INOVA Federal Credit Union (INOVA) has added three limited-time Certificate Specials: 17-month (5.50% APY), 14-month (5.10% APY), and 11-month (5.00% APY). Like all of INOVA’s Certificates, the three Certificate Specials can be opened with a $200 minimum deposit; there is no stated balance cap.
The Certificate Specials are also available as IRA Certificate Specials (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
INOVA has been offering limited-time Certificate Specials for the past few years. While no end-date has been specified, previous Certificate Specials have been available for at least a month.
As stated on the Share Certificate landing page, the Early Withdrawal Penalty reads as follows:
The penalty schedule is as follows:
- Terms of 90 days to 1 year 90 days’ dividends
- 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.
Funding and Maturing Funds
There is no Truth-in-Savings disclosure listed on INOVA’s website or attached to the online application; according to CSR, the TIS is provided when a CD is opened, which doesn’t help when doing due diligence. The following information was provided by CSR.
- The easiest way to fund a Certificate is through a transfer of funds from an INOVA Membership Savings account. INOVA participates in the CO-OP Shared Branch network, facilitating the transfer of funds.
- Maturing funds will be distributed by a cashier’s check to the address on file or transferred to a Membership Savings account.
- Earned and credited dividends can be paid out by check or transferred to a Membership Savings account.
INOVA’s policy on maturing Certificates differs from most financial institutions. The following is from the short FAQs section at the bottom of the Certificates page.
For accounts that have been set up to 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.
If you opt out of automatic term renewal, the account balance will be transferred to an existing INOVA savings account on 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 the INOVA 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). INOVA instituted the 50-mile radius limitation on the EMR more than a year ago.
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 and ATM networks, providing members with access to,
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.
Unlimited beneficiaries can be designated with equal shares. Social Security numbers are required for all named beneficiaries.
Credit Union Overview
INOVA Federal Credit Union has an overall health grade of "B+ at DepositAccounts.com, with a Texas Ratio of 5.12% (excellent) based on September 30, 2022 data. In the past year, INOVA has increased its total non-brokered deposits by $12.46 million, an above average annual growth rate of 2.82%. 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 46,000 members and assets in excess of $629 million.
How the 17-Month Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the INOVA 17-Month Certificate. The following table compares the 17-month Certificate to the two highest-rate CDs from two other credit unions and to the two highest-rate CDs from banks.
How the 14-Month Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com which are available nationally and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the INOVA 14-Month Certificate. The following table compares the 14-month Certificate to the two highest-rate CDs from two other credit unions and to the two highest-rate CDs from banks.
The above information and rates are accurate as of 12/16/2022.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.