Hughes FCU 17-Month Jumbo CD Maintains Market-Leading Rate

Early Withdrawal Penalty

As stated in the Hughes FCU Truth-in-Savings document (page 41), 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.

Availability

Headquartered in Tucson, Arizona, Hughes Federal Credit Union’s field of membership (FOM) is varied, with a way for almost any U.S. citizen/resident alien to qualify for membership.

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

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

Employment: Individuals employed by more than 850 SEGs (including University of Arizona and several U.S. government agencies and armed forces groups) qualify for membership.

Relationship: Family members of current Hughes FCU members are also eligible to join. As stated in the FAQs, family members are defined as “a spouse, child, sister/brother, parent, grandparent, grandchild, stepparent, stepchild, stepsister/brother, or adopted child.” Household members (“person living in the same residence sharing household expenses") also qualify for membership.

Account Opening

Joining Hughes FCU and/or opening a CD Special can be done online, or at any of seven Tucson, Arizona branch locations. Appointments are available and can be scheduled online.

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.

Funding and Other Details

The following information is from the Hughes FCU website and a conversation with CSR.

Funding – ACH, wire (no fee), Shared Branch transaction, or check.
CO-OP Shared Branch Participant – Yes.
Ownership – Individual, joint, or trust.
Dividends – Compounded daily/credited monthly and can be withdrawn without penalty.
Maturing Funds – Cashier’s check to address on file or a transfer into a Main Share Savings Account.
Beneficiaries* – Unlimited, with equal shares; Social Security number required.
Grace Period – 10 calendar days before automatic renewal.
Credit Check** – ChexSystems.

*As DA reader, bobert456, noted in a Forum post last week, Hughes FCU allows beneficiaries to be named to the membership account, but not to individual products (i.e., CD, money market, or savings account). In other words, all designated beneficiaries will receive an equal share of all accounts owned by the Hughes FCU member.

**ChexSystems has become the bane of many DA readers who have had applications turned down for no good reason. In a February Forum post, DA reader, Kaight, explained why the number of ChexSystem inquiries from multiple account openings appears to be the reason for the application rejection:

I have zero "delinquent loans etc.", a spotless record actually right across the board. But I have a very high activity level. And they disqualified me using ChexSystems as the reason. I should note as well that my credit is good. It was not an issue. ChexSystems alone was my problem at Hughes.

Credit Union Overview

Hughes Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 11.90% (above average) based on September 30, 2023 data. In the past year, Hughes FCU’s total non-brokered deposits decreased by -$123.67 million, a below average annual growth rate of -7.11%. 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 Tucson. The FOM was expanded in 2001 to include the residents of Tucson and the 2020 merger with APC Employees Federal Credit Union added Arizona Portland Cement and Cal Portland employees. Hughes FCU is currently Arizona’s fifth largest credit union, with more than 177,000 members and assets in excess of $1.8 billion.

How the 17-Month Jumbo CD Special Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationwide and have minimum deposit requirements of $100k or less, no banks or credit unions have higher rates than currently offered on the Hughes Federal Credit Union 17-Month Jumbo CD Special, regardless of minimum deposit requirements. The following table compares the 17-Month Jumbo CD Special to the four highest-rate similar length-of-term CDs from banks/credit unions with nationwide market areas.

The above information and rates are accurate as of 3/12/2024.

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