Hughes Federal Credit Union Has Rate Leading 36-Month Jumbo CD

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Deal Summary: 36-month CDs – Jumbo, 2.22% APY, $99k; Mini-Jumbo, 2.12% APY, $50k; and CD, 2.02% APY, $1k.

Availability: Easy membership requirement

Although the rates offered on Hughes Federal Credit Union’s (Hughes FCU) 36-month CDs have dropped substantially since their all-time high APYs in June, the CDs have been positioned at or near the top of the nationally available 3-year CD category for the entire time. Hughes FCU rates typically change at the beginning of the month, so these rates should be in effect for the next three weeks or so.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.85%$99k-Hughes Federal Credit Union36 Month Jumbo CD
0.80%$50k-Hughes Federal Credit Union36 Month Mini-Jumbo CD
0.75%$1k-Hughes Federal Credit Union36 Month CD
Rates as of September 18, 2020.

The 36-month CDs are also available as IRAs (Traditional, Roth, SEP), but offering higher rates.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.95%$99k-Hughes Federal Credit Union36 Month Jumbo IRA (Traditional, Roth, SEP)
0.90%$50k-Hughes Federal Credit Union36 Month Mini-Jumbo IRA (Traditional, Roth, SEP)
0.85%$1k-Hughes Federal Credit Union36 Month IRA (Traditional, Roth, SEP)
Rates as of September 18, 2020.

24-month and 29-month CDs

Both the 24-month and 29-month CDs offer competitive rates, with the 29-month Jumbo CD being at the very top of this week’s CD Rates Summary 2-year CD category. Like the 36-month CDs, the 24- and 29-month have tiered rates based on deposit levels of $99k, $50k, and $1k.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.70%$99k-Hughes Federal Credit Union24 Month Jumbo CD
0.65%$50k-Hughes Federal Credit Union24 Month Mini-Jumbo CD
0.60%$1k-Hughes Federal Credit Union24 Month CD
Rates as of September 18, 2020.

While the 24-month is offered as an IRA (with slightly higher rates), the 29-month is not available as an IRA.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.80%$99k-Hughes Federal Credit Union24 Month Jumbo IRA (Traditional, Roth, SEP)
0.75%$50k-Hughes Federal Credit Union24 Month Mini-Jumbo IRA (Traditional, Roth, SEP)
0.70%$1k-Hughes Federal Credit Union24 Month IRA (Traditional, Roth, SEP)
Rates as of September 18, 2020.

As stated in Hughes FCU’s Truth-in-Savings document, the Early Withdrawal Penalty reads as follows:

The penalty of early redemption shall equal the greater of a loss of $50.00 or 180 days
dividends on a term greater than 367 days. Partial withdrawals are not allowed.

Funding a CD can be done by ACH, wire transfer, or by check. Maturing funds will be distributed by cashier’s check or transferred into a Main Share Savings Account. There is a ten day grace period before a CD automatically renews.

Beneficiary(es) can be named and Social Security numbers are required. If multiple beneficiaries are named, equal shares will be assigned.

Availability

Headquartered in Tucson, Arizona, Hughes Federal Credit Union’s field of membership (FOM) is varied, with a way for almost anyone to qualify.

Easy Membership Requirement: Making a $10 donation to any of four Tucson area non-profits (Friends of the Oro Valley Public Library, Friends of the Pima County Public Library, Friends of Green Valley Library, or Friends of Kirk-Bear Canyon Library) qualifies for membership eligibility, regardless of where you live.

Residency: Individuals who live, work, worship, or attend school in Tucson are eligible.

Employment: Individuals employed by Hughes FCU’s 800+ SEGs qualify for membership.

Relationship: Immediate family members of current Hughes FCU members are also eligible to join.

Joining Hughes Federal Credit Union and/or opening a CD can be done online. Until further notice, all eight Arizona branch lobbies are closed, with “teller and member services provided through drive-thru, ATMs, and appointments only.”

A Main Share Savings Account establishes your membership
at Hughes. An initial deposit of $50.00 is required upon opening.

Hughes FCU participates in CO-OP Shared Branch network, giving its members access to more than 5,000 shared branches across the country.

Credit Union Overview

Hughes Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.15% (excellent) based on December 31, 2019 data. In the past year, Hughes FCU has increased its total non-brokered deposits by $238.66 million, an excellent annual growth rate of 23.5%. Please refer to our financial overview of Hughes Federal Credit Union (NCUA Charter # 7531) for more details.

Hughes Federal Credit Union was established in 1951 by employees of the Hughes Missile Systems (now Raytheon Missile Systems). In 1992, Hughes FCU merged with Arizona Transportation Credit Union, which served the employees of the Union Pacific Railroad and more than 400 SEGs in Phoenix and Tuscon. The FOM was expanded in 2001 to include the residents of Tucson. Hughes FCU is currently Arizona’s fifth largest credit union, with nearly 132,000 members and assets in excess of $1.3 billion.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are nationally available, Hughes Federal Credit Union’s 36-month CD, Mini-Jumbo CD, and Jumbo CD APYs currently rank in the top four, regardless of minimum deposit requirements.

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are nationally available, Hughes Federal Credit Union’s 29-month CD, Mini-Jumbo CD, and Jumbo CD APYs currently rank in the top three, regardless of minimum deposit requirements.

