INOVA Federal Credit Union Ups 14-Month CD To 3.00% APY


UPDATE 12/26/2018: As of this morning, the 5-year CD (3.85% APY) and 6-year CD (4.00% APY) are no longer being offered. According to INOVA's website, "IMPORTANT INFORMATION: We have fulfilled our obligation on all of our 5 and 6-year Certificates, Step Up Certificates, IRA Certificates, and IRA Step Up Certificates."

Deal Summary: 14-month CD, 3.00% APY, $200 minimum deposit, $100 gift card with new money deposit of $50k+.

Availability: Easy membership requirement

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.

1.25%$200-INOVA Federal Credit Union14 Month CD
Rates as of May 22, 2019.

Other competitive CDs currently in INOVA’s product line include,

3.25%$200-INOVA Federal Credit Union6 Year CD
3.00%$200-INOVA Federal Credit Union5 Year CD
Rates as of May 22, 2019.

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.

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

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, 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 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.

Related Pages: South Bend CD rates, Chicago CD rates, San Francisco Bay CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

4%   |     |   Comment #1
there is your 4%
( at 6 yrs )
hokey   |     |   Comment #2
how does the step up CD work?
tck   |     |   Comment #48
"Step Up Certificates
This flexible savings program allows you to change your certificate rate one time during the term. If the rates go up — you're covered! You can "step up" to the higher rate."
alan1   |     |   Comment #3
According to INOVA's Fee Schedule: after one year, there is a $5.00 monthly inactive account fee if the balance in the Membership Savings Account is under $1000.00 and the member is not under the age of 18.
alan1   |     |   Comment #4
there's a problem with the lengthy link I posted in Comment #3. To get the Fee Schedule, just click on the green magnifying class on Inova's home page (upper right), and type in: fee schedule.
RickZ   |     |   Comment #6
I've been a member at Inova for several years and I've never been charged an inactivity fee and I only keep $5.00 in my Membership Savings account. I was advised by Inova reps that their inactivity requirement is that you must have some type of activity in your Membership Savings account every 12 months.

While the inactivity provision in the fee schedule is not written very clearly, I'm pretty sure that what it means is that if your account goes inactive (i.e., no activity in 12 months) then there's a $5 monthly charge unless you have $1,000 or more in the account. As an aside, I don’t understand why so many financial institutions insist on having silly inactivity requirements on a savings account when you have an active CD account generating monthly interest.
alan1   |     |   Comment #7
Thank you, RickZ.
hokey   |     |   Comment #8
What do you mean by this? "you must have some type of activity in your Membership Savings account every 12 months."
yes   |     |   Comment #10
yes yes yes yes
Carpline   |     |   Comment #11
Ken addressed that issue more than a year ago. This is from an October 2017 blog post and the last paragraph clears up any misconceptions.

"Then I read a review of INOVA by DA reader, pwj7050, which made me dig a little deeper. According to INOVA’s Fee Schedule, there are two potential monthly fees you need to be aware of:

"Membership Savings/Non Dividend Membership Savings Low Balance Fee - $2.50/Month

"In a Live Chat, I found out that the $2.50 monthly fee applies if the Membership Savings account balance is less than $100.

"Membership Savings Inactive Account - $5.00/ Month After one (1) year and account under $1,000.00, not applicable for members under the age of 18

"That statement is worded poorly. According to the Live Chat, the word 'account' means all monies on deposit with INOVA (Certificates, MMAs, checking, etc), not specifically the Membership Savings Account. In other words, if you open a Certificate with a minimum $1k deposit, the $5 monthly fee does not apply."
alan1   |     |   Comment #12
Thanks Carpline. I just checked the Fee Schedule on the Inova website, and did not see the "Membership Savings/Non Dividend Membership Savings Low Balance Fee - $2.50/Month" that you mentioned. Perhaps they've scrapped it. And, according to Comment #6, RickZ has kept $5 in the savings account for several years, and has not been hit with fees.
RickZ   |     |   Comment #14
I closed a matured CD at Inova in September and pulled out the money leaving me with only the Membership Savings account that has a balance $5 and I have not been hit with any fees. I did make sure to have a small yearly transaction in the Membership Savings account in prior years.
nanibakanakotoittendayo   |     |   Comment #47
Anytime there's a stupid fee like this for inactivity (and I still want to have a CD at that particular institution), I just set up a 1c automatic payment, once every 6 months, from my other institution, into the one with the fee. Alliant CU (among others, though Alliant is open to all) has a very easy, and automated ACH menu that you can use (you can select quarterly, twice a year, yearly, monthly, etc). I simply ACH in 1c every 6 months to places that put this stupid fee in. Annoying, but problem solved.
hokey   |     |   Comment #5
can we have CD interest deposited to another financial institution automatically?
anon   |     |   Comment #9
Do you have to make a branch visit to do an IRA rolloover
CaGirl   |     |   Comment #13
The 4% interests me. Does anyone know if can open cd under revocable or irrevocable trust. I looked at web site and no help and they are closed now. Thanks
tck   |     |   Comment #50
So few CU's do handle trust accounts, I'm not getting my hopes up. They have an option online to open "Specialty" accounts, though when I tried it, the drop down showed nothing. So I'll be calling them on Wednesday, crossing my fingers!
CuriousDave   |     |   Comment #73
The problem with trusts for financial institutions is that they need to be able to read - and understand - the terms of trust agreements, which spell out who has what authority to transact business and who the beneficiaries are before and after someone dies and to what extent distributions to beneficiaries can be made. Those can be complicated legal issues and many of those institutions do not want the trouble and expense of hiring the appropriate people to make those determinations. That's why so many of them shy away from opening accounts for trusts.
tck   |     |   Comment #164
CaGirl - open trust accounts is nationally available, and has some good jumbo cd rates right now.
gregk   |     |   Comment #15
Does a $100k+ deposit in a 6 year CD qualify for the $500 gift card (or does that only apply to the 5 year)? Suppose one opened 5 $100k+ Certificates. Would one be entitled to 5 $500 gift cards ($2,500)?

