2. INOVA Federal Credit Union

INOVA Federal Credit Union

Popular Accounts at this Credit Union

APYACCOUNT TYPEHOW THEY COMPARE
3.00%5-year CD
3.10% - Goldman Sachs Bank USA High-yield 5 Year CDAdvertisement
2.05%1-year CD
2.65% - Barclays 12 Month Online CDAdvertisement
2.35%6+ Year CD
2.29% - National Average
View all INOVA Federal Credit Union rates »

Overview / Commentary
www.inovafcu.org
574-294-6553
358 S Elkhart Ave
Elkhart, IN 46516

Inova Federal Credit Union received its charter in 1942 with the original purpose of serving the employees of Miles Laboratories, a health care research company. It now offers a range of deposit and loan products to a wide membership base.

Inova offers a Premium Dividend Rate on its checking account if certain requirements are met and maintained. DepositAccounts.com has recognized the credit union in the past for its reward checking account offering. Inova also has multiple savings and money market account programs to meet its members’ needs, including a health savings account. Its basic savings account option provides bill pay, ATM access, and direct deposit Share certificates with term lengths from 30 days to 6 years are available to members as well, and a flexible CD allows the account holder to change its interest rate once during the life of the CD. Inova’s business banking side includes many similar products and provides services like wiring transfers and escrowing management.

Inova Federal Credit Union online banking features the latest technology which give members access to a customizable home banking webpage, from which they can manage one or multiple accounts. Inova has optimized its website for mobile banking to provide members with access to their accounts from the convenience of their smartphones and tablet devices.

Inova FCU is headquartered in Elkhart, Indiana and serves its members through multiple branches located in several states throughout the country.

Field of Membership Restrictions

Membership to INOVA Federal Credit Union is offered to employees of over 500 companies and organizations listed on the Select Employee Groups list. Immediate family of current members are also eligible.
See current membership details

Related Posts

Update On INOVA - 11/9/2018

INOVA's 14-month 2.4% "new money" $50,000 CD appears kaput, but, wait, there's good news. I just checked their website, and a new deal has popped up. For a minimum of $20,000, you can get 2.45% APY on a 14-month CD. INOVA seems to love 14-month CDs. New money is not required for this offering, best I can tell.

INOVA FCU (Easy Membership) Boosts 5-Year CD Rate - 5/28/2018

INOVA FCU (easy membership) has raised the rate on its 5-year Certificate to 3.00% APY. Minimum deposit is $200, with no stated balance cap. Also as an IRA.

INOVA FCU 5-Year CD To 3% and 2.9% with step-up, Minimum of Only $200, Easy Membership - 5/27/2018

INOVA FCU upped their 5-year CD to 3% from 2.25%, minimum $200, regular and IRA. 2.9% for 5-year step-up CD, regular and IRA.

View all posts from:


Reviews (29)

Pleased With Inova

Posted by: Ally6770 | Mar 28, 2014

I have had an account with Inova for quite a while. I like the 3% on the $20,000. The employees are amazing. No matter who you speak with they give you the correct answers and explain it so that there is no other meaning. Very friendly. They also will email the information.

15

NO Free Lunch

Posted by: Alan | May 17, 2014

With many Reward Checking Account customers touting their plans to deposit $15K - $20K in accounts at various banks/CUs, and making 10 'payments' of $1 or less online in 15 minutes, it was only a matter of time before one of the rate leaders in RCA decided, 'enough is enough', and set a minimum purchase high enough to eliminate most of the scammers, and make the RCA plan beneficial to customers and financial institutions. The RCA plans must make sense for both sides. The alternative, for those who have followed the history of the RCAs on Deposit Accounts, has been for financial institutions to drop RCAs completely or to drop the rate far enough to eliminate the scammers. After all, there never has and never will be a 'Free Lunch.' Someone always pays . . .

7

New Requirements For INOVA 5-$51 Puchases

Posted by: bobfc | Jun 15, 2014

Begining July 1, 2014, INOVA FCU no longer require 15 signature based purchases per monthly cycle. The new requirement is five signature based purchases, at least $51.00 each.

10

This Credit Union Is Fishy, Perhaps A SCAM!

Posted by: pwj7050 | Jul 27, 2017

I applied to open a 42 month CD with a 2.30% APY since it is just about the best yield you can get these days. Keep in mind they do a hard pull of your credit report.

I was approved and they emailed me the docs to e-sign. I read these agreements to make sure there won't be any surprises. Well, good thing I read the docs.

In order to open an account you are required to open a savings account with a $5 balance. This is SOP for credit unions. HOWEVER, after reading their fee disclosures, I discovered that they charge $2.50 per month if your savings account balance drops below $100.00. That is not a big deal but it was not disclosed by the representative who I spoke with.

The bigger issue is that after the first year you have to maintain $1,000 in the savings account to avoid a $5/month fee. (Remember, I was opening a 42 month CD, so I had to have the savings account for 42 months.) THIS WAS NOT DISCLOSED AT ALL WHEN I SPOKE WITH THEIR REP. I KNOW IT'S ONLY $60/YEAR, BUT WITH THESE LOW INTEREST RATES THAT $60 CUTS INTO YOUR EFFECTIVE APY.

WHAT SCARED ME OFF NEXT IS THAT THE REP SAID THAT THE CD BALANCE ($10,000 IN MY CASE) WOULD BE INCLUDED IN CALCULATING MY TOTAL BALANCE AND AS A RESULT WOULD SATISFY THE $1,000 MINIMUM BALANCE. HOWEVER THEIR FEE SCHEDULE DOES NOT SAY THAT AT ALL, AS I ADVISED HER. SO SHE TOLD ME TO CALL IN A YEAR AND REMIND HER OF OUR CONVERSATION AND SHE WOULD WAIVE THE FEE!!!! ARE YOU KIDDING ME?! THIS SOUNDS LIKE A SCAM, SO BEWARE OF THIS CREDIT UNION.

