Earlier this month, Fairfax County Federal Credit Union (FCFCU) raised the rate on its 72-month Share Certificate. Like all of FCFCU’s Share Certificates, the 72-month has three rate tiers based on deposit balances: 2.28% APY ($2.5k+), 2.33% APY ($25k+), and 2.38% APY ($100k+).
The 72-month is also available as an IRA (Traditional, Roth, and CESA) earning the same APYs, with the same funding requirements, but with an additional rate tier of 2.12% APY ($500+).
As stated on FCFCU’s Disclosure page, the Early Withdrawal Penalty (EWP) reads as follows:
For the 24, 36, 48, 60 and 72 month Certificate and 66 month
Step Up Certificate, the amount of early withdrawal penalty is all dividends
earned on the account with a minimum early withdrawal penalty of 90 days' dividends.
Headquartered in Fairfax, Virginia, Fairfax County Federal Credit Union’s field of membership is primarily residency-based, with individuals who live, work, regularly conduct business in, worship, attend school, or volunteer in Fairfax County eligible for membership. In addition, individuals who have retired from Fairfax County can also join.
Immediate family members of current FCFCU members are also eligible. FCFCU defines immediate family as "spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, or stepsibling, including adoptive relationships."
Credit Union Overview
Fairfax County Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.49% (excellent) based on December 31, 2015 data. In the past year, FCFCU (NCUA Charter # 24658) has increased its total deposits by $38.9 million, an excellent annual growth rate of 18.66%. Please refer to our financial overview of Fairfax County Federal Credit Union for more details.
Established in 1958 to serve the financial needs of Fairfax County Government employees, the aptly named Fairfax County Federal Credit Union has grown from a part-time operation maintained in the treasurer's desk drawer at the old courthouse to Virginia’s 22nd largest credit union, with more than 15,100 members and assets in excess of $332 million. Many credit unions gather a variety of accolades for their business acumen, but few can lay claim to help saving a life as detailed in a Credit Union Times article from February 2014.
For his even-keeled temperament that helped save one person's life, moved staffers to safety, and
got his credit union back up and running within 24 hours after a fire, Joe Thomas Jr., President/CEO
of Fairfax County FCU, has been named Credit Union Times’ 2014 Trailblazer CEO of the Year.
How the CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available to residents of the Washington, D.C. metro area, Fairfax County Federal Credit Union’s 72-month Share Certificate APY currently ranks first, regardless of minimum deposit.
One observation – overall, the current rates for 6+ year CDs aren’t much better than the current rates for 5-year CDs. For example, the top five APYs for 5-year CDs available in the Washington, D.C. metro area range from 2.20% APY to 2.42% APY, with the top five APYs for 6-, 7- and 10-year CDs available in the same geographic region ranging from 2.26% APY to 2.60% APY.
The above rates are accurate as of 5/17/2016.