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.
|0.35%||$200||-||INOVA Federal Credit Union||14 Month IRA (Traditional, Roth, CESA)|
|0.35%||$200||-||INOVA Federal Credit Union||14 Month CD|
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 Truth-In-Savings document on the website, but CSR kindly emailed me a PDF version. 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.
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 can be done online, or at any of six Indiana branches located in Elkhart (3), Granger, Michigan City, and Mishawaka, or at the Berkeley, California branch or Clayton, North Carolina branch.
Credit Union Overview
INOVA Federal Credit Union (NCUA Certificate # 4968) has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.70% (excellent) based on March 31, 2016 data. In the past year, INOVA has increased its total deposits by $104k, an above average annual growth rate of 0.04%. Please refer to our financial overview of INOVA Federal Credit Union 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 33,900 members and assets in excess of $309 million.
How the 14-Month Certificate Special Compares
When compared to the 148 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to nationally, INOVA Federal Credit Union’s 14-month Certificate APY currently shares the fifth spot with seven other CDs.
The above rates are accurate as of 8/10/2016.