These look to me like some very good offers, both rate-wise and in regards to the EWP (180 days) on the longer-term deals.

BTW, why isn't US Senate FCU's 5 year CD (3.63%APY) listed in the comparative 60 month offers? Has that been withdrawn?

I've told myself if another 4% CD came down the pike (as it has now) I'm not going to miss out (as I did on Garden & Connexus), and with a manageable EWP (and the gift card) this might be the best among them (an additional year's commitment notwithstanding). Potentially a smooth transition from 3% maturing PenFed CD's next month as well (assuming Inova's offers last more than a week or two).

What's everyone's judgment about the 5 & 6 year terms here? Any red flags or reasons to hesitate?
Sammy   |     |   Comment #19
One gift card per SS# as per CSR.
deplorable 1
deplorable 1   |     |   Comment #16
4% 6 year CD available as predicted. I wouldn't be surprised to see a few more pop up maybe a 5 year soon. Merry Christmas everyone!
Att   |     |   Comment #18
I think anyone would foresee a 4% CD with the rise in intrest rates. The 4% rates however have only been promotional and offered by a few institutions for a limited time.

Predict now. When or if we will have 5% CDs,
HighYield   |     |   Comment #20
If we ever see a 5% CD next year (doubtful) I will buy pizza for the entire forum! :)
gregk   |     |   Comment #28
Deplorable's wild expectations notwithstanding, I think you're safe (btw, a 650 point drop on the Dow today, - further dissolution of the Trump "magic").
deplorable 1
deplorable 1   |     |   Comment #114
@gregk: Largest one day gain in the history of the Dow today looks like the Trump magic is still intact.
gregk   |     |   Comment #117
Less any magic than him just finally retreating from designs to take over the Fed. I'm all for a stock market recovery to the extent that might correlate with higher deposit rates, but far from convinced that some new run-up is underway. Today's buyers may regret it when all the smoke clears. We shall see.
lou   |     |   Comment #118
Predicting where the stock market is going is almost as useful as forecasting interest rates. But it would seem the Fed chairman has made it pretty clear: interest rate increases will continue but there will be less of them in 2019. I would consider anything over 3.5% with a mild EWP at this point. Prefer a 2 to 4-yr maturity if at all possible.
lou   |     |   Comment #120
Fair point. I guess I am saying this is the most likely scenario based on what we know today; however, I would also acknowledge the data could change or as the Fed would say: monetary policy is data dependent.
gregk   |     |   Comment #124
My "fair point" in your eyes was a posting violation in the judgment of Administration.

Wacky (but typical)..
gregk   |     |   Comment #135
One wicked "bear trap" from today's perspective.
gregk   |     |   Comment #156
Or at least from today's perspective when the market was down 600 points.

It's Crazytown.
deplorable 1
deplorable 1   |     |   Comment #24
I already did 5% by Dec. 2019 but that was before this current stock and oil price drop. If inflation rises this is still a good call if not 4.5% by Dec. 2019 and you better lock them in at that rate too.
@Trump crash: Trump told you the market would crash if the Dems took the house so no big surprise there. He called that like I called interest rates.
deplorable 1
deplorable 1   |     |   Comment #27
Well the thing is the economy is still strong which tells me this is a fear based crash rather than the end of a economic cycle. I'll be selectively buying in 2019 while others are selling.
jjflyman   |     |   Comment #67
This stock market downturn is a perfect opportunity for people who missed the last run up.
It's a do over.
Att   |     |   Comment #26
I got 5% in 2010 for a 10 year from Penfed with no limits or gimmicks or hoopla to jump through. I'm not looking at limited 5% CDs either or risky notes or speculative MORLs. If the market keeps tanking the Fed may not raise rates. People who predict up and down are right 50% of the time.
deplorable 1
deplorable 1   |     |   Comment #29
Nothing wrong with that logic Att. I have some 5% FDIC insured accounts too. I'm buying MORL at this price though with a 27% dividend yield it's looks attractive to me.
Att   |     |   Comment #49
deplorable MORLs are very volatile and are not investment but speculation. You can also lose your principle. And your demand notes are risky too.
hokey   |     |   Comment #32
I wish I was following this blog back in 2010. I got into 3% CDs from discover at that time. kicking myself
Smitten Kitten in the City
Smitten Kitten in the City   |     |   Comment #35
In reply to Comment #24,,,Trump telling us the markets would crash if Dems took control...he said that to rally up Repubs votes, it wasn't like he had a crystal ball, or knew what he was talking about. He spews a lot of things. Having said that,,, I'm not gonna blame the crash on Trump or Obama or Hillary Clinton. These things are cyclical. It's not one single person's fault. It is the nation as a whole trying to get ahead in the money hungry game of life. Also, I agree, the economy seems to be chugging along alright so this crash seems to be based more on fear than anything else. C'est la vie.
Trump Crash
Trump Crash   |     |   Comment #36
Dear Smitten

Think back to the last three crashes.

