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 IRA CDs (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

Step-Up CDs

Both CDs are also available as Step-Up CDs, which allows for one rate change throughout the term.

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.

The Step-Up CDs earn the same APYs and can be opened with the same $200 minimum deposit.

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.

INOVA’s policy on maturing CDs is different than most financial institutions: there’s no grace period provided.

For accounts that 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.

For accounts that do not automatically renew for another term, the account balance will be transferred to another account of yours upon maturity. You will not be paid dividends on the account after the maturity date.


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 INOVA’s 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). More than a year ago, INOVA instituted the 50-mile radius limitation on the EMR.

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.

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/ATM Networks, giving 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, with a Texas Ratio of 4.25% (excellent) based on December 31, 2021 data. In the past year, INOVA has increased its total non-brokered deposits by $35.62 million, an excellent annual growth rate of 8.78%. 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 44,000 members and assets in excess of $570 million.

How the 5-Year CD Compares

When compared to similar length-of-term CDs tracked by that are available within the FOM and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the INOVA Federal Credit Union 5-year CD. The following table compares the 5-year CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 4-Year CD Compares

When compared to similar length-of-term CDs tracked by that are available within the FOM and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the INOVA Federal Credit Union 4-year CD. The following table compares the 4-year CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 4/11/2022.

To search for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.

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

  |     |   Comment #1
The CD deal Ken has posted is noteworthy. But the very best CD deal at Inova is their one month CD. Too many financial institutions do not even offer a one month CD, but Inova does. Such opportunity!!
  |     |   Comment #2
but it only pays .05%???
  |     |   Comment #3
That depends on how you pay for the CD. Pay the right way and you can multiply that 0.05% APY by 480, or more.
  |     |   Comment #4
You can hardly get a representative on the phone! Many times I have called only to get a recording that says leave a message and your call will be returned by the END OF THE DAY!!!!!!! That is unacceptable when you might miss the call and have a do over again the next day. VERY frustrating!         Finally spoke to a rep named Brian!    Very helpful!!!  (Even if I have to wait 2 hours for someone to call me back.)
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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INOVA Federal Credit Union Adds 100 Basis Points To 18-Month IRA/CD
Deal Summary: 18-month IRA (2.50% APY), 18-month CD (2.25% APY), $200 minimum deposit.

Availability: Easy membership requirement

In the past five years, Indiana-based INOVA Federal Credit Union (INOVA) had been a prolific producer of great rates and hot deals, but in the recent past, INOVA’s rates have been somewhat lacking. As of this week, that changed with substantially increased rates (100 bps added) for the 18-month IRA (2.50% APY) and 18-month CD (2.25% APY). The minimum opening deposit for both is only $200.

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INOVA Federal Credit Union Has 14-Month IRA, 2.95% APY
Deal Summary: 14-month IRA, 2.95% APY, $200 minimum deposit

Availability: Easy membership requirement

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...

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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...

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