INOVA FCU Offers 2.00% APY On Nationally Available 30-Month CD

In June, INOVA Federal Credit Union (INOVA) celebrated its 75th Anniversary with a 42-month Certificate of Appreciation. The party is over for that Certificate, but INOVA has raised the rate on its 30-month Certificate (2.00% APY). The minimum opening deposit is $200, with no stated balance cap. This is limited-time offer, although no end-date is mentioned in the fine print.

As an added bonus, if the 30-month Certificate is opened with a minimum of $100k of new money, the account holder will be given a $75 VISA® Gift Card.

Just to be clear, new money (in any amount) is NOT required to open, but a minimum deposit of $100k+ of new money will earn the VISA® Gift Card.

The 30-month Certificate is also available as an IRA (Traditional, Roth, CESA), earning the same APY, with the same funding requirements, including the $75 VISA® Gift Card.

INOVA still does not include the Truth-In-Savings (TIS) document on the website. CSR confirmed that the Early Withdrawal Penalty detailed in the PDF version of the TIS, sent to me several months ago, is still in effect:

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.

Availability

Headquartered in Elkhart, Indiana, INOVA Federal Credit Union offers membership through affiliation with over 500 member companies. The member companies run the gamut from large national companies (Bayer, Papa’s Pizza, Inc.) and schools (University of Notre Dame) to local businesses and organizations, including churches and schools. A complete list of the member companies can be found on INOVA’s website.

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

Immediate family members and household members of an INOVA member are also eligible for membership.

Complete qualification details are listed on the Membership Eligibility page.

Joining INOVA and/or opening the 30-month Certificate can be done online, or at any of six Indiana branches located in Elkhart (3), Granger, Michigan City, and Mishawaka. INOVA also has branches in Berkeley, California and Clayton, North Carolina.

Beware of Fees

DA reader, cdperson, posted a comment in June about his/her experience joining INOVA that’s worth mentioning and led me to do some investigating. cdperson stated, “I paid $10 for membership and $5 for joining an organization.” INOVA’s online application reads,

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.

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.

Credit Union Overview

INOVA Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 13.47% (above average) based on March 31, 2017 data. In the past year, INOVA has increased its total non-brokered deposits by $24.61 million, an excellent annual growth rate of 9.25%. 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. INOVA currently has over 32,300 members and assets in excess of $336 million.

How the Certificate Compares

When compared to the 193 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, INOVA Federal Credit Union’s 30-month Certificate APY currently ranks second.

The above rates are accurate as of 9/1/2017.

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