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INOVA Federal Credit Union


Overview / Commentary
www.inovafederal.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

INOVA Federal Credit Union offers membership to any U.S. citizen or resident by joining either the Elkhart River Restoration Association or Tru Direction. Employees/members of more than 500 Select Employee Groups also qualify for membership. Immediate family/household members of current INOVA members are also eligible.
See current membership details

Related Posts

Rate Collapse - 4/7/2020

Just a year ago, I purchased a six-year CD at INOVA at 3.5% APY. Checked the rate today (4/6). The 6-yr is 0.85% APY. The era of "14-month specials" and competitive CD rates appears on pause.

Mattress Money - 3/12/2020

The 6-yr CD now offered for 0.85% APY. Those of us who picked up the 3.5% APY 6-yr a year ago, well, looking better and better. For your joke of the day/week/month, I guess 2 is the new 5. You have to understand rates going back a ways to appreciate.

INOVA Federal Credit Union's 14-Month CD Special APY Is On Top - 2/3/2020

INOVA Federal Credit Union (easy membership) has added 40 bps to its 14-month CD Special, making a rate leader for nationally available 1-year CD. $200 min deposit.

View all posts from:

10/3/17 - INOVA FCU (Easy Membership) Brings Back 14-month CD
10/2/17 - INOVA FCU Added 14 Month Certificate 1.75% APY
9/1/17 - INOVA FCU Raises Rate On Nationally Available 30-Month CD
6/13/17 - INOVA FCU Offers 42-Month Certificate of Appreciation
2/13/17 - 14 Month 1.85% Special CD Closing Today.
2/8/17 - INOVA FCU Celebrates 75 Years With 14-Month CD
2/8/17 - 75th Anniversary 14-Month CD Special, 1.75% APY
8/10/16 - INOVA FCU (Easy Membership) Has Limited-Time 14-Month CD Rate
8/10/16 - 14Mo CD, 1.25% APY
5/25/16 - INOVA FCU Offers Very Competitive 91-Day CD
5/24/16 - 91-Day, 1.90% APY CD. Quick Look.
5/30/15 - Ovation Checking Account Change In Terms Notice
5/21/15 - 1.75%/1.50% 75-Day CD
4/3/15 - Inova Federal CU RCA ($20K, 3%APY) To ($20K, 2%APY)
3/23/15 - INOVA Credit Report
2/18/15 - INOVA FCU Has Top-Rate 15-month IRA Certificate Special
2/9/15 - INOVA CD Specials: 75 Day 1.50%/1.75%; 15 Mon IRA 2.15%. ???.
1/6/15 - 91-Day Certificate, 2.50% If You Have Reward Checking, 2.25% Otherwise
7/3/14 - Change In Ovation Checking Account At Inova FCU
5/4/14 - Changes To INOVA Ovations Reward Checking
6/5/13 - Rare Reward Checking Rate Hike at INOVA Federal Credit Union
6/4/13 - INOVA FCU RCA Rate Increase (2.0%APY, $20K) To (3.0%APY, $20K)
4/2/12 - Review Of Joining INOVA FCU And Transferring An IRA To INOVA
3/30/12 - INOVA Cds Not Listed On CD Rates Pages; Rate Has Dropped, But Still Competitive
1/11/12 - Top 6-Year CD & Reward Checking Rates at INOVA FCU - Easy Membership
1/30/11 - Top 6-Year CD Rate at INOVA FCU in IN, CA & NC - Easy Membership
11/4/10 - Top Long-Term CD Rates at INOVA FCU in Several States - Easy Membership
4/11/10 - 3.00% 48-Month CD at INOVA FCU in Several States - Easy Membership
4/11/10 - High-Yield Reward Checking Account at INOVA FCU in Several States - Easy Membership
2/14/06 - 5.75% 72-Month / 5.50% 60-Month CD at a CU

Reviews (33)

Great Service For IRA Dept.

Posted by: |

I live in NJ and I opened my Roth IRA with Inova FCU -Indiana last month. Jackie Pennington was in charge to take care of account opening. She followed up closely and perfectly my account was completed in one week. Everything ran so smoothly with only phone communication at such where I live and where they are located do not matter.
Thank you for a great customer service!

