UPDATE 6/6/2016: No longer available.
For a limited time, INOVA Federal Credit Union (INOVA) is offering a 91-day Certificate Special (1.90% APY). The minimum deposit to open any INOVA Share Certificate is $200, with no balance cap.
|1.90%||$200||-||INOVA Federal Credit Union||91 Day Certificate Special w/ Checking Account|
|1.60%||$200||-||INOVA Federal Credit Union||91 Day Certificate Special|
An INOVA checking account relationship is required to earn the 1.90% APY, with any of INOVA’s four checking accounts qualifying. The 91-day Certificate Special is also available without the checking account relationship, but earns a lower 1.60% APY.
The 91-day Certificate Special does not appear in INOVA’s rate schedule, but it does have its own promotion page. The fine print states,
The Dividend Period is the calendar month, the Dividend
Frequency is monthly, and the Dividends are compounded monthly.
According to CSR (who read the applicable portion of the Disclosure document to me), the Early Withdrawal Penalty (EWP) is based on term length. Share Certificates with terms between 91 days and 1 year carry an EWP of 90 days - quite a substantial EWP, in this case.
Thanks to DA reader, cumulus, for his Forum post about the 91-day Certificate.
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.
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 91-day Certificate can be done online, or at any of seven Indiana branches located in Elkhart (4), Granger, Michigan City, and Mishawaka, or at the Berkeley, California branch or Clayton, North Carolina branch.
Credit Union Overview
INOVA Federal Credit Union (NCUA Certificate # 4968) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 11.51% (above average) based on December 31, 2015 data. In the past year, INOVA has increased its total deposits by $14.42 million, an excellent annual growth rate of 5.93%. Please refer to our financial overview of INOVA Federal Credit Union 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. Today, INOVA has over 33,000 members and assets in excess of $301 million.
How the 91-Day Certificate Special Compares
Comparing the 91-Day Certificate Special to other similar length-of-term CDs is somewhat of a useless exercise, since when compared to all the 2,228 similar length-of-term CDs DA tracks, nothing comes close. Let’s do some math instead, and see what a $100k deposit can do.
$100k x 1.90% CD for 91 days = $475
$100k x 1.60% CD for 91 days = $400
$100k x 1.00% Savings account for 91 days = $250
The above rates are accurate as of 5/25/2016.