Deal Summary: 12-month Jumbo Share Certificate, 1.45% APY, $10k minimum deposit
Over the past year, Andrews Federal Credit Union (Andrews FCU) has offered a variety of CD Specials and competitive rates. The latest deal from Andrews FCU is the 12-month Jumbo Share Certificate (1.45% APY, $10k min). Unlike Jumbo CDs at most other institutions, this one has a relatively small minimum deposit of $10k. The 12-month Share Certificate has a rate that's just a little lower (1.41% APY, $1k min).
|1.45%||$10k||-||Andrews Federal Credit Union||12 Month Jumbo Share Certificate|
|1.45%||$10k||-||Andrews Federal Credit Union||12 Month Jumbo IRA Certificate (Traditional, Roth, CESA)|
This Jumbo Share Certificate is also available as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.
The 12-month Jumbo Share Certificate has been part of the product line since April 2016, when the initial APY was 0.85% APY. There was a rate increase of ten basis points four months later, but this week’s increase of 50 basis points is quite noteworthy.
As stated in Andrews FCU'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.
84-month Share Certificate
Even though I wrote about the 84-month Share Certificate (3.00% APY, $1k minimum) only last week, it bears mentioning again. What makes this Share Certificate such a great deal is the very mild Early Withdrawal Penalty (EWP).
Not exactly sure how this EWP plays out? DA’s EWP Calculator shows the effective APY when closing a CD before maturity. For example, closing the 84-month Share Certificate after two years would result in a 2.27% APY, which is currently 67 basis points higher than any other nationally available 2-year CD.
Please refer to the 84-month CD blog post for more details.
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 and/or opening a Share Certificate 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 FCU 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 2.57% (excellent), based on September 30, 2016 data. In the past year, Andrews FCU increased its total non-brokered deposits by $121.92 million, an excellent annual growth rate of 14.14%. 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. Today, Andrews FCU is Maryland’s fourth largest credit and the 221st largest credit union in the country, with more than 119,200 members and assets in excess of $1.2 billion.
How the 12-month Jumbo Share Certificate Compares
When compared to the other similar length-of-term CDs tracked by DepositAccounts.com that are nationally available, Andrews Federal Credit Union's 12-month Jumbo Share Certificate APY currently ranks first, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.45% APY||12-Month Jumbo Share Certificate ($10k min)||Andrews Federal Credit Union|
|1.41% APY||1-Year Share Certificate ($5k min)||Melrose Credit Union|
|1.38% APY||12-Month CD Special||Connexus Credit Union|
The above rates are accurate as of 2/3/2017.