INOVA FCU Celebrates 75 Years With 14-Month CD (1.75% APY)

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UPDATE 2/14/2017: The 14-month Certificate Special is no longer available.

Deal Summary: 14-month Certificate Special, 1.75% APY, $200 (new money) minimum deposit.

Availability: Easy Membership Requirements

INOVA Federal Credit Union (INOVA) is offering a 14-month Certificate Special (1.75% APY) to commemorate its 75th Anniversary. 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.35%$200-INOVA Federal Credit Union14 Month IRA (Traditional, Roth, CESA)
0.25%$200-INOVA Federal Credit Union14 Month CD
Accounts mentioned in this post. Rates as of May 24, 2017.

The 14-month Certificate Special is also available as an IRA (Traditional, Roth, CESA), earning the same APY, with the same funding requirements. The promotion page states,

The Dividend Period is the calendar month, the Dividend
Frequency is monthly, and the Dividends are compounded monthly.

The last time I wrote about INOVA, I wasn’t able to find the Truth-In-Savings (TIS) document on the website; sadly, the TIS still isn’t available on the website. As stated in the PDF version of the TIS sent to me by CSR, the Early Withdrawal Penalty reads 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.

Thanks to DA reader, Carpline, for his Forum post about the 14-month Certificate Special.

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 14-month Certificate Special 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.

Credit Union Overview

INOVA Federal Credit Union has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 13.44% (excellent) based on September 30, 2016 data. In the past year, INOVA has increased its total non-brokered deposits by $9.61 million, an excellent annual growth rate of 3.67%. 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 34,500 members and assets in excess of $315 million.

How the 14-Month Certificate Special Compares

When compared to the 187 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationally, INOVA Federal Credit Union’s 14-month Certificate Special APY currently tops the list.

The above rates are accurate as of 2/8/2017.

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


Comments
jimbeau
jimbeau   |     |   Comment #1
That's 1.75% looks tempting. After looking at the reviews for this CU, on second-thought maybe not. 17 one star reviews out of 27? Not good.
Sylvia
Sylvia   |     |   Comment #2
Yes, review profile recalls Valor (7 out of 10 one star). Can't beat NavyFed's 2.00% 17 month add-on or reputation.
Kaight
Kaight   |     |   Comment #4
That NFCU account is great. But it has a cap. If this INOVA deal has a cap, I did not encounter it.
  |     |   Comment #3
There are a great many poor reviews. But overwhelmingly they appear connected to poor experiences with checking accounts.
Sylvia
Sylvia   |     |   Comment #5
What I found troubling were the broader issues underlying negative comments: low integrity and/or poor communications.
Bozo
Bozo   |     |   Comment #6
Sylvia, your post prompted me to read said comments. While some were a bit ancient, I got the drift pretty quickly. Customer service is very important.

As I've noted in other threads, once a financial institution has "our" money, we basically trust said institution to be competent and responsive.
Sylvia
Sylvia   |     |   Comment #8
Yes, Bozo, the comments had hints of "roach motel" (a condemnation you've used elsewhere, if memory serves) mixed with customer indifference.
Kaight
Kaight   |     |   Comment #7
Inova has earned an A+ rating from the BBB. Still, there are currently ten complaints showing on their BBB record. I read each of the ten complaints. Not one gave me any pause whatsoever. It would not be politically correct for me to tell you why.
51hh
51hh   |     |   Comment #9
Reviews are just that: serves as a reference to others. Some situations are unique and do not apply to all. Some tend to be biased, maybe for good reasons. Almost all reviews are subjective experiences. On the other hand, there may be as many satisfied customers with positive experiences for the said credit union.

My point is that I would never drop an FI/product due to reviews alone.
Kaight
Kaight   |     |   Comment #10
No question. But in the instance of these particular BBB "negative" reviews, the specifics themselves do not worry me. Of course, again, I cannot say why that is. If you read the reviews you might be able to figure this out.
RichReg
RichReg   |     |   Comment #11
Just got off the phone with them....there is a $10 membership fee? I've never heard of that...usually if you qualify by making a donation to some organization, that's enough. Anyone had to pay this?
thowellIII
thowellIII   |     |   Comment #14
There is, indeed, a $10 membership fee on top of the $5 deposit to a share account.
Kaight
Kaight   |     |   Comment #15
Agreed on the $10 "membership" fee. That is in addition to your cost for joining a qualifying organization plus, of course, the $5 minimum you must deposit into your share account.

All of that pretty much washes out for larger CD accounts.  But the unusual "membership" fee might be significant for those with a smaller amount to invest.
  |     |   Comment #13
All credit unions have at least a mandatory $5.00 initial share deposit to open a new account. That initial deposit is not available to be withdrawn.
  |     |   Comment #16
To ignore reviews is not wise. And, especially the target of those reviews, i.e. the financial institution. If it doesn't address the issue and get it remedied...that bank/cu has a big problem. Use to call it Crisis Management 101...now it is "Is Wells on the line?"
Kaight
Kaight   |     |   Comment #17
Thank you, Ken. I ended up getting this deal following some special effort on my behalf by the nice folks at Inova. They were excellent to work with and went FAR out of their way to help me, even to the point of saving me the $10 membership fee. I could not have asked for better, more attentive service.

As for the deal itself, I believe 1.75% is an excellent interest rate for a CD this short. My money will be safely transported into the spring of 2018 without very much penalty at all.  It is my hope that by then rates might be somewhat higher than they are today.  To anyone else who was successful in signing up for this Inova deal, here is my message:  Congrats!!
Kaight
Kaight   |     |   Comment #18
Anyone who became a member in order to participate in this special deal, BE ON ALERT!

You need to sign up for e-statements, or else they will hit you with a substantial fee for paper.
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