1) Republican President
2) Strong Economies Prior to Crash
3) Tax Cuts for Billionaires

It is true, the president is not responsible for the economy.

In Trump's case, every single practicing economist forecast a tax cut at the top a bubble would cause serious problems.

Not complicated. Both parties favor the rich, one just favors them even more than the other party.
macysauto123   |     |   Comment #58
I got a 4 % with Patelco credit union few months back. 4 year cd
4% no More
4% no More   |     |   Comment #86

Deplorable's 4% SIX YEAR CD gone!

Right for one day, almost, LOL!!
HighYield   |     |   Comment #21
A 6-year, 4% CD? Thank you INOVA.
If I invest $25,000, I will get a whopping 94 bucks per month in interest. Trying to control my excitement.
Trump Crash
Trump Crash   |     |   Comment #22
That's the sad part about being poor.
HighYield   |     |   Comment #23
You're right. I can't even afford this internet connection. LOL! But hey, I'll take 94 bucks a month for free. That will pay for my pizza!
I miss Jimmy Carter and his 14% CDs.
DCGuy   |     |   Comment #51
Rates went way up, gas went over $1 a gallon for the first time. Those things probably helped to prevent his winning his re-election bid in 1980 (the Iran hostage situation did not help too).
Frugal Guy
Frugal Guy   |     |   Comment #31
Can one fun these CD's with an ACH transfer ?

RonPaul   |     |   Comment #33
There was a $500 limit on that. Check seems to be the only real option
Frugal Guy
Frugal Guy   |     |   Comment #34
Thanks :)
Shared Branch
Shared Branch   |     |   Comment #39
Their website shows them in the shared branch network. Go to local CU and write a check and the funds should be available immediately, skip mailing a check and waiting.
Eligibility   |     |   Comment #37
Is there a way to easily qualify for membership? ACC?
Free Option
Free Option   |     |   Comment #38
When you go to fill out application it seems like the "Elkhart River Assoc." is $25, and the "Tru Direction" is FREE. While filling out the app. you can choose either of these options.
Eligibility   |     |   Comment #41
Thank you!
ddbrege   |     |   Comment #43
Where do you see Tru Direction for free? I see $5
Free Option
Free Option   |     |   Comment #44
I went to their website and it shows membership for free. I have not actually tried that though.
Frugal Guy
Frugal Guy   |     |   Comment #52
Shows fee is 4%
Frugal Guy
Frugal Guy   |     |   Comment #53
Sorry $5 ...typo :(
Frugal Guy
Frugal Guy   |     |   Comment #54
Becoming a Member

Tru Direction, Inc. is a not-for-profit organization dedicated to improving financial literacy for people at any life stage. The general public is invited to join this association and enjoy its benefits for a low one-time dues payment of $5.

Joining Tru Direction is simple. Complete a brief member registration form and make your $5 dues payment with a credit card.
Free Option
Free Option   |     |   Comment #55
Oops, sorry! You're right - $5 membership fee.
gregk   |     |   Comment #40
Any predictions how long these offers will last? Being away (and not able to consummate any transactions) until shortly into the New Year (Jan 3rd) I imagine one should still be safe, - or will there be a pell mell rush between now and then, the holidays notwithstanding?
Snooze   |     |   Comment #42
You snooze you lose.
HighYield   |     |   Comment #45
Being serious for a moment. As a smaller investor, with limited resources, it may not make much sense to lock up 15k or 25k for 4 or 5 years? The interest earned is so tiny, I'm not sure its even worth it? Maybe just leave the money in an online savings account.... at least I'd have access to it with no penalties.

Merry Christmas to all. Time to go wax my leased Ferrari.
Trump Crash
Trump Crash   |     |   Comment #46
Yep. A few people here love to discuss an extra percent or two on $5 or $10 thousand.

When that time would be much better spent at a part time job, or fixing up the house.
QED   |     |   Comment #56
Inova is a good credit union, one with which I have done quite a lot of business. The front line people at Inova are very caring and courteous virtually without exception. You will enjoy working with them. Upper management at Inova, though, can be more stern and unyielding, but not unfair.

