INOVA Federal Credit Union Adds Three Rate-Leading CD Specials

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Deal Summary: Limited-Time Certificate Specials – 17-month (5.50% APY), 14-month (5.10% APY), 11-month (5.00% APY), $200 minimum deposit.

Availability: Easy membership requirement in northern Indiana and San Francisco Bay area.

INOVA Federal Credit Union (INOVA) has added three limited-time Certificate Specials: 17-month (5.50% APY), 14-month (5.10% APY), and 11-month (5.00% APY). Like all of INOVA’s Certificates, the three Certificate Specials can be opened with a $200 minimum deposit; there is no stated balance cap.

The Certificate Specials are also available as IRA Certificate Specials (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

INOVA has been offering limited-time Certificate Specials for the past few years. While no end-date has been specified, previous Certificate Specials have been available for at least a month.

As stated on the Share Certificate landing page, the Early Withdrawal Penalty reads as follows:

The penalty schedule is as follows:

  • Terms of 90 days to 1 year 90 days’ dividends
  • 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.

Funding and Maturing Funds

There is no Truth-in-Savings disclosure listed on INOVA’s website or attached to the online application; according to CSR, the TIS is provided when a CD is opened, which doesn’t help when doing due diligence. The following information was provided by CSR.

  • The easiest way to fund a Certificate is through a transfer of funds from an INOVA Membership Savings account. INOVA participates in the CO-OP Shared Branch network, facilitating the transfer of funds.
  • Maturing funds will be distributed by a cashier’s check to the address on file or transferred to a Membership Savings account.
  • Earned and credited dividends can be paid out by check or transferred to a Membership Savings account.

INOVA’s policy on maturing Certificates differs from most financial institutions. The following is from the short FAQs section at the bottom of the Certificates page.

For accounts that have been set up to automatically renew for another term, you will not have a grace period after maturity to withdraw funds without being charged an early withdrawal penalty. To avoid a withdrawal penalty, all withdrawals must be made on the maturity date.

If you opt out of automatic term renewal, the account balance will be transferred to an existing INOVA savings account on the maturity date.

Availability

Headquartered in Elkhart, Indiana, INOVA Federal Credit Union offers membership through affiliation with more than 1,600 member companies. The member companies range 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 the INOVA Company Eligibility page.

Anyone who lives within a 50-mile radius of any branch is eligible for INOVA membership by joining Tru Direction (one-time $5 membership fee). Long-time DA readers may remember when INOVA offered a nationwide easy membership requirement (EMR). INOVA instituted the 50-mile radius limitation on the EMR more than a year ago.

Tru Direction is a 501 (c)(3) foundation that promotes financial fitness, including the sponsorship of “Banzai,” an on-line financial literacy program available at no cost to schools. INOVA's online membership application facilitates joining Tru Direction.

I elect to join Tru Direction Financial Literacy Program.

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.

Account Opening

Joining INOVA and/or opening any kind of account can be done online, or at the Berkeley, California branch or at any of six Indiana branches located in Elkhart (3), Granger, Michigan City, and Mishawaka.

You will be asked to make your initial minimum membership share deposit of $5.00 and pay the $10.00 Membership Fee. The $5.00 share must remain on deposit to maintain your member/owner status and cannot be used for overdraft protection.

INOVA participates in the CO-OP Shared Branch and ATM networks, providing members with access to,

over 5,000 branch locations nationwide through the Credit Union Shared Service
Center System and over 30,000 ATMs across the nation through the CO-OP Network.

Unlimited beneficiaries can be designated with equal shares. Social Security numbers are required for all named beneficiaries.

Credit Union Overview

INOVA Federal Credit Union has an overall health grade of "B+ at DepositAccounts.com, with a Texas Ratio of 5.12% (excellent) based on September 30, 2022 data. In the past year, INOVA has increased its total non-brokered deposits by $12.46 million, an above average annual growth rate of 2.82%. 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 headquartered in Indiana, INOVA currently has more than 46,000 members and assets in excess of $629 million.