7

Great FCU!

Posted by: |

I have been with Inova for several months now and have several accounts with them. I would highly recommend to others. Great rates great service!

4

New Requirements For INOVA 5-$51 Puchases

Posted by: |

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.

14

BAIT AND SWITCH

Posted by: |

I signed up for the 6 year CD at 4% and then 2 days later they told me they will not honor it. Probably because they had too many applications for it. Terrible credit union. Total scam.

31
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Health
B+

Data as of Q4 2019

Learn why bank health matters

Health Grade Components

Overall
NCUA #4968
Year Chartered1942
Employees119
Primary Regulator
Profit Margin
Return on Assets - YTD0.84%
Return on Equity - YTD10.48%
Annual Interest Income$21.4MM
Assets and Liabilities
AssetsQ4 2019vs Q4 2018$458.3MM$392.3MM
LoansQ4 2019vs Q4 2018$406.2MM$356.4MM
DepositsQ4 2019vs Q4 2018$381.9MM$317.7MM
Equity CapitalQ4 2019vs Q4 2018$37.0MM$33.1MM
Loan Loss AllowanceQ4 2019vs Q4 2018$4.5MM$3.9MM
Unbacked Noncurrent LoansQ4 2019vs Q4 2018$5.1MM$3.3MM
Real Estate OwnedQ4 2019vs Q4 2018$0$0
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%--Christmas Club
0.01%--Health Savings Account
0.01%--IRA Savings

INOVA Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.35%$100k-Platinum Money Market Savings
0.25%*$50k*-Financial Management Account
OTHER TIERS: 0.01% → Up to $10k | 0.10% → $10k - $25k | 0.20% → $25k - $50k
0.25%$50k-Gold Money Market Savings
0.25%*$50k*-IRA Financial Management Account
OTHER TIERS: 0.01% → Up to $10k | 0.10% → $10k - $25k | 0.20% → $25k - $50k
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*-Ovation Business Checking
OTHER TIERS: 0.15% → $10k - $25k | 0.25% → $25k - $50k | 0.30% → $50k - $100k
0.25%*$2k*-Elite Checking
OTHER TIERS: 0.11% → 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
0.85%$200-6 Year CD
0.85%$200-6 Year Step-Up CD
0.80%$200-5 Year CD
0.80%$200-5 Year Step-Up CD
0.75%$200-4 Year Step-Up CD
0.75%$200-4 Year CD
0.70%$200-3 Year CD
0.70%$200-3 Year Step-Up CD
0.65%$200-30 Month CD
0.65%$200-30 Month Step-Up CD
0.60%$200-2 Year CD
0.60%$200-2 Year Step-Up CD
0.50%$200-18 Month CD
0.50%$200-18 Month Step-Up CD
0.30%$200-1 Year CD
0.30%$200-1 Year Step-Up CD
0.20%$200-6 Month CD
0.15%$200-91 Day CD
0.15%$200-91 Day Step-Up CD
0.05%$200-30 Day CD
0.05%$200-60 Day CD

INOVA Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.85%$200-6 Year IRA
0.85%$200-6 Year Step-Up IRA
0.80%$200-5 Year IRA
0.80%$200-5 Year Step-Up IRA
0.75%$200-4 Year IRA
0.75%$200-4 Year Step-Up IRA
0.70%$200-3 Year IRA
0.70%$200-3 Year Step-Up IRA
0.65%$200-30 Month IRA
0.65%$200-30 Month Step-Up IRA
0.60%$200-2 Year IRA
0.60%$200-2 Year Step-Up IRA
0.50%$200-18 Month IRA
0.50%$200-18 Month Step-Up IRA
0.30%$200-1 Year IRA
0.30%$200-1 Year Step-Up IRA
0.20%$200-6 Month IRA
0.15%$200-91 Day IRA
0.15%$200-91 Day Step-Up IRA
0.05%--30 Day IRA
Locations


INOVA Federal Credit Union Locations
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 Office2607 7th St Ste ABerkeley, CA 94710-2571
Branch Office121 E Grove StMishawaka, IN 46545

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