16
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Health
A

Data as of Q2 2018

Learn why bank health matters

Health Grade Components

Overall
NCUA #4968
Year Chartered1942
Employees107
Primary Regulator
Profit Margin
Return on Assets - YTD1.4%
Return on Equity - YTD16.93%
Annual Interest Income$8.7MM
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$384.0MM$329.9MM
LoansQ2 2018vs Q2 2017$336.1MM$290.8MM
DepositsQ2 2018vs Q2 2017$299.9MM$280.6MM
Equity CapitalQ2 2018vs Q2 2017$31.2MM$27.1MM
Loan Loss AllowanceQ2 2018vs Q2 2017$3.6MM$3.5MM
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$2.9MM$3.5MM
Real Estate OwnedQ2 2018vs Q2 2017$0$0
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Update On INOVA

Bozo   |  
INOVA's 14-month 2.4% "new money" $50,000 CD appears kaput, but, wait, there's good news. I just checked their website, and a new deal has popped up. For a minimum of $20,000, you can get 2.45% APY on a 14-month CD. INOVA seems to love 14-month CDs. New money is not required for this offering, best I can tell.
2

Rates
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Always verify rates and promotions with the bank or credit union. We are not INOVA Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

INOVA Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.01%$100-Membership Savings
0.01%--Special Savings
0.01%$100-Christmas Club
0.01%--Health Savings Account
0.01%--IRA Savings

INOVA Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.50%$100k-Platinum Money Market Savings
1.25%$50k-Gold Money Market Savings
0.40%*$100k*-Financial Management Account
OTHER TIERS: 0.01% → Up to $10k | 0.10% → $10k - $25k | 0.20% → $25k - $50k | 0.35% → $50k - $100k
0.40%*$100k*-IRA Financial Management Account
OTHER TIERS: 0.01% → Up to $10k | 0.10% → $10k - $25k | 0.20% → $25k - $50k | 0.35% → $50k - $100k
0.05%--IRA Money Market Savings

INOVA Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%*-$15kShield Checking
OTHER TIERS: 0.07% → $15k+
0.35%*$100k*-Business Ovation Checking
OTHER TIERS: 0.15% → $10k - $25k | 0.25% → $25k - $50k | 0.30% → $50k - $100k
0.25%*$2k*-Elite Checking
OTHER TIERS: 0.07% → Up to $2k
0.25%--Business Dividend Checking
0.07%--Advantage 50 Checking
0.07%--Performance Checking

INOVA Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%$200-5 Year CD
2.90%$200-5 Year Step-Up CD
2.55%$50k-30 Month CD - New Money
2.35%$200-6 Year CD
2.30%$200-30 Month CD
2.30%$50k-14 Month CD - New Money
2.25%$200-6 Year Step-Up CD
2.05%$200-14 Month CD
1.95%$200-4 Year CD
1.85%$200-3 Year CD
1.85%$200-4 Year Step-Up CD
1.75%$200-7 Month CD
1.75%$200-3 Year Step-Up CD
1.40%$200-30 Month Step-Up CD
1.35%$200-2 Year CD
1.25%$200-18 Month CD
1.25%$200-2 Year Step-Up CD
1.15%$200-18 Month Step-Up CD
0.60%$200-1 Year CD
0.50%$200-6 Month CD
0.50%$200-1 Year Step-Up CD
0.40%$200-6 Month Step-Up CD
0.17%$200-14 Month Step-Up CD
0.14%$200-5 Month CD
0.10%$200-91 Day CD
0.10%$200-91 Day Step-Up CD
0.10%$200-60 Day CD
0.05%$200-30 Day CD

INOVA Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%$200-5 Year IRA
2.90%$200-5 Year Step-Up IRA
2.55%$50k-30 Month IRA - New Money
2.45%$200-6 Year IRA
2.35%$200-6 Year Step-Up IRA
2.30%$200-30 Month IRA
2.30%$50k-14 Month IRA - New Money
2.05%$200-14 Month IRA
2.05%$200-4 Year IRA
1.95%$200-3 Year IRA
1.95%$200-4 Year Step-Up IRA
1.85%$200-3 Year Step-Up IRA
1.50%$200-30 Month Step-Up IRA
1.45%$200-2 Year IRA
1.35%$200-18 Month IRA
1.35%$200-2 Year Step-Up IRA
1.25%$200-18 Month Step-Up IRA
0.75%$200-7 Month IRA
0.70%$200-1 Year IRA
0.60%$200-6 Month IRA
0.60%$200-1 Year Step-Up IRA
0.50%$200-6 Month Step-Up IRA
0.20%$200-91 Day IRA
0.10%$200-91 Day Step-Up IRA
Locations


INOVA Federal Credit Union Locations
Branch Office2448 6th stBerkeley, CA 94710
Branch Office358 S Elkhart AveElkhart, IN 46516
Branch Office619 County Road 6 EElkhart, IN 46514
Branch Office661 County Road 17Elkhart, IN 46516
Branch Office12980 Adams Rd Ste GGranger, IN 46530
Branch Office1025 S Carroll AveMichigan City, IN 46360
Branch Office121 E Grove StMishawaka, IN 46545
Branch Office127 Pony Farm RdClayton, NC 27520-9456

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