How the 17-Month Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the INOVA 17-Month Certificate. The following table compares the 17-month Certificate to the two highest-rate CDs from two other credit unions and to the two highest-rate CDs from banks.

How the 14-Month Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the INOVA 14-Month Certificate. The following table compares the 14-month Certificate to the two highest-rate CDs from two other credit unions and to the two highest-rate CDs from banks.

The above information and rates are accurate as of 12/16/2022.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: South Bend CD rates, Chicago CD rates, San Francisco Bay CD rates, 1-year CD rates, IRA CD rates

Comments
payitforward
  |     |   Comment #1
According to one of the reviews on their banking page, they do a hard pull. Oh well...
jeremyharrison
  |     |   Comment #22
I just talked with a CR. The hard pull is mandatory - no exceptions. I asked if she knew how much one hard pull lowers a FICO score. Answer - "I've seen it lowered anywhere from 3 to 20 points after one hard pull". Banks whose first act with a new customer is to financially damage them are run by psychopaths apparently,
P_D
  |     |   Comment #32
I wouldn't say they're run by psychopaths. It's rare to find a bank that does a hard pull, but a lot of credit unions do them. This is a small to medium-sized credit union, right about in the range where they often use third parties to handle a lot of their processes. And processing new accounts is one of them that is often outsourced at least in part. Some of these third parties make the decisions about what kind of credit check is done and I wouldn't be surprised if they use the fact that they do a hard pull as a selling point to sell their services to the credit unions under the assumption that people who don't want a hard pull aren't looking for loans which is their main interest in acquiring new customers or something of that nature. So the credit union itself may not really have given it much thought and the vast majority of the people who sign up aren't even aware that they are getting a hard pull or even know what it is. So it probably doesn't come to their attention very often.

I agree with the notion that if enough people complained there would probably be a change in the industry. But I don't think that's going to happen because most people don't know it's even happening.

I've expressed a number of times here how unethical I think it is to (silently) damage a depositor's credit as your first act of welcoming them as a member when they are not applying for any form of credit and in fact they are extending credit to the financial institution by lending them their money. I find it a despicable practice. But I don't see it changing.

And I have to say that in recent years, the best deals I have had at credit unions required a hard pull and I decided to hold my nose and pay that price for the deal. The best deal I ever got was with a large credit union that told me there was no hard pull, but then there was. I was infuriated, but in retrospect it turned out to be such a good CD that the wound healed.

I've never borrowed a penny in my life, and I can't think of anything that I need an exemplary credit score for anymore at this point. It was 820 something last time I checked but probably a little lower now since I've done a deal with a hard pull since then. But even though I don't need to have any kind of special credit score, it's a matter of pride and I don't like it to be dinged, especially in this way.

You have to factor it into the equation to decide if it's worth it but I certainly agree that it's a despicable practice. I'm not a fan of even more regulation, but since the financial sector is already probably the most highly regulated sector in the country it wouldn't make much difference if they threw in a regulation prohibiting a hard pull without a credit application.
kcfield
  |     |   Comment #33
PD: One thing that many people don't realize is that hard pulls not only impact credit score, but also one's insurance score which impacts your homeowners and auto insurance rates significantly. When my credit score hit 850 I had one year where my rates went down (my agent told me it was because our insurance score had improved). There should be a law that requires FI's to reveal if they are doing a hard pull for non-loan accounts.
Choice
  |     |   Comment #34
No different than acquiring any asset…eg in a home purchase, what claims had been made and CLUE shows what?
P_D
  |     |   Comment #35
Most disclosures have a clause that discloses that you are giving them permission to do a credit check. But I agree, at a minimum there should need to be a much more prominent and proactive disclosure. Better yet, make it illegal. There is no justification for it. It is an underhanded attack harming consumers and should be covered in consumer protection regulations.
Choice
  |     |   Comment #37
The problem is the reports…who is going to restrict a business to a report? No one. The EU will eventually solve the problem with an impact in US
kcfield
  |     |   Comment #39
Choice: Since you are not a Roe commenter, why not select "Prime" instead of "Choice" for a user name, as it has more inherent gravitas both here and at Morton's? I have been wanting to ask that for a while, but did not wish to offend either you or vegans.
Choice
  |     |   Comment #69
Very nice, Kcfield...choice goes way back!
deplorable_1
  |     |   Comment #38
@PD: While I don't need any loans at present I do like to borrow money at 0% on various credit cards which tends to lower my score quite a bit until I pay it off. So it requires a great deal of skill managing credit lines and credit scores so as not to let them drop too low even while borrowing large amounts.