Regarding step-up certificates:

I'm generally suspicious since it is so easy for any financial institution to circumvent hiking an interest rate in future simply by selling an "off-standard" CD as rates rise.  For example, Inova could in future offer a 59 month CD or a 61 month CD "special" at a much higher rate than their five year.  That said, as between the two, it seems to me purchase of the five year is preferable to the six year, the five year being a more popular product industry wide.
Laughing Paul
Laughing Paul   |     |   Comment #57

That is some deep thinking for a Christmas DUDE!!!

gregk   |     |   Comment #64
About Step-Up Certificates, it should be different with a Credit Union, QED, - owned by its members and existing to serve their needs. The logic and practice should be pretty straightforward. If you invest funds under the step-up umbrella and rates increase substantially in the larger economic environment, you'll be given the opportunity to participate in that increase via the expected reflection of such change in the CU's products. The offer's integrity rules out the flim-flam of the scenario you describe, - deliberately circumventing the step-up option by effectively eliminating the product it applies to as an ongoing "live" offering responsive to market conditions. Why even promote it if that's their intention? To potentially **** people off down the road for the sake of drawing in some measure of extra dollars in the present? Not a good strategy.
QED   |     |   Comment #65
The operative word in your post:


Good luck with that.
gregk   |     |   Comment #66
If a legitimate and certain step-up option was absolutely critical to the decision of whether to invest or not invest in an Inova CD who would depend on this feature of the offer? Probably no one, given the inherent ambiguities. But given its other and more compelling features that attract me (the presently high rate & and the prospectively mild EWP that I can much better rely on), why be cynical of the step-up addition that virtually no other FI includes? Any "suspicion" means just about nothing.
Matt83   |     |   Comment #59
it says easy membership requirement but I can't find out how to become a member unless your employer is or have a family member that is
QED   |     |   Comment #63
Inova is easy and straightforward to join. They are not persnickety at all and will accept virtually anyone. As proof of that I offer the following: they even took me!
Matt83   |     |   Comment #60
it says easy membership requirement but unless your employer is a member or have a family member that is one I can't see how you become one
RJM   |     |   Comment #61
Did you read the posts above?

Becoming a Member

Tru Direction, Inc. is a not-for-profit organization dedicated to improving financial literacy for people at any life stage. The general public is invited to join this association and enjoy its benefits for a low one-time dues payment of $5.

Joining Tru Direction is simple. Complete a brief member registration form and make your $5 dues payment with a credit card.
Matt83   |     |   Comment #62
Thanks I guess I missed that.
DAJunkie   |     |   Comment #68
According to one CSR, if the 'Tru Direction' box on the INOVA membership online app is
selected, they'll do the enrollment for you. However, she wasn't certain if INOVA paid the fee for you so she recommended adding an additional $5 funding ($20 total) to initial primary savings funding, just to be safe.
dead end
dead end   |     |   Comment #80
IMPORTANT INFORMATION: We have fulfilled our obligation on all of our 5 and 6-year Certificates, Step Up Certificates, IRA Certificates, and IRA Step Up Certificates. Please contact a Member Service Specialist at 800-826-5465 for other available rates and terms. We appreciate your business!
Justsayin   |     |   Comment #69
Looking at the Inova rates this morning their 6 year is at 3.85%, not 4.0%
DAJunkie   |     |   Comment #70
Indeed it does!
Curiously the top of the page still shows 'Rates effective as of December 21, 2018'.
I suppose the disclaimer at page bottom 'Rates are subject to change without notice'
has been applied ...
SYC   |     |   Comment #71
The same change just happened to the IRA Certificates. It is now 3.85% APY for 6 Year instead of 4.25%. Next is IRA Step Up?
alan1   |     |   Comment #75
I just looked at their rates for all CDs (IRA & non-IRA -- with & without step-up) -- the longest term I see is 4 years. Highest APY for non-IRA, non-step is 3.25% for 30 months ($50,000 minimum); for step-up non-IRA, it's 20 months at 3.15% ($200 minimum). Gift cards have vanished.

I was interested in joining -- called them this morning, filled out online application, they're supposed to call me back. I don't know if I want to pursue this, even f it's a temporary glitch. I'm not interested in purchasing raffle tickets or going on roller coaster rides.
SYC   |     |   Comment #81
This just appeared under Rate:

"IMPORTANT INFORMATION: We have fulfilled our obligation on all of our 5 and 6-year Certificates, Step Up Certificates, IRA Certificates, and IRA Step Up Certificates. Please contact a Member Service Specialist for our other available rates and terms. We appreciate your business!"
Jennifer   |     |   Comment #72
They have discontinued issuing 5 and 6 year Certificates effective immediately. All reps just receivd an email about 5 minutes ago. Too much interest in the high rates.
decades   |     |   Comment #74
What a waste of time applying to this credit union.
SYC   |     |   Comment #77
There must have been long lines by the locals at their branches this morning to open these 5 and 6 Year certificates. The furtherest certificate listed now on website is 30 Month.
RonPaul   |     |   Comment #76
tck   |     |   Comment #78
Is this some kind of joke? Someone needs to take charge over there. Pulling back an offer within a week like that is not only poor judgement but doesn't exactly instill much confidence in their leadership. Blacklisted.
rockies   |     |   Comment #79
I guess these offers now last minutes, instead of days. Pretty silly.
RateRover   |     |   Comment #82
Unfortunately there are too many followers on and with any hot deal that comes along the institutions are getting overwhelmed with new money which they cannot handle. This same thing happened recently with Garden Savings Credit Union in NJ.
gregk   |     |   Comment #110
Um, in this case Inova's "hot deal" wasn't overwhelmed by Deposit Account followers given that none of us managed to succeed in establishing an account.
nao597   |     |   Comment #121
Um, Deposit Account followers are not required to post if they get a good deal, so how do you know nobody managed to open an account?
gregk   |     |   Comment #144
Speaking literally, some may have, - you are right.

