconds.  No forms, credit check no TAXES!
Anonymous   |     |   Comment #15
Please share more of this awesome muni opportunity!
Anonymous   |     |   Comment #16
You have to know about bonds and how they work before you buy one. The bond I bought was from a NY municipal government and is rated BB+ the lowest investment grade but is insured by a bond insurance company. I live in NY so it is also free from state taxes too. Bonds are not for everyone and are not CD's. You need to learn about bonds and how to research or get a professional.
Anonymous   |     |   Comment #21
Nice speculation.  Course back in the 2008 crash we lost a couple of those big muni bond insurers.  They just went belly up.  I did a muni bond once, years ago, that was "trip-trip" on account of insurance from a Japanese bank.  Then the Japanese banks started failing.  Live and learn.
jimbeau   |     |   Comment #24
First, it's "insured".  Now, it's "insured by a bond insurance company".  If the insurance isn't backed by the Feds, it's not worth the paper it's printed on.  I've got a 3 year CD maturing in 2020 that's getting 2.3% and is insured by the the Feds.  I'll take that over a muni anyday.  Also, if you're retired and getting Social Security, the interest earned on that bond is going to cause more of your Social Security to be taxable (unless you've got the deductions to offset it). 
Anonymous   |     |   Comment #26
Your point about the taxability of supposedly "non-taxable" muni interest is very well taken.  It's good you mentioned that issue because it can be a "gotcha" for the unaware.  BTW, I go back to the days when muni interest income actually was tax free!  Those were the halcyon days.
Anonymous   |     |   Comment #27
That's why I said you have to learn about bonds before you invest (You have). In your case it is not a good investment.   For me I'll take the 2.875% tax free (I also have CD's). Even cars,life insurance are "insured" by insurance companies. I'm in a high tax bracket and live in NY..  I have been investing in bonds for 20 years and never had a problem with a default (Again you have to do the research). I do not know of any bond insurer that has gone bankrupt but if their is a default (Rarely do munis default) you have insurance to back it up.  Even holders of Puerto Rico bonds that are insured will be paid.
Anonymous   |     |   Comment #28
When did you open this 3 year CD?  3 years from now would be May 2019.  Maybe a 4 year CD?
jimbeau   |     |   Comment #29
Actually, I've got a 3 year CD @ 2.5% maturing in 2019.  And, you're right, that 4 year @ 2.3% is maturing in 2020.  Both of these were available earlier in the year at government employee credit unions (before the rates dropped).  These types of credit unions are cautious about opening accounts remotely due to the "patriot act". Either of these short-term CD's would be a good alternative to liquid accounts that are only yielding 1.0%.  However, I just dumped a lot of taxable cash into a  2 year CD last month (@1.5%).  I didn't anticipate anyone offering over 2.0% for such short-term CD's.  Unfortunately, I don't have enough taxable cash available to take advantage of these offers (which are not available as IRA CD's).   So, I've missed the boat on this one.   As far as bond insurers going bankrupt, look-up AMBAC and FGIC (which was taken over by your very own New York Insurance Department).  They both still exist and are backing Puerto Rican bonds.  Deja vue all over again?  
Anonymous   |     |   Comment #30
I'M m not worried. I have a bond that is paying 5.75% that will most likely called on it's 1st call date in 2019. The only thing I don't like is that my 5% bonds are being called because of low interest rate. You do whatever makes you comfortable.
Anonymous   |     |   Comment #31
Beware: the "deductions to offset" the effects of bond interest on taxability of Social Security benefits need to be "above the line," reducing Adjusted Gross Income - in other words, NON-itemized deductions, like: traditional IRA deductions, Health Savings Account (HSA) contributions (annual limitations), 50% of self-employment taxes, certain work-related moving expenses, alimony payments (excludes child support!), penalties imposed by financial institutions for cashing out CDs early, tuition and certain education-related fees, student loan interest, educator expenses (max $250!) and a few others. 
Anonymous   |     |   Comment #17
Sick of the complainers "it's only 15K" same ones complaining about the NRL 777 "it's only 7K"  Well I"m averaging a great yield with 25K so far and my money is only tied up for 6-7 months. Keep them coming
Anonymous   |     |   Comment #19
No one's "complaining". Just not worth the time and effort for such a small amount with a short duration for me and some others. For you it's worth the time and effort and you are satisfied.
Anonymous   |     |   Comment #18
Banks like to feed Bait fish too
Anonymous   |     |   Comment #22
Yes the time and effort was horrible filling out those online applications just to average a 4.20 yield on my 22K investment. My broker would die laughing if I asked him to find me a short term CD like this
jimbeau   |     |   Comment #23
Is your broker laughing at you - or, with you?  Generally, any comments from "Anonymous" can pretty much be ignored. 
Anonymous   |     |   Comment #25
I would put my name down but it takes too much time and effort, enjoy the weekend jimboy on the couch with your chips I'm outta here
Anonymous   |     |   Comment #32
Many on-line complaints about this institution gave me pause in spite of the attractive rates. 
JDubs   |     |   Comment #33
Has anyone been successful in opening one?  I submitted my application two weeks ago and it's still pending.
NYCDoug   |     |   Comment #34
I'm planning to open the 6 month civilian certificate mid-week, via ACH transfer of $15k into my existing savings account with Andrews, once my deposit arrives. I took them up (with some difficulty) on this same offer last year, when the limit was $10k. But I called them today, concerned that when I logged in, their "open additional accounts" tab no longer contained the promo rates (6 mo / 18 mo) for civilian or military share certificates. It was there last week! The reps I spoke with this morning had neither explanation nor apology, but assured me that the deal was still on, through the end of the month, as promised, and asked me to call back once my $15k was deposited into my savings account so they could assist me directly (which is what wound up happening last year.) I was told there would be no hold, but that I now needed to call them to open the share certificate account. Either they are implementing tighter security measures, or are as disorganized as ever. So with two weeks of waiting, and one week to go before the offer is over, I'd strongly suggest you give them a call, and do some arm twisting, if necessary, as I had to last year. (And may still need to do later this week.)  Keep escalating, and don't let them hang up on you until you get your account opened, funded, and confirmed. (They might be playing "hold" games if this your first time as a member.) Good luck!
NYCDoug   |     |   Comment #35
Success! The $15K transferred in overnight via ACH was immediately available to open my new civilian 6-month share certificate @ 3.01% APY. Just had to wait (close to 10 minutes) for a rep to pick up my call. Opening the promo certificate was then handled smoothly over the phone, after which I was instantly able to see my new account balance online. A much better experience than last year  ;-)
JDubs   |     |   Comment #36
Thanks! I gave them a call and they were able to easily open the certificate for me over the phone. Wait time was about 10 minutes for me too. Interestingly the rep said that the promo certificates could only be opened by phone or in-branch and not online.
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