Hughes Federal Credit Union Boosts 36-Month CD Rates

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Deal Summary: 36-month CDs – Jumbo, 1.21% APY, $99k min; Mini-Jumbo, 1.16% APY, $50k min; and CD, 1.11% APY, $1k min.

Availability: Easy membership requirement

The nationally available 3-year CD category in the upcoming CD Summary will feature the new top-rate players: the 36-month Jumbo CD (1.21% APY, $99k min), 36-month Mini-Jumbo CD, (1.16% APY, $50k min) and 36-month CD (1.11% APY, $1k min) offered by Hughes Federal Credit Union (Hughes FCU).

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.18%$99k-Hughes Federal Credit Union36 Month Jumbo CD
4.13%$50k-Hughes Federal Credit Union36 Month Mini-Jumbo CD
4.08%$1k-Hughes Federal Credit Union36 Month CD
Rates as of December 4, 2022.

My most recent Hughes FCU blog post was about 18 months ago; coincidently, the focus of that April 2020 blog post was the 36-month CDs. Although the all-time high rates offered on the 36-month CDs significantly declined between December 2019 and June 2020, this week’s increase of 36 bps on all three tier levels has significantly improved the 36-month CDs’ position in the nationally available 3-year CD rankings.

The 36-month CDs are also available as IRA CDs (Traditional, Roth, SEP), but offer rates a uniform 10 bps higher.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.29%$99k-Hughes Federal Credit Union36 Month Jumbo IRA (Traditional, Roth, SEP)
4.24%$50k-Hughes Federal Credit Union36 Month Mini-Jumbo IRA (Traditional, Roth, SEP)
4.18%$1k-Hughes Federal Credit Union36 Month IRA (Traditional, Roth, SEP)
Rates as of December 4, 2022.

Many thanks to DA reader, leemd, for the brief but to-the-point Forum post about Hughes FCU’s recent rate increase.

29-month CDs

The 29-month CDs also offer very competitive rates. Like the 36-month CDs, the 29-month CDs have tiered rates based on deposit levels of $99k, $50k, and $1k. Unlike the 36-month, the 29-month CDs are not available as IRA CDs.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.67%$99k-Hughes Federal Credit Union29 Month Jumbo CD
3.61%$50k-Hughes Federal Credit Union29 Month Mini-Jumbo CD
3.56%$1k-Hughes Federal Credit Union29 Month CD
Rates as of December 4, 2022.

As stated in Hughes FCU’s Truth-in-Savings document (page 40), 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 any U.S. citizen/resident alien to qualify for membership.

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 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 to join.

Employment: Individuals employed by more than 850+ SEGs 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.

Joining Hughes FCU and/or opening a CD can be done online. All seven Tucson branch lobbies have reopened to walk-in traffic. 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.

Credit Union Overview

Hughes Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.35% (excellent) based on June 30, 2021 data. In the past year, Hughes FCU has increased its total non-brokered deposits by $214.16 million, an excellent annual growth rate of 15.11%. 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. Hughes FCU is currently Arizona’s fifth largest credit union, with nearly 160,000 members and assets in excess of $1.8 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 first, second, and third, respectively, and 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 first, second, and third, respectively, and regardless of minimum deposit requirements.

The above information and rates are accurate as of 10/2/2021.

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


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

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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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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

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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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