But I wasn't speaking literally.
alan1   |     |   Comment #83
While I'm certainly disappointed with the short duration of this offer (see my Comment #75), I don't regard Inova as having engaged in any sort of bait and switch. Terrific deals often last for short periods - Inova made no promises as to how long the offer would last. As Snooze noted in
Comment #42: "You snooze you lose."

I believe the offer began on December 21; I think it first appeared on this site on Dec. 24. It disappeared on Dec. 26. Tortoises do not always win. For me, the question is whether I want to join Inova in the hope that I might be able to jump on any subsequent deals they come up with.

The fault, dear ratechasers, is not in our stars,
But in ourselves
RonPaul   |     |   Comment #87
gregk   |     |   Comment #94
When exactly did you "open the account" and how?
alan1   |     |   Comment #95
to #87 -- if you opened the account two days ago (as distinct from submitting an application two days ago), you could have funded the account two days ago via a deposit at a branch of a credit union in the shared branch network. That you chose not to do so is not Inova's fault. However, rather than doing so, you chose to write (Comment #33): "Check seems to be the only real option".
At Comment #39, "SharedBranch" responded: "Their website shows them in the shared branch network. Go to local CU and write a check and the funds should be available immediately, skip mailing a check and waiting."

You waited (as did I). No bait and switch; no reason to blame Inova.
ddbrege   |     |   Comment #88
I didn't jump, but in hindsight, this offer seems more like an April Fools Day joke than a Christmas present. Hardly enough time to act with the looming holidays...there will be others and maybe even better.
???   |     |   Comment #84
it is all part of the DA Tactical Training Course
Csgirl   |     |   Comment #85
Just stopped 4 percent cd crazy, I just joined, I will go anead and keep as open acccount what a waste of time
Outraged   |     |   Comment #89
Unhappy with Ken
Unhappy with Ken   |     |   Comment #90
If Inova's 5 & 6 year CD offers indeed began on December 21rst, what took Ken so long to post notice of them here? His pipeline isn't as efficient as I previously thought. What else will we miss out on now because of the laxity?
Anonymous   |     |   Comment #92
Not Ken's fault! If he had posted sooner, it might have ended sooner. Don't bite the hand that feeds you.
Unhappy with Ken
Unhappy with Ken   |     |   Comment #97
Note I didn't say "Blaming Ken" but only "Unhappy with Ken". Inova is a pretty regular player here on DA, and an "on-the-ball" Administration really should have provided a write-up of these premium offers days earlier than it did given how quickly they can be withdrawn. A lag like this one lessens my confidence in DA just a bit, quite honestly. Remember, our support of this site made Ken (shall we say) quite a comfortable hombre, and though that's in the past, some carryover of related expectations on our side does not seem inappropriate.
Anon   |     |   Comment #98
Did you find this deal posted on any other site earlier than on this one?

Until the deal is well known, they don't withdraw it. So in a way it does not matter if Ken's site is still the FIRST one to post it.
gregk   |     |   Comment #91
Likely the last 4% offer for some time, I fear, given the economic uncertainties and Fed vacillation on future rate increases.

Did ANYONE here manage to get in on Inova's 4% offer this morning?
dave9354   |     |   Comment #93
Just called them and emailed them to stop my membership application. They emailed me and stopped my application. Will not deal with a credit union that uses these bait and switch tactics!
Online Application
Online Application   |     |   Comment #99
No. If you filled out the app, then you would have to wait for them to approve it, send you acct. # so that you could go to a shared branch to deposit check. I don't think there was time for any one to get acct. opened and funded with them closed 12/25.
gregk   |     |   Comment #106
For existing members (like myself) there was a small window this morning to make a shared branch deposit and establish the CD before offer withdrawn. But I didn't do it, thinking a little later in the day (as intended) would be fine. I was burned (again) by delaying. But who imagined today it might be over?
Online Application
Online Application   |     |   Comment #109
I did get the Garden Savings 4.08%/4yr
SharonView 4%/64 mo.
Now I wish I would have put more in those.
AnnO   |     |   Comment #170
Apparently the offer started 12/21 (not known here at that time). But that was a Friday. Sat 12/22, Sun 12/23, Christmas Eve 12/24, and Christmas Day 12/25 all had limited or no hours (any of those days that Inova was open at all, your shared branch CU may not have been). And then the offer ended on Wed 12/26.
decades   |     |   Comment #96
If it sounds too good to be a $500 gift card ??? .. according to terms couldn’t you have broken the cd after a short time and got the gift card
deplorable 1
deplorable 1   |     |   Comment #100
Looks like Inova Scrooged us on these CD deals. First they do this right in the middle of the holidays when everyone is busy then they don't give you enough time to set everything up before changing rates. Inova is building a ponderous chain with these tactics. Hopefully someone was able to open these before they got shut down.
Csgirl   |     |   Comment #102
Am canceling application too, disgraceful credit union
gregk   |     |   Comment #103
In hindsight, Inova's rate offers seem more like some auctioning event (that another poster called a "raffle") than what one might expect of a going concern business enterprise. I mean, three days (with a break for Christmas Eve & Christmas) and it was over, - product sold. Like the rest of us, I saw notice of this here on the 24rth and called Inova immediately, - but they were closed. Already being a member, though, my intention was to quite relaxedly make a shared branch deposit today and have the funds transferred by phone to a CD shortly thereafter. With no concerns at all over Christmas I couldn't easily accomplish this I was celebrating my good fortune, - so what a stunner this morning to be told it was kaput. A Credit Union, for Christmas sake! Some democratic opportunity for all its members to participate, as should have been allowed. Publish some end date, beyond which any new deposits won't be accepted, but before which they will not be pre-empted, - as Keesler FCU so creditably did with their 7 month CD earlier this year. Why, at least, weren't the current members of Inova privately notified by email of this as soon as it was initiated?
Many of us, effectively, were shut out.
larry   |     |   Comment #104
So everybody is saying Ken was late to the party and therefore responsible for followers not scoring the 4% CD?
alan1   |     |   Comment #108
#104 -- I am visually impaired, but not functionally illiterate. So these numbers may be a bit off due to limited vision -- I only saw one poster who expressed unhappiness with Ken (did not say that Ken was to blame for anything), and that poster received two "thumbs up" from others. What did you read that leads you to conclude that "everybody is saying Ken was late to the party and therefore responsible for followers not scoring the 4% CD"?
I think there's a difference between "everybody" and one poster -- even more so when others have posted to the contrary. Again, I do suffer from impaired vision, so please let us know what you read that I may have missed.
Thank you.
Brokered   |     |   Comment #111
Regarding the Inova 4% tease.

