INOVA Federal Credit Union's 14-Month CD Special APY Is On Top


UPDATE 2/11/20: The 14-month CD Special rate fell to 2.40% APY.

Deal Summary: 14-month CD Special, 2.55% APY, $200 minimum deposit.

Availability: Easy membership requirement

In a January 24 Forum post about INOVA Federal Credit Union’s (INOVA) recent rate increases on its 18-month CD/IRA, DA reader, Bozo, stated:

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.

In what may be a fortuitous coincidence or an example of Bozo’s prescient skills, Indiana-based INOVA has added 40 bps to its 14-month CD Special, giving it a rate-leader 2.55% APY. Like all of INOVA’s CDs, the 14-month can be opening with as little as $200.

The 14-month CD Special is also offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements.

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.

INOVA’s position on maturing CDs is different than most financial institutions: there’s no grace period provided.

For accounts that 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.

For accounts that do not automatically renew for another term, the account balance will be transferred to another account of yours upon maturity. You will not be paid dividends on the account after the maturity date.


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, 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 CD Compares

When compared to 212 similar length-of-term IRAs tracked by that are available nationally and require a minimum deposit of $5k or less, INOVA Federal Credit Union 14-month CD APY currently ranks first.

To search 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 2/3/2020.

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

  |     |   Comment #1
Does anyone know whether it is a hard or a soft pull? Thanks.
  |     |   Comment #2
Hard pull.
  |     |   Comment #3
Thank you. I appreciate the quick response.
INOVA Federal Credit Union Adds 100 Basis Points To 18-Month IRA/CD
Deal Summary: 18-month IRA (2.50% APY), 18-month CD (2.25% APY), $200 minimum deposit.

Availability: Easy membership requirement

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.

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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...

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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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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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