Halloween is around the corner, and Apple Federal Credit Union (Apple FCU) is the first credit union to come out with a Halloween CD promotion. Apple FCU is offering a "spooktacular" rate on its limited-time 9-month Monster Certificate (2.60% APY). The minimum deposit is $500 of new money, with a $500k maximum deposit per individual. New money is defined as funds “not currently at Apple FCU.” I don’t know if their promotional Certificate rate is quite high enough to warrant their use of the attributes “monster” and “spooktacular,” but the rate is very competitive.
The Certificate is also offered as an IRA, earning the same APY with the same funding requirements.
Partial withdrawals from the Monster Certificate are not permitted, only early redemption. As stated in the fine print on the promotion page, the Early Withdrawal Penalty reads as follows
If the term is over 6 months to 60 months – the lesser of
dividends earned since issuance or renewal or 180 days dividends.
The Monster Certificate has a 10-day grace period before it automatically renews as a 12-month Certificate.
Headquartered in Fairfax, Virginia, Apple Federal Credit Union has a variety of ways to qualify for membership.
Easy membership (limited): Residents of Maryland, Virginia, and Washington, D.C. can qualify for Apple FCU membership by joining the Northern Virginia Athletic Directors, Administrators, and Coaches Association (NVADACA) with a $20 regular membership fee.
Residency: U.S. citizens and resident aliens who live, work, worship, volunteer, or attend school in the Virginia counties of Fairfax, Frederick, or Prince William, or the Virginia cities of Fairfax, Manassas, or Manassas Park are eligible to join.
Educational Relationship: The faculty, staff, students, and their immediate family members of 12 Virginia public school systems qualify for membership, as do the faculty, staff, alumni, students, and their immediate family members of George Mason University, Northern Virginia Community College, and Shenandoah University.
SEGs: Employees and members of more than 65 companies and organizations are membership eligible.
Personal Relationship: Immediate family members (spouse, parent, child, sibling, grandparent, grandchild, including step and adoptive relationships) of current AFCU members are welcome to apply. Household members (roommates, domestic partner, and legal guardians) also qualify.
Joining Apple FCU and/or opening a Monster Certificate can be done online, or at any of 20 Virginia branches located in Alexandria (2), Ashburn, Centreville, Chantilly, Fairfax (3), Fairfax Station, Falls Church (2), Gainesville, Herndon, Manassas (2), Springfield, Stafford, Sterling, Vienna, Winchester (2), and Woodbridge.
Credit Union Overview
Apple Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.14% (excellent) based on June 30, 2018 data. In the past year, Apple FCU has increased its total non-brokered deposits by $156.92 million, an excellent annual growth rate of 7.98%. Please refer to our financial overview of Apple Federal Credit Union (NCUA Charter # 11307) for more details.
Established in 1956 by Fairfax County Public School teachers, Apple Federal Credit Union is currently Virginia’s fifth largest credit union, with more than 204,000 members and assets in excess of $2.6 billion. According to a Fredericksburg.com article, Apple FCU was named Virginia’s “best in-state credit union by Forbes.”
The business publication partnered with Statista, a market research firm, to produce lists of top financial institutions in each state. The lists were based solely on customers’ opinions of their banking relationships. It is one of the only lists of top banks based on customers’ experiences rather than balance sheets and profit and loss statements.
With scores across the country ranging from 40 to 95.4, Apple FCU “led the top-scoring credit unions in Virginia with a total of 90.66."
How the Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Apple Federal Credit Union's 9-month Monster Certificate APY currently ranks second.
The above rates are accurate as of 10/12/2018.
Looking for other spooktacular CD rates, either nationwide or state specific? Please refer to DepositAccounts.com’s CD Rates Table.