As I reviewed my previous INOVA Federal Credit Union (INOVA) blog posts, it was obvious that INOVA has been partial to 14-month CDs and IRAs, with six separate offerings in the past three years. While INOVA recently lowered the rates on the majority of its CDs/IRAs, the 14-month IRA is still quite competitive with its 2.95% APY. The 14-month CD doesn’t fare as well – the APY is 2.70% APY. The IRA and CD both require a minimum opening deposit of $200.
Step Up IRA/CD
INOVA’s Step Up IRAs/CDs offer a one-time rate increase any time during the term. Both the 14-month IRA and CD are offered as Step Ups, and surprisingly offer the same APYs.
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 more than 500 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 INOVA’s Company Eligibility page.
Two of the member companies, Tru Direction and the Elkhart River Restoration Association (both non-profit organizations), allow anyone in the U.S. to join. INOVA's online membership application facilitates joining either non-profit.
You may elect to join the Elkhart River Restoration Association which is a not for profit organization.
You may elect to join Tru Direction which is a not for profit organization.
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.
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/ATM Networks.
We offer our members the convenience of 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.
Credit Union Overview
INOVA Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.51% (excellent) based on March 31, 2019 data. In the past year, INOVA has increased its total non-brokered deposits by $59.48 million, an excellent annual growth rate of 19.27%. 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 19th largest credit union in Indiana, INOVA currently has more than 34,200 members and assets in excess of $456 million.
How the IRA Compares
When compared to 154 similar length-of-term IRAs tracked by DepositAccounts.com that are available nationally and require a similar deposit, INOVA Federal Credit Union 14-month IRA APY currently ranks first.
|Interest Rate||IRA Length of Term||Credit Union/Bank|
|2.95% APY||14-Month IRA||INOVA Federal Credit Union|
|2.93% APY||12-Month IRA Certificate||State Department Federal Credit Union|
|2.75% APY||12-Month IRA||First Internet Bank|
The above rates are accurate as of 6/27/2019.
To look for the best IRA rates, both nationwide and state specific, please refer to our IRA Rates Table page.