What makes this much more difficult is when FI's ding you with a hard pull for opening a savings/MMA/CD and it stays on your score for 2 years before dropping off. To counter this I need to have very large credit lines to keep my overall credit utilization ratio as low as possible. Then I need to space out my hard pulls as well. You never know when a new credit card or CD deal may pop up and I don't want to get turned down for being just a few measly points too low to qualify. It's quite the balancing act.
fred_b
  |     |   Comment #2
Geez I just did a 20 month CD with Inova for 4.75% APY a week ago!

I guess I'm going to give them 7 days interest and switch into the new 17 month for 5.5% it's a no brainer.
deplorable_1
  |     |   Comment #4
lol fred-b you took the bait under 5%? Did these guys on here get you worried?
fred_b
  |     |   Comment #10
Yep, I grabbed the CD at 4.75% because so many people said the sky is falling. I also got a 5 year at Freedom CU at 4.86%.

The good news is that both these credit unions only take earned dividends as EWP. I've had to bail out of earlier CD's at both of them so I know this first hand. If you close the CD soon after you open it, the EWP is quite reasonable.

I may be OK with the 5 year CD. But maybe not. You have to hedge your bets.
sams1985
  |     |   Comment #11
Those are great rates and you can sleep well at night regardless of what happens.
Mak
  |     |   Comment #12
fred.....4 years ago he was telling people not to buy CDs because they were going to be 5% to 6%, the highest they got to was 4% and there was only a couple of them... then a year ago he said the same thing, first it would be by July, then it was August or September and then a couple weeks ago he upgraded that to 6 to 12 months from now.... 5 years would be a long wait for some people, very timely advise...lol
deplorable_1
  |     |   Comment #13
Um hey there Mak still waiting on my apology. What will you say when 6% CD's get here I wonder? I was able to get 5-6% yields 4 years ago in various ways not just in CD's. You and Sharon can have your 3% 5 year CD's though and pat yourselves on the back for "laddering". lol
Mak
  |     |   Comment #14
Did you use your S&H green stamps to buy the CDs, how about that great fund you recommended for high rates that went bust?
I never said rates weren't going higher, I said I don't know because I'm not an expert like you....I let the markets tell me not some guy on a blog that missed his prediction so far by almost 5 years now.
3% 5 year CDs, good imagination kind of like someone we know who likes to make things up to make himself look smart, did you get some of his new neat trading cards?
deplorable_1
  |     |   Comment #15
You know it's kind of funny for a guy who supposedly lost an election that he's still popular enough that people still are buying Trump gear. They stood out in the rain for massive rallies and yet just couldn't seem to make it to the voting booth eh? Things that make you go hmmm. Anyway how are those Biden bumper stickers selling? You only see them on electric cars. ; ) lol
Mak
  |     |   Comment #16
"You know it's kind of funny for a guy who supposedly lost an election that he's still popular enough that people still are buying Trump gear."

A guy who supposedly lost an election....I am rolling on the floor laughing my trump off.
deplorable_1
  |     |   Comment #18
Try honking your horn next to the only other guy who showed up at a Biden rally. I guess you never heard of election fraud either just like the corrupt politicians and judges. Oh well enjoy your high inflation and massive government corruption Mak and keep laughing they say it's the best medicine.
Mak
  |     |   Comment #20
Yep, I guess those dumb democrats aren't so dumb after all...;)

Btw, I've been trading a little tbt, in and out fast, but if you're sure rates are going up tbt would be something you should look into...I won't tell you to buy it but if I was as sure as you are about rates I wouldn't be trading it so short term I would be buying it and holding it...but I would have to be 100% sure like you are and I'm not.

