INOVA FCU (Easy Membership) Has Limited-Time 14-Month CD Rate


Availability: Easy Membership Requirements

For a limited time, INOVA Federal Credit Union (INOVA) is offering a special rate on its 14-month Certificate (1.25% APY). The minimum deposit to open any INOVA Certificate is $200, with no balance cap.

0.35%$200-INOVA Federal Credit Union14 Month IRA (Traditional, Roth, CESA)
0.35%$200-INOVA Federal Credit Union14 Month CD
Accounts mentioned in this post. Rates as of January 19, 2017.

The 14-month Certificate is also available as an IRA (Traditional, Roth, and CESA), earning the same APY, with the same funding requirements. The promotion page states,

The Dividend Period is the calendar month, the Dividend
Frequency is monthly, and the Dividends are compounded monthly.

I wasn’t able to find the Truth-In-Savings document on the website, but CSR kindly emailed me a PDF version. The Early Withdrawal Penalty reads as follows:

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.

Thanks to DA reader, Carpline, for his Forum post about the 14-month Certificate Special.


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 14-month Certificate can be done online, or at any of six Indiana branches located in Elkhart (3), Granger, Michigan City, and Mishawaka, or at the Berkeley, California branch or Clayton, North Carolina branch.

Credit Union Overview

INOVA Federal Credit Union (NCUA Certificate # 4968) has an overall health grade of "B+" at, with a Texas Ratio of 9.70% (excellent) based on March 31, 2016 data. In the past year, INOVA has increased its total deposits by $104k, an above average annual growth rate of 0.04%. Please refer to our financial overview of INOVA Federal Credit Union 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 33,900 members and assets in excess of $309 million.

How the 14-Month Certificate Special Compares

When compared to the 148 similar length-of-term CDs tracked by, which require a similar minimum deposit and are available to nationally, INOVA Federal Credit Union’s 14-month Certificate APY currently shares the fifth spot with seven other CDs.

The above rates are accurate as of 8/10/2016.

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


INOVA FCU Offers Very Competitive 91-Day CD

UPDATE 6/6/2016: No longer available.

Availability: Easy Membership Requirements

For a limited time, INOVA Federal Credit Union (INOVA) is offering a 91-day Certificate Special (1.90% APY). The minimum deposit to open any INOVA Share Certificate is $200, with no balance cap.

An INOVA checking account relationship is required to earn the 1.90% APY, with any of INOVA’s four checking accounts qualifying. The 91-day Certificate Special is also available without the checking account relationship, but earns a lower 1.60% APY.

The 91-day Certificate Special does not appear in INOVA’s...

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Availability: Nationwide except for Pennsylvania.

Now through April 15, 2015, INOVA Federal Credit Union (INOVA) is offering a 15-month IRA Certificate Special (2.15% APY). The minimum deposit is $2K and there is a maximum deposit of $250K per member. The 15-month IRA is available as a Traditional, Roth, or CESA.

When asked about the Early Withdrawal Penalty (EWP), CSR stated that any EWP is decided on a case-by-case basis, with the penalty being a percentage (usually 10%) of the dividends earned on the amount being withdrawn.

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The other features of the Ovation Checking account have remained the same. Below...

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Most of the CD rates at INOVA Federal Credit Union are low, but there's one rate that's very competitive. It's the 6-year share certificate which has a 2.50% APY. Minimum deposit is $200. There's also a step-up option, but the rate is 0.10% lower. This allows the member to step-up the rate one time during the term. The IRA share certificates have rates 0.10% higher. These rates are listed in the CD rates page as of 1/11/2012.

According to the member service rep, the 6-year CD has an early withdrawal penalty...

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The 5-year CD rate has fallen since my last post on INOVA Federal Credit Union. However, the credit union is still listing the same competitive rate for the 6-year CD of 3.05% APY. The 5-year CD rate is no longer competitive with a 2.00% APY. The shorter terms are even less competitive. The rates are 10 basis points higher for IRA CDs. Minimum deposit is $200. In my last post, a reader commented that the early withdrawal penalty is 180 days of interest for CDs with terms over a year....

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