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


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.

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 22, 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.


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, 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, 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.

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   |     |   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   |     |   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   |     |   Comment #5
What I found troubling were the broader issues underlying negative comments: low integrity and/or poor communications.
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   |     |   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   |     |   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   |     |   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   |     |   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   |     |   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   |     |   Comment #14
There is, indeed, a $10 membership fee on top of the $5 deposit to a share account.
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 it is "Is Wells on the line?"
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   |     |   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.
INOVA FCU (Easy Membership) Has Limited-Time 14-Month CD Rate
Availability: Easy Membership Requirements

For a limited time, INOVA Federal Credit Union (INOVA) is offering a special rate on its 14-month Certificate (1.25% APY). The minimum deposit to open any INOVA Certificate is $200, with no balance cap.

The 14-month Certificate is also available as an IRA (Traditional, Roth, and 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.

I wasn’t able to find the...

Continue Reading
INOVA FCU Offers Very Competitive 91-Day CD

UPDATE 6/6/2016: No longer available.

Availability: Easy Membership Requirements

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.

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...

Continue Reading
INOVA FCU Has Top-Rate 15-month IRA Certificate Special
Availability: Nationwide except for Pennsylvania.

Now through April 15, 2015, INOVA Federal Credit Union (INOVA) is offering a 15-month IRA Certificate Special (2.15% APY). The minimum deposit is $2K and there is a maximum deposit of $250K per member. The 15-month IRA is available as a Traditional, Roth, or CESA.

When asked about the Early Withdrawal Penalty (EWP), CSR stated that any EWP is decided on a case-by-case basis, with the penalty being a percentage (usually 10%) of the dividends earned on the amount being withdrawn.

Continue Reading
Rare Reward Checking Rate Hike at INOVA Federal Credit Union

In today’s interest rate environment, the vast majority of rate changes have been cuts. When there’s a rate hike, it’s noteworthy, and that’s the case at INOVA Federal Credit Union. The rate of its high-yield reward checking account (called Ovation Checking) increased from 2.00% to 3.00% APY for balances up to $20,000. This checking account yield had been 2% APY for the last year. Thanks to the DA reader pearlbrown who mentioned this change in the discussion forum.

The other features of the Ovation Checking account have remained the same. Below...

Continue Reading
Top 6-Year CD & Reward Checking Rates at INOVA FCU - Easy Membership

Most of the CD rates at INOVA Federal Credit Union are low, but there's one rate that's very competitive. It's the 6-year share certificate which has a 2.50% APY. Minimum deposit is $200. There's also a step-up option, but the rate is 0.10% lower. This allows the member to step-up the rate one time during the term. The IRA share certificates have rates 0.10% higher. These rates are listed in the CD rates page as of 1/11/2012.

According to the member service rep, the 6-year CD has an early withdrawal penalty...

Continue Reading

More Past Offers