Just as a warning ... tbt can be a dangerous little etf if rates go against you.
ProShares UltraShort 20+ Year Treasury
deplorable_1
  |     |   Comment #23
That's too much like gambling Mak I prefer a sure thing. REIT's were a pretty sure thing until covid hit that's what messed them up well that and over leverage but leverage is great on the way up though it's a double edged sword.
Mak
  |     |   Comment #26
dep #23... well if you are 100% sure long term rates are going up there is nothing to worry about but if you're not sure, I wouldn't touch it.
GregoryG
  |     |   Comment #28
I got my "Trump 20-24 years in prison" shirt last month. I love wearing it around my trump loving town of idiots.
sharon907
  |     |   Comment #41
Reading comments on DA is a bit of an alternate reality.

In fact, when GTE tried to terminate its 5-year, 3%, add-on certificate, there was a near RIOT on DA.
deplorable_1
  |     |   Comment #19
Mak what are green stamps? Isn't that something people used to get back in the Brady Bunch days for grocery store shopping? Oh and I also tripled my money in one of those REIT's as well so I didn't just lose money investing in them. I still have 2 years left in tax loss write offs as well so it didn't work out so bad.
Mak
  |     |   Comment #21
They were a while ago, it was a little joke.
Choice
  |     |   Comment #70
Mak...luv that! I recall them and Blue Chip stamps! Great times!
TKS
  |     |   Comment #82
Just curious...where did you get your 5-6% yields a few years ago?
TKS
  |     |   Comment #83
Just curious...where did you get the 5-6% yields a few years ago. I'm always looking for ideas! Thanks....
melsher14
  |     |   Comment #24
Fred_b
Ru sure is only 7 days penalty? I thought Feds rule was as least 7 days?
deplorable_1
  |     |   Comment #3
Hmmm looks like a local only deal. The 17 month at 5.5% is a decent deal although not sure where rates will be when it matures.
P_D
  |     |   Comment #5
Right ... the big question is will rates be higher or lower in 17 months?

The answer is almost certainly yes.
MY2CENTSWORTH
  |     |   Comment #6
P_D...did ya proof read that? Or am I missing something??
deeMatrix
  |     |   Comment #7
P_D's answer is spot on as yes rates will almost certainly be either higher or lower in 17 months with the slight exception (hence the "almost") if rates remain the same.
MY2CENTSWORTH
  |     |   Comment #8
Yeah, I kinda figured. The sun will rise tomorrow too!
deplorable_1
  |     |   Comment #17
Even I won't try and predict what rates will be in 17 months that's why I'm only locking in very short term CD's. All I know it that rates will be rising in 2023 beyond that it gets a bit fuzzy.
Choice
  |     |   Comment #45
Locking in for short term will keep long term rates at THAT FI low!
kcfield
  |     |   Comment #30
(Post deleted as it is addressed in another comment)
kcfield
  |     |   Comment #31
PD: Well stated. Before I was married, I dated a farmers daughter for awhile. We passed by a field of cows. I asked her father: "If there are 20 cows in a field and 10 are laying down, does that mean there is a 50% chance of rain?" This farmer of many decades gave this most definitive reply: "It might." So it goes with the prognostication of interest rates.
P_D
  |     |   Comment #36
Laughing at that one kc. Good one!
payitforward
  |     |   Comment #29
Geographically, I qualify, but still won't bite based on the hard pull.
CarlDepAccounts
  |     |   Comment #9
Thanks to DA I was able to lock in a 5 year CD @ 4.97% APY offered by Pelican State CU. I had to wait about 22 days for my app to be processed, but it was worth it. The special only lasted 9 days, but they honored the advertised rates.
melsher14
  |     |   Comment #25
Me too Carl. They have great CS reps.
chill08
  |     |   Comment #27
I was able to get in too. I applied Nov 18, but did not get the CD funded officially until 12/14.
It's a" 5 Year peace of mind" transaction.
fred_b
  |     |   Comment #40
Hey melsher14 I paid the EWP today and I think it was 8 days. Bought 12/8 and closed 12/16. I already reinvested my principal in the 17 month 5.5% APY CD and I am very happy. So my little mistake cost me $50, big deal.

