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 CD both require a minimum opening deposit of $200.

Step Up IRA/CD

INOVA’s Step Up IRAs/CDs offer a one-time rate increase any time during the term. Both the 14-month IRA and CD are offered as Step Ups, and surprisingly offer the same APYs.

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.


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.

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. INOVA's online membership application facilitates joining either non-profit.

You may elect to join the Elkhart River Restoration Association which is a not for profit organization.

You may elect to join Tru Direction which is a not for profit organization.

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 CD 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 "A" at, with a Texas Ratio of 7.51% (excellent) based on March 31, 2019 data. In the past year, INOVA has increased its total non-brokered deposits by $59.48 million, an excellent annual growth rate of 19.27%. 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 19th largest credit union in Indiana, INOVA currently has more than 34,200 members and assets in excess of $456 million.

How the IRA Compares

When compared to 154 similar length-of-term IRAs tracked by that are available nationally and require a similar deposit, INOVA Federal Credit Union 14-month IRA APY currently ranks first.

The above rates are accurate as of 6/27/2019.

To look for the best IRA rates, both nationwide and state specific, please refer to our IRA Rates Table page.

Related Pages: South Bend CD rates, Chicago CD rates, San Francisco Bay CD rates, 1-year CD rates, IRA CD rates, nationwide deals

Anon   |     |   Comment #1
This has gone down to 2.70% APY.
Bozo   |     |   Comment #2
I locked in my maturing IRA CD at 3.5% some time back. Good for six years and a wake-up.
#3 - This comment has been removed for violating our comment policy.
Ally6770   |     |   Comment #5
I was able to get 3.8 for mine in Jan.
I had a reward checking account with them years back. Good people to work with.
Nothing   |     |   Comment #7
Bozo saw where you posted that you recently joined Navy Fed I recall you are an old Navy person, did that get posted incorrectly or did someone borrow you name handle?
Earlene   |     |   Comment #6
Jacqueline Pennington at INOVA Federal Credit Union offers Superlative service- she has processed two IRA 14 month Step Up CD's for me. Jacqueline is articulate, detailed and precise and will "stick with you" if you need extra help with the Online application/service. I hope Jacqueline will get the full credit she deserves for her Outstanding Performance at Inova Federal Credit Union. Earlene
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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INOVA FCU (Easy Membership) Boosts 5-Year CD Rate
Deal Summary: 5-year Certificate, 3.00% APY, $200 minimum deposit

Availability: Easy Membership Requirement

INOVA Federal Credit Union (INOVA) is the latest financial institution to jump on the 3 For 5 Club bandwagon, with a 75 bps rate hike on its 5-year Certificate (3.00% APY). (With membership at nearly 100 banks and credit unions, the 3 For 5 Club has lost some of its cachet.) The minimum opening deposit is only $200 and there is no stated balance cap.

The 5-year Certificate is also available...

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INOVA FCU's Shield Checking APY Jumps
Deal Summary: Shield Checking, 3.00% APY on qualifying balances up to $15k.

Availability: Easy Membership Requirement

Last week, INOVA Federal Credit Union (INOVA) raised the rate on its Shield Checking account to 3.00% APY on qualifying balances up to $15k. Qualifying balances of $15k+ and non-qualifying balances both earn 0.07% APY.

The Shield Checking account made its debut last March, replacing INOVA’s Ovation checking account, which had been part of the product line since early 2010. Prior to last week’s rate increase, the Shield Checking earned...

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INOVA FCU Offers "Be Our Valentine" 14-Month CD
Deal Summary: 14-month Certificate (2.30% APY), and 30-month Certificate (2.55% APY), $50k minimum deposit, new money.

Availability: Easy Membership Requirement

In the past 18 months, INOVA Federal Credit Union (INOVA) has offered limited-time special rates on its 14-month Certificate on three separate occasions, including the Credit Union’s 75th anniversary. With February 14th quickly approaching, INOVA wants you to “Be Our Valentine,” and is offering 2.30% APY on the 14-month Certificate and 2.55% APY on the 30-month Certificate. Both of the Certificates require a minimum $50k deposit...

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INOVA FCU (Easy Membership) Brings Back 14-month CD
Deal Summary: 14-month Certificate, 1.75% APY, $200 minimum deposit

Availability: Easy Membership Requirement

In early February, INOVA Federal Credit Union (INOVA) offered a special 1.75% APY on its 14-month Certificate to help celebrate its 75th anniversary. That short-lived special rate only lasted a week, but as of yesterday, the 1.75% APY is back.

The minimum opening deposit is $200, with no stated balance cap. This is a limited-time offer, although no end-date is mentioned in the fine print.

In addition to the great rate, the...

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