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.
|1.71%||$100k||-||Hughes Federal Credit Union||29 Month Jumbo CD|
|1.61%||$50k||$99k||Hughes Federal Credit Union||29 Month Mini-Jumbo CD|
|1.51%||$1k||$50k||Hughes Federal Credit Union||29 Month CD|
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.
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.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.71% APY||29-Month Jumbo CD ($99k min)||Hughes Federal Credit Union|
|1.65% APY||25-Month Jumbo CD ($100k min)||Veridian Credit Union|
|1.61% APY||29-Month Mini-Jumbo CD ($50k min)||Hughes Federal Credit Union|
|1.51% APY||29-Month CD ($1k min)||Hughes Federal Credit Union|
The above rates are accurate as of 8/22/2016.