There are unfortunately many FI's (including credit unions) that will charge you the full EWP of say, 6 months, even if you've only earned interest for 1 month. I now pay attention to stuff like this. Before this year, I don't think I ever closed a CD early.

I have gotten nailed like this on a couple of CD's I bought way too early this year, like back in May. But rates have increased enough to recover the EWP within the first year.
melsher14
  |     |   Comment #48
fred_b
that's great. noticed on the site that EWP are they lesser of all interest earned, whatever EWP is. And u r so right to check out the conditions very carefully. Twice i had to pay the whole EWP which cost me principle, but luckily the new APY i was getting still made it worth while. Also, PenFed will not go in to principle. The old adage of buyer beware is right on in these dealings!
deplorable_1
  |     |   Comment #51
Yeah totally worth the EWP it really pays to pay attention to the penalties I never used to break CD's so never used to look at them much. With the way rates are fluctuating these days it's a very important consideration. Locking in a CD with a low EWP could be looked at as a type of rate insurance. Good strategy.
melsher14
  |     |   Comment #64
Have MACU 60 mths CD at 4.00 APY. $5 to open and $10 a mth. Nice insurance for me if and when rates tumble.
sharon907
  |     |   Comment #42
dr. d, arrogance and ignorance are the worst combination.

nobody cares that you bought a leveraged mortgage reit, that went bankrupt. what i care about, is that you falsely claimed they made a distribution, post-bankruptcy. you made that claim earlier this year. perhaps you believed it yourself. still factually wrong. it is also problematic that you spent so much of 2019 suggesting it to other people, who possibly - though perhaps unlikely ? - understood it less,than you.

nobody cares that you, and everyone else on here, repeatedly "forecasts" interest rates. it is when people advise others, and sometimes "guarantee" the future, that it is a problem.

and today you are pretending to know that i bought 3% cds. you are making that up. that is called a lie. i can't remember ever talking about a cd i have owned, but maybe i have. I do know i don't own any 3% cds. except for that one, gte add-on. that everyone on DA nearly rioted over, when GTE tried to terminate it.

