Andrews FCU Promotes Long-Term "Nest Egg" IRAs

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Availability: Easy membership requirement

Andrews Federal Credit Union (Andrews FCU) is currently featuring two IRA Nest Egg Certificates (Traditional, Roth, and CESA): 72-month (2.25% APY) and 84-month (3.00% APY).

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.00%$1k-Andrews Federal Credit Union84 Month IRA Certificate (Traditional, Roth, CESA)
2.25%$1k-Andrews Federal Credit Union72 Month IRA Certificate (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of September 24, 2016.

The minimum opening deposit is $1k and the minimum balance to earn the stated APYs is $1k. Dividends are compounded and credited quarterly.

60-month Jumbo Share Certificate

In April, Andrews FCU added six Jumbo Share Certificates (both CD and IRA) to its product line, which require a minimum $10k deposit. Of the six, the 60-month is the most competitive, earning 2.02% APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.02%$10k-Andrews Federal Credit Union60 Month Jumbo Share Certificate
Accounts mentioned in this post. Rates as of September 24, 2016.

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 more than 24
months, we will charge a penalty equal to 180 days of dividends.

Thanks to DA reader, NYCDoug, for his Forum post about the Nest Egg IRA Certificates.

Availability

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 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 Nest Egg Certificates Compare

When compared to the 10 similar length-of-term IRAs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Andrews Federal Credit Union's 72-month Nest Egg Certificate APY currently tops the list.

Interest RateIRA Length of TermCredit Union/Bank
2.25% APY72-Month Nest Egg Certificate Andrews Federal Credit Union
2.00% APY72-Month IRAThird Federal Savings and Loan
1.90% APY6-Year IRAINOVA Federal Credit Union

When compared to the 10 similar length-of-term IRAs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Andrews Federal Credit Union's 84-month Nest Egg Certificate APY currently tops the list.

Interest RateIRA Length of TermCredit Union/Bank
3.00% APY84-Month Nest Egg Certificate Andrews Federal Credit Union
1.99% APY7-Year Term IRANorthrop Grumman Federal Credit Union
1.95% APY7-Year IRAAir Force Federal Credit Union

How the 60-Month Jumbo Certificate Compares

When compared to the 142 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, Andrews Federal Credit Union's 60-month Jumbo Share Certificate APY ranks in the top eight.

Interest RateCD Length of TermCredit Union/Bank
2.30% APY60-Month CDMountain America Credit Union
2.16% APY60-Month CD SpecialSignal Financial Federal Credit Union
2.02% APY60-Month Jumbo Share Certificate Andrews Federal Credit Union

The above rates are accurate as of 9/19/2016.

To look for the best IRA rates, both nationwide and state specific, please refer to our IRA rates table or our Rates Map page.

To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com or our Rates Map page.

Comments
gregk
gregk (anonymous)   |     |   Comment #1
The 72 month "Nest Egg" (2.25%) seems kind of superfluous.  Why would anyone choose it over the 84 month offer (3.00%) and sacrifice so much extra yield for the sake of a one year earlier maturity?

2% for a 5 year "Jumbo" (at 10K minimum just about the tiniest jumbo I have ever seen) is altogether disappointing.  Why not give 3% for 7 years identical with the IRA?  Then again, they probably know what would happen.

 
ChasR
ChasR   |     |   Comment #3
Andrews has done some attractive 6- and 18-month CD promotions in the last two years, around things like "March Madness" and Military Appreciation Month.  Unfortunately, the deals have had very low maximum balance limitations.  I think you're right that they know what will happen if they make a non-IRA CD  deal too attractive.
gregk
gregk (anonymous)   |     |   Comment #2
Mass chaos in their office, I mean.
decades
decades   |     |   Comment #4
I slipped  200k in the 84 month . The with draw penalty is only 180 days .
Anonymous
Anonymous   |     |   Comment #5
How do you join acc I went to site did not see anyway to join
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6-month Share Certificate

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  • 3.00% APY Civilian Certificate

18-month Share Certificate

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

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