INOVA FCU Offers 42-Month Certificate of Appreciation (2.30% APY)

In celebration of its 75th Anniversary INOVA Federal Credit Union (INOVA) is offering a 42-month Certificate of Appreciation (2.30% APY). The minimum opening deposit is $200, with no stated balance cap. This is limited-time offer, although no end-date is mentioned in the fine print.

As an added bonus, if the Certificate of Appreciation is opened with a minimum of $100k of new money, the account holder will be given a $75 VISA® Gift Card.

Just to be clear, new money (in any amount) is NOT required to open, but a minimum deposit of $100k+ new money will earn the Gift Card.

The 42-month Certificate of Appreciation is also available as an IRA (Traditional, Roth, CESA), earning the same APY, with the same funding requirements.

INOVA still doesn’t list the Truth-In-Savings (TIS) document on the website. CSR confirmed that the Early Withdrawal Penalty detailed in the PDF version of the TIS, sent to me several months ago, is still in effect:

Terms of longer than 1 year - 180 days’ dividends
The penalty imposed will equal the lesser of all dividends earned or terms above.
However, the penalty will not be less than 7 days’ dividends.

Availability

Headquartered in Elkhart, Indiana, INOVA Federal Credit Union offers membership through affiliation with over 500 member companies. The member companies run the gamut from large national companies (Bayer, Papa’s Pizza, Inc.) and schools (University of Notre Dame) to local businesses and organizations, including churches and schools. A complete list of the member companies can be found on INOVA’s website.

Two of the member companies, Tru Direction and the Elkhart River Restoration Association (both non-profit organizations), allow anyone in the U.S. to join.

Immediate family members and household members of an INOVA member are also eligible for membership.

Complete qualification details are listed on the Membership Eligibility page.

Joining INOVA and/or opening the 42-month Certificate of Appreciation can be done online, or at any of six Indiana branches located in Elkhart (3), Granger, Michigan City, and Mishawaka. INOVA also has branches in Berkeley, California and Clayton, North Carolina.

Credit Union Overview

INOVA Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 13.47% (above average) based on March 31, 2017 data. In the past year, INOVA has increased its total non-brokered deposits by $24.61 million, an excellent annual growth rate of 9.25%. Please refer to our financial overview of INOVA Federal Credit Union (NCUA Charter # 4968) for more details.

INOVA Federal Credit Union was established in 1942 to serve the employees of Miles Laboratories, an Elkhart, Indiana based pharmaceutical company. When Miles Laboratories was purchased by Bayer AG in 1979, the Credit Union’s scope and field of membership began to expand. INOVA currently has over 32,300 members and assets in excess of $336 million.

How the Certificate of Appreciation Compares

When compared to the 167 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, INOVA Federal Credit Union’s 42-month Certificate of Appreciation APY currently tops the list.

The above rates are accurate as of 6/13/2017.

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