Assume they need to raise 20 million. If they put that out as a brokered offering it would have been gone in minutes. Inova wants to buy your money and you want to sell. It's a market and, as today's 1000 point gain proved, markets are fickle and volatile.

I see the vast majority of CD offerings going fully electronic in a few years. If for no other reason, it will save time and labor costs. Local requirements for credit union membership are a joke which means national appeal for small offerings such as this 4% rate will only accelerate. First come, first served. Sorry, all the cake is gone!
Att   |     |   Comment #115
Xcel CU had a great CD a few years ago. While I was opening g the CD I had to call customer service. They advised me that once they hit 21 million in deposits they were closing the offer. One thing I learned from this and other food offers is that you have to act quicky
Bozo   |     |   Comment #116
FWIW, the 14-mo 3% CD is still effective. IMHO, this offering is worthy. (1) New money is not required; accordingly, existing 14-mo CDs may be rolled, a huge "plus". (2) A rate of 3% for 14 months snags both current high yields and offers flexibility should rates go up. As you know, I have been partial to short-term CDs for the past couple of years.

Don't be too hard on INOVA. When a bank or credit union sets out their "hot deal" CDs, they often have short-term goals and a limited subscription. I've seen this movie before.
QED   |     |   Comment #122
Me too. But never before a Christmas movie!
RichReg   |     |   Comment #123
Just spoke to an Ashley @ INOVA this morning to see what all the hub-bub is about...guess what?
Previous 5-year rate isn't the only thing gone;; gift-cards are all done with too, so no more bonus on your $50K+ deposit.

Also, did anyone know/mention that there's a $10 application fee in addition to joining one of the those organizations? 'Stepping Up' is nice, but their 1-year isn't even the highest rate out there. No thank you, INOVA....
mur44   |     |   Comment #126
I applied online on 12/25/2018. INOVA asked for more information as if they are processing my application. I emailed all information. Just now they told me that there is NEW 6 year CD offering less than 4%. What a dishonest business operation? I declined. Ken, if you see my post, please mention this in you blog.
Unhappy with Ken
Unhappy with Ken   |     |   Comment #125
Let's all agree to hope that no future rate offer write-ups by DA again merely function as combination of tease and retrospective.

An invaluable site here, - but that was tardy reportage (whereas days earlier it would have been capstone to another great year).
Anon   |     |   Comment #129
Once again, your unhappiness is misplaced. Do you know of ANY other site which advertised this deal BEFORE this one? Until you provide one, you got nothing to say. I am sure they hit their limit only once this site posted the deal and a few large accounts went through as a result.

If you know another site that DID advertise this deal earlier, then you have something you can complain about (though, even then, I don't believe Ken owes you anything)
Unhappy with Ken
Unhappy with Ken   |     |   Comment #132
Per an Inova supervisor, Inova's own website advertised the deal on the day it was initiated (Dec 21rst).
dave9354   |     |   Comment #127
Just received a call from Inova offering another deal on a 5 and 6 year cd. No it was not 4% and it had to be funded today! Almost impossible to do in one day! So probably another scam! FOOL ME ONCE, SHAME ON YOU. FOOL ME TWICE, SHAME ON ME!
Anonymous   |     |   Comment #130
What rate(s) did they offer?
Amos   |     |   Comment #131
Same here, 3.80% for a 5 year and 3.85% for a 6 year with no gift cards or bump option. Thanks but no thanks....not bad rates but I'll take my chances somewhere else. Fool me once...……...
Anonymous   |     |   Comment #133
Today only? For the next hour?
Anonymous   |     |   Comment #134
Or are they making private offers to specific individuals now?
Anonymous   |     |   Comment #138
@Amos Per an Inova rep (minutes ago) there are no revised 5 & 6 year offers at the rates you refer to, - or any rate for that matter.