be honest. stop making things up. thank you.
deplorable_1
  |     |   Comment #43
I did get a final distribution and I'm not going to show you my financial records. It may have been a forced sale I can't remember and it wasn't much. And what's this the pot calling the kettle black? You really need to quit while you're behind Sharon every time you post you keep looking more petty. I have seen you berate other posters as well so it's not just me. A little humility would go a long way. Am I always right? no but I'm not always wrong either and guess what I'm allowed to have an opinion right or wrong whether you personally agree with it or not. I never claimed to be a financial advisor who btw gets PAID to give financial advice. I do this for $0 and I'm pretty sure I have helped more people than I have hurt over the years idk but I have the best of intentions. Your intentions however seem very questionable to me. Now try and have a nice day....if that's possible for you.
Choice
  |     |   Comment #44
Tora, tora, tora…the messenger! Reports on deals/rates are what I look for. As to where rates are in headed in future? Nada for/on DA. But a deal when future rates may do this or that…that may work. Last time I checked…investment advisors receive a fee and are/should be registered …financial advisor gets no fee and is not registered……Peace brothers/sisters…tis the Season!
h_meister
  |     |   Comment #46
I'm looking to open a 5.50% 17 month CD at Inova CU. I qualify via residency and was planning to open in person to speed up membership and account funding process. I called home office in Indiana and was advised that branch in Berkeley is closed to public as it is on Bayer Corp facility. When I look on Google maps, the door to specific address "2607 7th Street, Suite A" seems to have public access. Has anyone who isn't a Bayer employee been able to do business at this location? If so, how recently. Thanks.
h_meister
  |     |   Comment #71
Was able to access branch despite what Inova home office advised. About 1/2 hour to set up, fund 17 month @ 5.50% and set up on line banking shell. When questioned, banker advised credit pull is a soft pull. I have CD's at 15+ credit unions/banks and have never been rejected for membership / account opening at any finance company. My FICO has always been 800+ and I've never had problem getting credit (spouse and I churn two credit cards/year for air miles. I guess my experience is much different then many others on site re the concern about account openings impacting credit scores.
IGR
  |     |   Comment #72
Have you get to verify if that indeed was a soft pull?
Was it to open new CD account or Purchase Member Share to Establish CU Membership?
55Chevy
  |     |   Comment #47
Enjoying my 5% 59 month CD's purchased two months ago at Numerica CU with the bump feature..they will consider it a 4 yr CD for the bump rate. No hard pull, opened it in one hour and very friendly informed staff.CD Disclosure sent immediately thru zip mail after opening.However, this offer only available to WA and Idaho and its still available! I qualify for Inova as well however 17 months from now rates may be at 0 again...then what?
deplorable_1
  |     |   Comment #50
Yeah I agree 55Chevy you either have to go ultra short or as long as you can get with the 5%+ CD's right now. You might get burnt if rates are dropping in 17 months if you don't have some other place to park it.
sams1985
  |     |   Comment #54
Wow, you're right they still have the 59 month 5% up. I would take that if i could could qualify, at least for some of my funds.
55Chevy
  |     |   Comment #57
Yes it’s a sweet deal because cust service is so knowledgeable/easy to talk to. No long phone wait times found here. Spokane/Idaho are huge growth areas so I imagine they are anticipating large commercial/ residential loans will be made soon hence the higher attractive longer rate offered. And no credit pull, unlimited beneficiaries with only name needed and they list them for you on your account page with percentages… very transparent.These type of local deals are the best. I hate chasing nationwide deals and go thru all the BS that accompanies them… as if they are doing you a favor taking your money. 
IGR
  |     |   Comment #49
INOVA still accepts nationwide membership applications via Tru Direction
While nowhere near 50 miles, I was approved few days ago by joining Tru Direction(one-time $5 membership fee).
It does Experian hard pull and ChexSystems inquiry.
I intend to dispute Experian inquiry (though it is not easy) since the application was only for membership/Share Savings - the relationship with no Credit aspect whatsoever.
The inquiry is labeled "Check/Svgs Acct" that may imply some Overdraft Protection type of Credit.
Although I'm the member of "a lot of credit unions ,small to medium-sized", that is the Only Inquiry on my record with Experian related to Deposit Accounts
deplorable_1
  |     |   Comment #52
Wow I'm surprised that works IGR these guys seem to be pretty strict with residency requirements according to some other posters. They didn't balk when you put in your address? When I applied for Blue FCU I got turned down flat due to geographic location.
IGR
  |     |   Comment #55
you won't get nothing unless you try.
I cant comment on others' experiences with other FIs.
to give myself a piece of mind i had my ChexSystems Consumer file frozen before I applied.
INOVA contacted me next day complaining that it has a problem processing my application.
I've lifted a freeze while representative was on the phone with me and after CSR consulted with the underwriter the membership was approved. It's sounded that they are very eager to fulfill their CD Specials quota.
