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.
In a Forum post yesterday, DA reader, Bozo, made a good observation:
Not spectacular, but might be worthy to consider. INOVA was long known for nice
short-term deals (such as the 14-month specials). Maybe it's getting back in the mix.
The 18-month Step Up Certificate and IRA Step Up Certificate have the same rates and minimum opening deposit. As stated on the Share Certificate landing page, the Step Up Certificate has features described as follows:
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.
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.
Thanks to Bozo for yesterday’s Forum post about INOVA.
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.
One of the member companies, Tru Direction, allows anyone in the U.S. to join (one-time $5 membership fee). 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 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 "B+" at DepositAccounts.com, with a Texas Ratio of 9.63% (excellent) based on September 30, 2019 data. In the past year, INOVA has increased its total non-brokered deposits by $66.73 million, an excellent annual growth rate of 22.45%. 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 18th largest credit union in Indiana, INOVA currently has more than 38,500 members and assets in excess of $460 million.
How the IRA Compares
When compared to 109 similar length-of-term IRAs tracked by DepositAccounts.com that are available nationally and require a minimum deposit of $10k or less, INOVA Federal Credit Union 18-month IRA APY currently shares the top spot with NASA Federal Credit Union’s 15-month IRA Certificate Special APY.
|Interest Rate||IRA Length of Term||Credit Union/Bank|
|2.50% APY||18-Month IRA ($200 min)||INOVA Federal Credit Union|
|2.25% APY||19-Month IRA Special ($500 min)||Sun East Federal Credit Union|
|2.20% APY||18-Month IRA ($500 min)||Pen Air Federal Credit Union|
To look for the best IRA rates, both nationwide and state specific, please refer to our IRA Rates Table page.
How the CD Compares
When compared to 163 similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less and are available nationwide, INOVA Federal Credit Union's 18-month CD APY currently ranks second. (FYI – there are a total of six nationally 17-19 month CDs currently earning 2.25% APY.)
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.50% APY||15-Month Share Certificate Special ($10k min)||NASA Federal Credit Union|
|2.25% APY||18-month CD ($200 min)||INOVA Federal Credit Union|
|2.20% APY||18-Month CD ($1k min)||Limelight Bank|
Looking for the best CD rates, either nationwide or state-specific? Please refer to our CD Rates Table page.
The above rates are accurate as of 1/24/2020.