As I see it, this questionably competent FI decided to make some end-of-the-year rate offers (initiated on the 21rst), but then got intimidated by subsequent stock market declines into thinking the sky might be falling and they better back out.
dave9354   |     |   Comment #141
Yes, That is exactly what I am thinking! They did tell me that I have to open it today! Literally impossible to do!
Amos   |     |   Comment #142
dave9354 - were the rates quoted to you today the same as the rates quoted to me today, i.e., 3.80% and 3.85%. And no, Anon, these rates were not listed on their site today but I suppose were offered, on a limited time basis, to those individuals who had previously submitted an application before the original offer was taken down.
larry   |     |   Comment #136
Why did Ken wait so long to post this 4% CD offer?
guess   |     |   Comment #137
DA tracks more than 275,000 deposit rates, display more than 10,000 bank and credit union reviews,
Unhappy with Ken
Unhappy with Ken   |     |   Comment #139
Many of us here are wondering that, Larry.

My own suspicion is that Ken knew about the offer very shortly after it was initiated (on the 21rst) but then took a few days to confirm details and write the copy for publication, - in no wise imagining it would be withdrawn quite so immediately. But wouldn't a small banner headline advising us of the deal (for our own investigation) have been possible in that case, - before the full write-up appeared? I think so.
JO Jane
JO Jane   |     |   Comment #140
I think we can all guess ONE PERSON on DA got an account open.

Initials KT.
Amos   |     |   Comment #143
Please, folks, just be grateful for this site and let it go at that....surely, you have benefitted by it or you wouldn't be here, right? Peace.
bee   |     |   Comment #147
You should blame this credit union's TRICK instead.
bee   |     |   Comment #145
The issue here is this bad dishonest credit union itself.
larry   |     |   Comment #154
Dishonest? It's an offer that can be pulled at any time. They probably saw a huge influx of apps and pulled the plug before they got in trouble. It's still weird why Ken waited so long.
bee   |     |   Comment #157
I applied and when I ask them about my application, they just say they don't offer 5 or 6 year CD anymore. But at the same time, they tell my friend, who has worse credit than me, that they can still offer him 5 or 6 year CD(maybe they need his loans in the future). My friend applied the same way as I applied.
gregk   |     |   Comment #146
Most disreputable performance by a Credit Union since Valor.
Francis   |     |   Comment #148
I had several emails and phone message from Inova today. Couldn't call back as I was at work. Latest email offered me 3.8% 5 year CD or 3.85% 6 year CD. No gift cards or step up mentioned. Said had till close of day today to respond. Don't know how I feel about this. Should I counted offer 4% as per the initial offer? I don't like how the CU handled this situation. I could get a Penfed 5yr @ 3.5, is it worth dealing with Inova for a 0.3% bump?
Kaight   |     |   Comment #149
I have had a LOT of experience dealing with Inova. They are not perfect but they also are not as bad an organization as this episode leaves them appearing. Did they mess up here? Big time no question.  Only God knows what they were thinking . . . if they were thinking at all.

But considering the extra money they are offering you, the present incident is not sufficient cause to turn away if their offering is otherwise attractive to you. This opinion based on my own experience with them. They are not bad people. They just seriously messed up.
gregk   |     |   Comment #150
Confounding. I've spoken to three Inova representatives today (including a supervisor) all of whom have adamantly denied any 5 year 3.8% offer (or 6 year) exists, - for today only or otherwise (BTW, I've been an Inova member for almost a decade).

What is going on?
gregk   |     |   Comment #151
I mean, I'd immediately have gone to a shared branch this afternoon and made the necessary deposit had I been able to get confirmation of such an offer. Was this reserved only for people who complained sufficiently to Inova about their antics?
Francis   |     |   Comment #152
To comment #159. Greg, I don't know if this is the answer but I think the reason they contacted me was my application was in limbo. I started the application then saved it to finish later. Inova sent me an email with a link to finish the application. The link didn't work. Someone emailed me about my partial application, asked me my security questions along with what CDs I was interested in and approximately hiew much I wanted to invest. A few hours later another email came with the new CD offers of 3.8% 5 yr or 3.85% 6 yr.
Francis   |     |   Comment #153
To post #151. Greg I didn't complain at all. See my reply above. I actually dismissed the idea of getting these CDs till they emailed me
gregk   |     |   Comment #155
Very plausible you received that offer because you had an application in the pipeline, Francis. But was it an application for membership or for the 5/6 year CD, - or is your specific product choice included in the membership app? Being a longtime existing Inova member, I looked all over their website Christmas Eve for a way simply to apply for a 6 year CD (and get my intention formally "on the record", - which apparently would have served me well), but don't think that option exists.

Trying now to put this debacle in the rearview mirror.
Francis   |     |   Comment #158
Greg, it was an application for membership. But in the part of the app I finished I chose what CDs I wanted. Chose three different ones. Their email only had offers for the 5 and 6 year CDs. Technically, I had to respond by today but I was at work and couldn't. I may contact them tomorrow and ask if they would honor the original 4% rate. Can't hurt to ask but it may be too late.
gregk   |     |   Comment #159
Good if you can still get at least 3.8%-3.85% (though others here have said that was through today only), - but ****ed up that in effect the whole process now favors non-members, given that only they have a product choice on record (via the membership app) and thus found the (not original, but still exceptional) offer extended for them.