The above rates are accurate as of 4/9/2020.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Tucson CD rates, 5-year CD rates, nationwide deals

Comments
Predatory Depositor
  |     |   Comment #1
Here's the problem with regard to IRA accounts here if you are planning to fund it by a direct transfer from another FI. Unlike Navy FCU where I just opened an IRA, Hughes requires an original signature on their IRA forms in order to open an IRA account. That means you have to send paper back to them instead of doing it electronically. Then you have to wait for them to send the other FI the request for transfer and then wait for the other FI for them to send them the funding. And you have no control over how long any of that takes. It could easily take a month (and often does) before the whole transaction is complete. Will the rate still be the same? I wouldn't count on it.

So basically you are signing a blank check if you try this. You don't know what rate you will get and if you commit to a certificate, you are locked in at an unknown rate. Yes, you could have the money sent to an IRA savings account instead of directly to the certificate so you are not locked into a rate you don't like. But then you have to go through the whole process again to transfer the funds out? What about a life?!

It's not just this CU, it's the entire direct transfer IRA process that is flawed. In this day and age, why does it take a month to transfer your IRA account to a new FI? Should take the click of a button after you fill out the paperwork.

In addition Hughes does a hard pull. So you could get a hard pull, then not get the rate you want. Too risky.

At least with some CUs you don't have to wait for them to receive back the papers. That saves some time. And many of them don't do a hard pull. But the process is still rediculous.

I am thinking about boycotting any FI that does a hard inquiry when you open an account (meaning that will be a deal killer for me). Let me get this straight. I am lending you MY money and you are doing a hard inquiry on me that dings my credit score for no reason when I am not even applying for credit? That's how you welcome a new customer, by hurthing their credit score? I should be doing the hard inquiry on YOU, your the one who is borrowing money from ME.
CDmanFL
  |     |   Comment #2
Amen on all points.
Predatory Depositor
  |     |   Comment #3
Doing a hard pull on a depositor who is not applying for credit is unethical and should be illegal. I don't trust any FI that does this because it's not ethical.

By the way the CSR I spoke to at Hughes was excellent. Well above average. I was disappointed in their policies, but it wasn't his fault.

Pressure needs to be applied to Congress to fix these obsolete and unethical processes and practices. There is no need for it.
Choice
  |     |   Comment #4
Ask them why they take electronic signatures for most transactions? And why they are discriminatory (ie what is the legal basis) for those that want to use electronic signatures not being able to.
TJ
  |     |   Comment #5
Do you know what company they use to check your score
Predatory Depositor
  |     |   Comment #6
Equifax hard pull.
Toomuchhassle
  |     |   Comment #7
I applied online and was then called and told I needed to get something notarized to open my account -- notarized during a pandemic!? I cancelled my application
Hughes Federal Credit Union 36-Month Jumbo CD Earns 2.79% APY
Deal Summary: 36-month CDs – Jumbo, 2.79% APY, $99k; Mini-Jumbo, 2.69% APY, $50k; and CD, 2.58% APY, $1k.

Availability: Easy membership requirement

I last wrote about Arizona-based Hughes Federal Credit Union (Hughes FCU) in June when most of its CD rates had been raised. At that time, the three different 36-month CDs offered the most competitive APYs in the product line, with all three ranking in the top eight APYs for nationally available 3-year CDs. Although the 36-month rates dropped by approximately 30 bps in the beginning of...

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Hughes Federal Credit Union 36-Month Jumbo CD Earns 3.10% APY
Deal Summary: 36-month Jumbo CD, 3.10% APY ($99k); 36-month Mini-Jumbo CD, 2.99% APY ($50k); and 36-month CD, 2.89% APY ($1k)

Availability: Easy membership requirement

Arizona-based Hughes Federal Credit Union (Hughes FCU) has raised the rates on most of its CDs, with the 36-month having the most competitive APYs: Jumbo CD, 3.10% APY ($99k); 36-month Mini-Jumbo CD, 2.99% APY ($50k); and 36-month CD, 2.89% APY ($1k).

In the past eight months, there have been three rates increases for the 36-month Jumbo CD, Mini-Jumbo CD, and CD, adding 113, 118,...

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Hughes FCU Offers Nationally Available 29-Month CD
Availability: Easy membership

In January, Hughes Federal Credit Union (Hughes FCU) raised the rates on all of its CDs, and at that time I wrote specifically about the 36-month CD, which has maintained its increased APY.

Hughes FCU is currently offering three different competitive 29-month CDs. While some credit unions have tiered APYs based on deposit levels for individual CDs, Hughes FCU has opted to have three categories (CD, $1K+; Mini-Jumbo CD, $50K+; and Jumbo CD, $99K+) for each length-of-term CD.

As stated in Hughes FCU’s Truth...

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Hughes FCU Has Tiered APY 36-Month CD
Availability: Easy membership

While some credit unions have tiered APYs based on deposit levels for individual CDs, Hughes Federal Credit Union (Hughes FCU) has opted to have three categories (CD, $1K+; Mini-Jumbo CD, $50K+; and Jumbo CD, $99K+) for each length-of-term CD.

Over the weekend, Hughes FCU raised the rates on all its CDs, with the 36-month having the most competitive rates.

The 36-month CDs are also available as IRAs (Traditional, Roth, and SEP) with the same deposit tiers, but with higher APYs.

As stated in Hughes FCU’s Truth...

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Special 29-Month CD at Hughes Federal Credit Union in Tucson - Easy Membership

Hughes Federal Credit Union is offering an anniversary special certificate with a 29-month term. Three rates are available for different deposit sizes. The highest rate is 1.51% APY for a $99K deposit. There's also a 1.41% APY for a $50K deposit and 1.31% APY for a $1K deposit. These rates are listed in the credit union's term share account rates page as of 5/11/2012.

The credit union also has an interesting program for its term share accounts (CDs). It's called Buy Up Rate, and it allows you to add $10,000 or...

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