I want to thank the DA reader who emailed me about the Fort Bragg Federal Credit Union (FBFCU) 60-month Jumbo Step-Up CD (2.99% AYP). Not only is it a very competitive rate, it’s the highest APY offered on a nationally available 5-year CD. The Step-Up option allows for one rate increase at any time during the term, should rates increase. The minimum opening deposit is $25k, with no stated balance cap. The non-Jumbo version of the Step-Up CD earns 2.89% APY and requires only a $5k minimum opening deposit.
Both Step-Up CDs are also offered as IRAs (Traditional, Roth, and CESA), earning the same APYs with the same funding requirements.
As stated in Truth-in-Savings disclosure (available in FBFCU's Forms & Disclosures page), the Early Withdrawal Penalty (EWP) reads as follows:
Unless stated otherwise, owners of non-IRA Term Share Certificate accounts shall forfeit an amount equal to three (3) months dividends on the amount withdrawn. Owners of IRA Term Share Certificate accounts shall forfeit an amount equal to three (3) months AND assessed an Administrative Fee, refer to Term Share/IRA Certificates Rates for current fee.
A partial withdrawal is permitted, as long as it does not result in a “principal balance of less than the required minimum opening deposit.”
While the three month EWP is exceedingly mild, there is a risk that FBFCU could disallow an early withdrawal request based on the following disclosure statement,
Withdrawal of the principal amount of your Certificate
may be made only with the consent of the Credit Union.
Funding and Accessing Maturing Funds
Funding a CD can be done by ACH, wire transfer, or by in internal transfer. Maturing funds can be distributed by cashier’s check, wire transfer, or transferred into another FBFCU account. There is a 10-day grace period before a CD automatically renews.
We are now proud to offer CO-OP Shared Branching and CO-OP ATMs! As a Fort Bragg Federal Credit Union member you can make transactions at over 5,000 credit union branches and use nearly 30,000 surcharge-free ATMs across the globe.
Headquartered in Fort Bragg, North Carolina, Fort Bragg Federal Credit Union’s field of membership (FOM) includes a route to membership for almost all US citizens/resident aliens.
Easy Membership: Membership ($40 fee for two years) in the Braxton Bragg Chapter of the Association of the United States Army (AUSA) qualifies for membership in FBFCU. The AUSA membership application is available as part of FBFCU’s online application (It's also available in FBFCU's Forms & Disclosures page).
Residency: Individuals who live, work, worship, or attend school in Cumberland County, North Carolina are also eligible to join.
Employment: Individuals who regularly work at Fort Bragg qualify for membership. (The online application requires the employer’s name and full address.)
Military Relationship: Any active duty or retired service member is eligible for membership.
Family Relationship: Immediate family and dependents of anyone who meets any of the above criteria is welcome to apply.
A $5 minimum deposit in a Regular Share Savings account establishes a FBFCU membership.
Credit Union Overview
Fort Bragg Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.79% (excellent), based on September 30, 2019 data. In the past year, FBFCU increased its total non-brokered deposits by $6.86 million, an above average annual growth rate of 1.95%. Please refer to our financial overview of Fort Bragg Federal Credit Union (NCUA Charter # 13690) for more details.
Established in 1960, Fort Brag Federal Credit Union is currently North Carolina’s 12th largest credit union, with more than 38,600 members and assets in excess of $411 million. The original FOM was exclusive to active duty military assigned to Fort Bragg, military retirees, and their family members The FOM was expanded in 2003 to include all Fort Bragg employees, in 2012 to include members of the Braxton Bragg Chapter of AUSA, and in 2012 to include the residents of Cumberland County, North Carolina.
On December 18, 2019, FBFCU awarded a total of $721,000 in Loyalty Dividends to nearly 23,000 qualifying member-owners. Almost 60% of FBFCU's membership received a dividend, with some receiving as much as $500.
How the Jumbo Step-Up CD Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Fort Bragg Federal Credit Union's 60-month Jumbo Step-Up CD APY currently ranks first, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.99% APY||60-Month Jumbo Step-Up CD ($25k min)||Fort Bragg Federal Credit Union|
|2.98 APY||5 Year Jumbo CD ($100k min)||Transportation Federal Credit Union|
|2.89% APY||60-Month Step-Up CD ($5k min)||Fort Bragg Federal Credit Union|
|2.75% APY||60 Month CD ($100k min)||Blue Federal Credit Union|
The above rates are accurate as of 2/12/2020.
Searching for the best CD rates, both nationwide and in your state? Please refer to our CD Rates table.