Sorry for being a member so long, Inova, and thanks for making that a distinct disqualification for receiving even the same courtesy given those who haven't supported you with their business for almost a decade as I have.
rockies   |     |   Comment #160
Posted first on a Sun East thread, but decided it was probably more relevant here:

I think it is interesting and instructive to look at how Sun East handled their market leading 27 month CD vs. the INOVA fiasco of the last few days. The Sun East offer was first written up by SYC on October 31. We all quickly learned this was for a limited geographic area (which enabled Sun East to throttle demand). Then, on Dec 14, QED notified DA nation that the geographic limitation had been removed. Ken wrote this up on Dec 15. This nationwide offer lasted nearly 2 full weeks through Dec 26. Compare this to INOVA who introduced their offers just prior to a weekend (Dec 22/23), half day holiday (Dec 24th), full day holiday (Dec 25th), and then terminated midday on Dec 26th. INOVA's approach seems very, very odd and, at best, represents little to no forethought. At worst, it seems to have been a PR move to generate industry buzz and create a bait/switch opportunity as outlined by the alternate offers received by some INOVA applicants yesterday.
larry   |     |   Comment #165
Are you implying that Ken copies leads from SYC?
rockies   |     |   Comment #167
My comments are focused on the actions of Sun East and INOVA, not Ken. I think Ken is probably doing the best he can at collecting leads from any source he can find.
DSJ   |     |   Comment #161
I don;t see anything about a gift card on their website for the 14 month certificate
NOT calm !!
NOT calm !!   |     |   Comment #162
i almost commented but im in a bad mood
AnnO   |     |   Comment #171
Well, we have no idea who you are since you don't use a consistent username, so the absence of a comment from you wasn't exactly noteworthy...
anonymity   |     |   Comment #173
its one of the inherent rights of the internet isnt it?
gregk   |     |   Comment #163
Specify a definite end date would be my advice to FI's offering these kinds of promotions. You don't have to set that right from the beginning, but once the offer is well-publicized and you draw closer to your goals/limits, you then make known when the deadline for further deposits will occur(even as proximate as "24 hours"), thus giving all a fair opportunity to follow through with their interest and intentions. As I remember the occasion, it was Keesler FCU with their 7 month 5% CD offering last August who exhibited the model behavior in this regard. At a certain point during the offer period they established a clear end date (and hour) for qualifying, and then (if my own experience was representative) bent over backwards in getting all the necessary processing done for depositors to manage it. Inova conversely (whatever their intentions), show how not to do it in almost every respect, with a now stained image and reputation among many perhaps not so quickly or easily recovered from.

You suck, Inova.
dave9354   |     |   Comment #166
Got another email today from assistant manager of Inova who said he spoke to his VP who said I could book the cd at the 3.8% today and they would give me until next week to send them the funds. Well that ship has sailed! My funds are off to another financial institute that is more credible. Will no longer deal with Inova!
gregk   |     |   Comment #168
Which Financial Institution is that?
???   |     |   Comment #169
INOVA comments #127 and #131
Anonymous   |     |   Comment #174
Spot on! This is now Jan. 21 and there have been more rate drops and then new rate increases and rate drops posted for INOVA --- MAKING THEM APPEAR AS A BAIT AND SWITCH OPERATION!!!!!!!!!!!!!!!!.

I have crossed them off my list of financial institutions I will attempt to do business with. I'm grateful for the info posted by some who attempted to open CDs with them and were disappointed with the disappearing and lowered rates! I am posting this comment also in the CD blog!
#175 - This comment has been removed for violating our comment policy.
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Deal Summary: 5-year Certificate, 3.00% APY, $200 minimum deposit

Availability: Easy Membership Requirement

INOVA Federal Credit Union (INOVA) is the latest financial institution to jump on the 3 For 5 Club bandwagon, with a 75 bps rate hike on its 5-year Certificate (3.00% APY). (With membership at nearly 100 banks and credit unions, the 3 For 5 Club has lost some of its cachet.) The minimum opening deposit is only $200 and there is no stated balance cap.

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Availability: Easy Membership Requirement

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The Shield Checking account made its debut last March, replacing INOVA’s Ovation checking account, which had been part of the product line since early 2010. Prior to last week’s rate increase, the Shield Checking earned...

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INOVA FCU Offers "Be Our Valentine" 14-Month CD
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Availability: Easy Membership Requirement

In the past 18 months, INOVA Federal Credit Union (INOVA) has offered limited-time special rates on its 14-month Certificate on three separate occasions, including the Credit Union’s 75th anniversary. With February 14th quickly approaching, INOVA wants you to “Be Our Valentine,” and is offering 2.30% APY on the 14-month Certificate and 2.55% APY on the 30-month Certificate. Both of the Certificates require a minimum $50k deposit...

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Availability: Easy Membership Requirement

In early February, INOVA Federal Credit Union (INOVA) offered a special 1.75% APY on its 14-month Certificate to help celebrate its 75th anniversary. That short-lived special rate only lasted a week, but as of yesterday, the 1.75% APY is back.

The minimum opening deposit is $200, with no stated balance cap. This is a limited-time offer, although no end-date is mentioned in the fine print.

In addition to the great rate, the...

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INOVA FCU Raises Rate On Nationally Available 30-Month CD
Deal Summary: 30-month Certificate, 2.00% APY, $200 minimum deposit.

Availability: Easy Membership Requirement

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More Past Offers

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