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.

3.00%$200-INOVA Federal Credit Union5 Year IRA (Traditional, Roth, CESA)
3.00%$200-INOVA Federal Credit Union5 Year CD
Rates as of November 14, 2018.

The 5-year Certificate is also available as an IRA (Traditional, Roth, CESA), earning the same 3.00% APY and with the same funding requirements.

The Early Withdrawal Penalty is now listed on the Share Certificate page and 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 DA reader, SYC, for the Forum post about INOVA’s 5-year Certificate rate hike.

Certificate Specials

In February, INOVA had “limited-time special rates” on its 14-month Certificate (2.30% APY) and 30-month Certificate (2.55% APY). Those rates are still in effect and you can read more about them in my February 10 blog post.


Headquartered in Elkhart, Indiana, INOVA Federal Credit Union offers membership through affiliation with over 500 member companies. The member companies 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 website.

Two of the member companies, Tru Direction and the Elkhart River Restoration Association (both non-profit organizations), permit 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 a Certificate 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.

Credit Union Overview

INOVA Federal Credit Union has an overall health grade of "B+" at, with a Texas Ratio of 13.34% (above average) based on December 30, 2017 data. In the past year, INOVA has increased its total non-brokered deposits by $20.16 million, an excellent annual growth rate of 7.52%. 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 32,500 members and assets in excess of $348 million.

How the Certificate Compares

When compared to the 189 similar length-of-term CDs tracked by that are available nationally, INOVA Federal Credit Union’s 5-year Certificate APY currently shares fifth place with six other nationally available 5-year CDs.

The above rates are accurate as of 5/28/2018.

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

Related Pages: Raleigh CD rates, South Bend CD rates, Chicago CD rates, San Francisco Bay CD rates, 5-year CD rates, nationwide deals

Bozo   |     |   Comment #1
On balance, the INOVA 14 month 2.3% APY CD still seems the best "bang for your buck".
gregk   |     |   Comment #2
No, the 5 year most definitely has "more bang", but the 14 month is "better aimed".
Bozo   |     |   Comment #12
gregk (re comment #2), too funny.
hank   |     |   Comment #3
only with the assumption that rates are headed higher in that time frame. I hope so but have doubts
Bogie   |     |   Comment #4
hank, you were thinking the same thing I was.

In today's "world economy" and volatile global events, nothing is to be taken for granted!
gregk   |     |   Comment #5
Hank, you believe it's entirely plausible (and not just "possible") that rates will be lower in 14 months than they are now?
gregk   |     |   Comment #6
...and if so what's the logic and sequence of such plausibility, - what are the rational scenarios that justify your doubts? One can't make decisions based on the possible occurrence of unpredictable events and their effects, - Kim firing a nuclear weapon at Japan, for example, or Trump being assassinated, - a thousand other events we could suggest. Bogie's reflection is certainly unhelpful for choosing either a 14 month or 5 year CD now, - or other alternatives. Yes, nothing is certain, - and economies can be volatile. But recognizing such generalities (or banalities) is if no practical value for deciding on one's deposit allocations.
Is it?
anonymous   |     |   Comment #7
I agree with hank that it's entirely plausible that rates could peak around 3%. The Fed still has a way to go to reach that level on short-term rates and the yield curve is expected to further tighten over time, and eventually reverse at the end of the economic cycle. If a recession comes a little bit sooner than expected, then it's unlikely you'll find 3% 5-year CDs after that.

But I can also understand the counterargument that the current economic outlook is such that we expect rates to further increase. Some people might prefer an "insurance policy" against future rate drops and that's ok. A 3% CD will be 0.8% ahead in 14 months compared to a 2.3% CD -- and that 0.8% is a good chunk of a 6 month EWP on a 3% CD, should that become necessary.
Common Cents
Common Cents   |     |   Comment #9
Most Honorable GregK

Google neil kashkari, who has been writing more eloquently and prolifically about about the specific reasons the Fed should or should not be raising the funds rate, than any other member of the federal reserve..

One big obvious glaring signal is the nearly flat yield curve.

One big obvious truth is the Federal Reserve rarely gets things right over the course of any interest rate cycle.

On the other side, the primary reason the Fed is raising rates is so that it can lower them at the earliest signal of any problem for the global banks.

It may seem crazy interest rates should be so low for so long, but when the top 0.1% own 80% of the world's wealth, inflation is unlikely.
The Mighty Sven
The Mighty Sven   |     |   Comment #8
Hank #3

Spot on, my friend. I share your hope for higher rates, but your doubts are very well placed. I'll have a much better idea where rates are headed a bit less than six months hence. At present am limiting my maturities accordingly.
Robb   |     |   Comment #10
3 percent is a big level on the Ten Year Note the top of a long term multi-decade downtrend channel and thus significant Resistance. So far we have not been able to clear that area convincingly. Under some pressure today at 2.82%.
RickZ   |     |   Comment #11
I guess we'll know a lot more in 15 days when the Fed meets. The CME FedWatch Tool June rate hike probability, which uses the 30-day Fed Fund futures prices to gauge the probability of upcoming rate hikes, has been dropping steadily of late. The probability of a June rate hike now stands at 76.3%, down from 95% a week ago. I realize this gauge can move around a lot, but that's a significant drop.
anonymous   |     |   Comment #13
I just read about what caused this sudden shift in June Fed Funds futures.

The Fed has a rate that it pays banks on excess reserves: IOER. It is the primary tool the Fed uses to make sure the Fed funds rate is well anchored in its range (remember, Fed funds rate has a 0.25% range target). IOER has been set at the top of the Fed funds range (now 1.75%) for the last couple of years.

But the effective Fed funds rate is moving a little bit too close to the top of its targeted range (now 1.70%). So the Fed discussed in recent days setting the IOER 0.05% below the top of Fed funds rate to bring the rate closer to the midpoint of the target range. If they do this in June, then after the rate hike the Fed funds rate will increase to about 1.90%. So the Fed would effectively hike the rate by only 0.2%, not 0.25%. This has caused significant trading in Fed funds futures in recent days ... but it still prices in a nominal 0.25% rate hike.
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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INOVA FCU Raises Rate On Nationally Available 30-Month CD
Deal Summary: 30-month Certificate, 2.00% APY, $200 minimum deposit.

Availability: Easy Membership Requirement

In June, INOVA Federal Credit Union (INOVA) celebrated its 75th Anniversary with a 42-month Certificate of Appreciation. The party is over for that Certificate, but INOVA has raised the rate on its 30-month Certificate (2.00% APY). 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.

As an added bonus, if the 30-month Certificate is opened with...

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INOVA FCU Offers 42-Month Certificate of Appreciation
Deal Summary: 42-month Certificate of Appreciation, 2.30% APY, $200 minimum deposit.

Availability: Easy Membership Requirement

In celebration of its 75th Anniversary INOVA Federal Credit Union (INOVA) is offering a 42-month Certificate of Appreciation (2.30% APY). 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.

As an added bonus, if the Certificate of Appreciation is opened with a minimum of $100k of new money, the account holder will be given a...

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