This is limited experience of one individual dealing with specific issue.
Funds need to be transferred to INOVA before I fulfill my goal of opening CD Account. I am not that eager because if it is delayed there will be another CD Special somewhere else.
Choice
  |     |   Comment #59
IGR …The bigger problem is tying arrangement between credit reporting agencies and FIs, et al. How can any FI represent a so-called soft pull doesn’t impact credit? Where is that written in stone…that FI shouldn’t be dictating what/how something impacts a credit score since it doesn’t issue any such score. On and on. I suggest a complaint to CFPB and a cc Chex Systems and Senator Warren. Everyone is intertwined and in contravention of competition rules of the road. There should be a full investigation
PS. The Lendingtree Bowl was a success!
IGR
  |     |   Comment #61
we need to get the Semantics straight.
what is "impact credit"?
Credit Score?
There are several, each is using slightly different proprietary methodology.
FI's assessed Debtor Profile and quoted Cost of the Credit?
Each FI is using slightly different proprietary underwriting standards.
ChexSystems existence is unrelated to "soft pull" and "impact credit"
P_D
  |     |   Comment #53
How do you intend to dispute the hard pull? CUs do these all the time even without any application for any kind of credit.  You must have very good luck never having it happen before.  I have had many of them.
IGR
  |     |   Comment #56
I think I explained how. CUs... as everything else, can only do hard inquiry when it is triggered by Consumer Action/Application.
Otherwise, for their own internal purpose they can only do soft pull, which nobody should worry about.
Hard inquiry stays on Experian record for 3 years, during last 3 years I had about a dozen of CU memberships established.
The only inquiries are listed on Experian record are from PenFed and PSECU because I have Credit Cards with them.
Again... I can only report limited experience of one individual dealing with specific issues.
However, when experience is replicated through dozens of occurrences it is rather trend than luck.
lou
  |     |   Comment #60
Did you check Equifax and TransUnion for the others?
IGR
  |     |   Comment #66
What's that?
I'm only familiar with Equimail and WesternUnion!
deplorable_1
  |     |   Comment #62
Are you sure it's 3 years at Experian? I have only heard 2 years for hard inquiries at all 3 bureaus unless something has changed?
IGR
  |     |   Comment #63
Don't go by me or other testimonials.
Go for the source, check your credit report, every entry there has an expiration date.
For the purpose of this topic it doesn't really mater 2 or 3, as it doesn't matter for my personal purposes, I care less about Credit Reports
max100
  |     |   Comment #58
i will wait next year there will be a lot of 5% cd .
Mak
  |     |   Comment #65
TBT up 4% today, might go to $30 but I'll take the profit now just in case ...that's a 1 year CD rate taken in 1 day.
max100
  |     |   Comment #67
6% cd coming soon .
Mals
  |     |   Comment #73
Wish you were right but I just don't see it unless a short, 6 month teaser maybe in February at earliest. We need the Long Term 5-year non-callable to break the 5% barrier. We are quite a way away at the moment. I did pull the trigger today on the 17 month 5.5% at Inova. I don't like any other alternatives at the moment with CD's or Treasuries. They are accepting CD applications beyond the cited geography restrictions.
gmohan123
  |     |   Comment #74
Hi Mals I did too but surprised a 13 point hit on credit while giving them my money!!
Mals
  |     |   Comment #77
I did mine in person and expressed my displeasure about a hard pull, but I did so anyway given the attractive rate. It doesn't sound like our complaints are being heard. A change will only happen if we all simply refuse to deposit under such circumstances.
IGR
  |     |   Comment #78
or "A change will only happen" if we flood CFPB with complaints.
After all, CU membership is a membership, and member share and certificate is nothing more then the purchase of the membership and deposit certificate.
Mak
  |     |   Comment #68
Getting pretty over sold shorter term, fear isn't where I would like to see it for a bottom but might be setting up for a Santa rally.
interested
  |     |   Comment #75
Inova has updated the CD rate sheet today and no longer shows the 17 month 5.5% CD.
Mals
  |     |   Comment #76
I agree - I just saw that moments ago. I just got it done yesterday.
IGR
  |     |   Comment #79
the 17 months special is over prematurely.
according to CSR one who applied before 12/20/24 still entitled to the that.
only those who applied for 17 months special and select funding by check are entitled directly.
those who applied for membership in hope to transfer funds and open CD then would have to make the case that the membership application was in leu of 17 months special. I cant guarantee the outcome.
Inova Special, SkyOne Special were closed earlier then initially announced.
It is a trend rooted in the excess of liquidity, it will continue for as long as treasury Short/Long term Rates inversion persists.
In a meantime forum is full of predictions going back to two years ago that rates will go Up and Up and upupup.
In this environment the best return achieved by those who nimble enough to respond to short term deals and have the endurance to follow up instantly when short terms are expired.
it is the Market of Cash where the best money is made when the rates are volatile and moving fast, same as Equity Market.

