Hughes FCU Offers Nationally Available 29-Month CD

POSTED ON MONDAY, AUGUST 22, 2016 BY Ken Tumin

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.

APY	MIN	MAX	INSTITUTION	PRODUCT
1.82%	$100k	-	Hughes Federal Credit Union	29 Month Jumbo CD
1.71%	$50k	$99k	Hughes Federal Credit Union	29 Month Mini-Jumbo CD
1.61%	$1k	$50k	Hughes Federal Credit Union	29 Month CD

Rates as of September 22, 2018.

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.

Availability

Headquartered in Tucson, Hughes Federal Credit Union’s field of membership is varied, with ways for almost anyone to qualify for membership.

Easy Membership: Making a small donation to any of three local non-profits (Friends of the Oro Valley Public Library, Friends of the Pima County Public Library, or Tucson Audubon Society) qualifies for membership eligibility, regardless of where you live.

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

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

Relationship: 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 by visiting of any of the seven Arizona branches located in Tucson (6) and Marana, or initiated online. Following the submission of the online application, the Credit Union will send the necessary forms to complete the transaction.

Credit Union Overview

Hughes Federal Credit Union (NCUA Certificate # 7531) has an overall health grade of "A+" at DepositAccounts.com, with a Texas ratio of 3.35% (excellent) based on March 30, 2016 data. In the past year, Hughes FCU has increased its total deposits by $79.58 Million, an excellent annual growth rate of 11.21%. Please refer to our financial overview of Hughes Federal Credit Union for more details.

In 1951, Hughes Federal Credit Union was established by employees of the Hughes Missile Systems (now Raytheon Missile Systems). In 1992, Hughes FCU merged with Arizona Transportation Credit Union (Union Pacific Railroad Employees) to become the 6th largest credit union in Arizona. Today, Hughes FCU has over 95,000 members and assets in excess of $886 million.

How the CDs Compare

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, Hughes Federal Credit Union’s three 29-Month CDs currently place in the top five, regardless of minimum deposit.

The above rates are accurate as of 8/22/2016.

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

Comments

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3 Comments.

gregk | Aug 23, 2016 | Comment #1

Meh.

A mild EWP, I suppose.

Sylvia | Aug 23, 2016 | Comment #2

I inquired about membership from out of state a month or so ago. Process sounded very tedious and slow, all based on paper and mail service. It starts with the membership application which, while submitted online, requires manual approval. If app is approved, Hughes sends back paperwork for you to complete and return by mail (no email or fax). CDs require yet another app. For those wondering, I was told they do a hard credit pull. Another interesting piece of info re. EWP: partial withdrawals are not allowed on CDs, it's all or nothing.

HughesFCU | Aug 26, 2016 | Comment #3

Hi Sylvia, Thank you for your interest in joining Hughes Federal Credit Union. We realize that there’s room for improvement when it comes to our membership process and that’s why soon we’ll be implementing the option to open an account online (sans the paperwork by mail) making the process a lot faster and easier for new members. While it’s true that we don’t allow partial withdrawals on CDs (Term Shares), we do offer Term Share Pledge loans that can be used to cover what’s needed, helping you avoid closing and paying the penalty. Thanks again for your interest and if you ever have any questions, please feel free to contact us at HughesFCU.org or 800-253-8245. We’re always happy to help!