To quote DA reader, Bozo, “INOVA seems to love 14-month CDs.” For more than two years, INOVA Federal Credit Union (INOVA) has been offering a variety of 14-month CD Specials, with the latest version earning 3.00% APY. The minimum opening deposit is $200, but a deposit of $50k+ of new money is rewarded with a $100 gift card.
Other competitive CDs currently in INOVA’s product line include,
|3.25%||$200||-||INOVA Federal Credit Union||6 Year CD|
|3.00%||$200||-||INOVA Federal Credit Union||5 Year CD|
The 14-month CD is not the only competitive INOVA CD that offers a $100 gift card bonus: a $50k+ deposit of new money in a 5- or 6-year CD qualifies, as does a qualifying deposit in a 30-month CD. A new money deposit of $100k+ in a 5-year CD comes with a $500 gift card. For whatever reason, the equally competitive 20-month CD doesn’t come with a gift card.
Step Up CDs/IRAs
INOVA’s Step Up CDs offer a one-time rate increase any time during the term. All the above mentioned CDs are offered as Step Ups, and surprisingly offer the same APYs. Other than the 60-month, the Step Ups do not come with gift cards.
And to complicate matters further, the CDs and Step Ups are available as IRAs, with APYs 25 bps higher, but no gift cards.
As stated on the Share Certificate landing page, the Early Withdrawal Penalty reads as follows:
The penalty schedule is 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.
Headquartered in Elkhart, Indiana, INOVA Federal Credit Union offers membership through affiliation with over 500 member companies. The member companies from large national companies (Bayer, Papa’s Pizza, Inc.) and colleges (University of Notre Dame), to local businesses and organizations, including churches and public schools. A complete list of the member companies can be found on INOVA’s website.
Immediate family members (spouse, child, sibling, parent, grandparent, and grandchild, including step and adoptive relationships) and household members of a current INOVA member are also eligible for membership.
Complete qualification details are listed on the Membership Eligibility page.
Joining INOVA and/or opening any kind of CD can be done online, or at any of six Indiana branches located in Elkhart (3), Granger, Michigan City, and Mishawaka. INOVA also has one California branch located in southwest Berkeley.
Credit Union Overview
INOVA Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.41% (excellent) based on September 30, 2018 data. In the past year, INOVA has increased its total non-brokered deposits by $18.93 million, an excellent annual growth rate of 6.8%. 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. As the 20th largest credit union in Indiana, INOVA currently has more than 33,500 members and assets in excess of $381 million.
How the CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally and require a similar deposit, all of the INOVA Federal Credit Union CD APYs cited in this blog post currently rank either first or second.
The above rates are accurate as of 12/24/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.