I imagine and welcome the avalanche of comments
55Chevy
  |     |   Comment #80
Numerica CU has discontinued today the 5% @ 59 month promotion.
SouthernGirl
  |     |   Comment #81
55Chevy,
Hello, Please post this comment on the Numerica CU page comments for readers, as well. Thank you so much!
Saver2
  |     |   Comment #84
As of Dec. 23, 2022, Friday- Inova has stopped offering all the 5% CD's.
INOVA Federal Credit Union Boosts Limited-Time 20-Month CD Rate
Deal Summary: 20-month Certificate, 4.75% APY, $200 minimum deposit.

Availability: Easy membership requirement in northern Indiana and San Francisco Bay area.

In early October, INOVA Federal Credit Union (INOVA) offered a limited-time 14-month Certificate Special, earning 4.05% APY. The 14-month Certificate Special was quite short-lived, lasting little more than a week. Its replacement was a limited-time 20-month Certificate with the same 4.05% APY. The 20-month Certificate is still available and now offers a competitive 4.75% APY. The minimum opening deposit is $200, with no stated...

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INOVA Federal Credit Union Adds Limited-Time 4.05% APY CD
Update 10/11/22: The 14-month Certificate Special has been replaced with a 20-month Certificate Special with the same rate.

Deal Summary: 14-month 20-month Certificate, 4.05% APY, $200 minimum deposit.

Availability: Easy membership requirement in northern Indiana and San Francisco Bay area.

The last time I wrote about INOVA Federal Credit Union (INOVA), I noted that INOVA had joined “the growing number of banks and credit unions offering rates of 2.00% and above on long-term CDs.” Six months later, INOVA is offering a very competitive 4.05% APY on its...

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INOVA Federal Credit Union Boosts 4- And 5-Year CD Rates
Deal Summary: CDs and Step-Up CDs – 4-year (2.00% APY) and 5-year (2.25% APY), $200 minimum deposit.

Availability: Easy membership requirement in northern Indiana and San Francisco Bay area.

INOVA Federal Credit Union (INOVA) recently raised the rates on its 4-year CD (2.00% APY) and 5-year CD (2.25% APY), joining the growing number of banks and credit unions who are offering rates of 2.00% and above on long-term CDs. The minimum opening deposit is only $200, with no stated balance cap.

The CDs are also offered as...

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INOVA Federal Credit Union Substantially Boosts CD Rates
Update: Readers are being told by INOVA phone representatives that to be eligible to join, you must live within 50 miles from one of their branches. I've been covering INOVA for more than 10 years, and this is the first time I've heard about this requirement. We'll research this for additional details.

Deal Summary: CDs and Step-Up CDs – 18-month (1.05% APY), 2-year (1.15% APY), 30-month (1.25% APY), $200 minimum deposit.

Availability: UPDATE 4/29/2021 – Easy membership requirement for individuals living within a 50-mile radius of a...
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INOVA Federal Credit Union's 14-Month CD Special APY Is On Top
UPDATE 2/11/20: The 14-month CD Special rate fell to 2.40% APY.

Deal Summary: 14-month CD Special, 2.55% APY, $200 minimum deposit.

Availability: Easy membership requirement

In a January 24 Forum post about INOVA Federal Credit Union’s (INOVA) recent rate increases on its 18-month CD/IRA, DA reader, Bozo, stated:

In what may be a fortuitous coincidence or an example of Bozo’s prescient skills, Indiana-based INOVA has added 40 bps to its 14-month CD Special, giving it a rate-leader 2.55% APY. Like all of INOVA’s CDs, the 14-month can be opening...

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