A month ago, Inspire Federal Credit Union (Inspire FCU) added five Special Promotion Certificates (SPC) with competitive rates to its product line. While only two SPCs (21-month and 31-month) are currently being offered, the rates have been increased and are quite competitive. The minimum opening deposit is $500 of new money, which is defined as “money that is not already on deposit at Inspire FCU.” The fine print on the Share Certificates page also states,
Funds on deposit at Inspire FCU cannot be withdrawn and re-deposited to be considered new money.
The SPCs are also available as IRA SPCs (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
As stated in the Truth-in-Savings disclosure (attached to the online application), the Early Withdrawal Penalty reads as follows:
For all accounts, the amount of the early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:
- Terms 7 days to 31 days, all days’ dividends
- Terms of 32 days to one year, 90 days’ dividends
- Terms of 31, 45, and 58 months, 360 days’ dividends
- Except for the 31, 45, and 58 month terms listed above - Terms of more than one year, 180 days’ dividends
Funding a SPC can be done by ACH, wire, or check. Maturing funds will be distributed through a cashier’s check to the address on file, by wire, or transferred to an Inspire FCU savings/checking account. There is a 10-day grace period before a certificate automatically renews. A SPC will renew in the standard term closest to the original term, e.g., the 45-month SPC will renew as a 48-month Certificate.
Unlimited beneficiaries can be named, with each receiving an equal share. Social Security numbers are required for all designated beneficiaries.
Headquartered in Newtown, Pennsylvania, Inspire Federal Credit Union’s field of membership (FOM) is community-based, with individuals who live, work, or attend school in Bucks County (PA) eligible for membership.
Immediate family members of current Inspire FCU members are eligible to join, even if they don’t live, work, or attend school in Bucks County.
Joining Inspire FCU and opening a Special Promotion Certificate can be done online, or in person at any of four Pennsylvania branches located in Bristol, Langhorne, Newtown, and Warminster. Note: only U.S. citizens can open a membership online; non-citizens must join in-branch.
Becoming a member is easy! Just open an Inspire FCU Regular Share
Account and make a $5 deposit to start receiving your membership benefits!
While Inspire FCU participates in the CO-OP ATM network, it does not participate in the CO-OP Shared Branch network.
Credit Union Overview
Inspire Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with Texas Ratio of 0.96% (excellent), based on December 30, 2021 data. In the past year, Inspire FCU has increased its total non-brokered deposits by $16.01 million, an excellent annual growth rate of 9.82%. Please refer to our financial overview of Inspire Federal Credit Union (NCUA Charter #1759) for more details.
Inspire Federal Credit Union was established in 1936 as Bucks First Federal Credit Union, with a FOM focused on local teachers. Now in its 86th year of operation, Inspire FCU is currently Pennsylvania’s 34th largest credit union, with more than 14,000 members and assets in excess of $263 million. In keeping with its educational roots, the Credit Union has become the “#1 Provider of Financial Education” to Bucks County Schools.
How the 21-Month Special Promotion Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no credit unions or banks currently have a higher rate than offered on the Inspire Federal Credit Union 21-Month Special Promotion Certificate. The following table compares the 21-Month Special Promotion Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
How the 31-Month Special Promotion Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Inspire Federal Credit Union 31-Month Special Promotion Certificate. The following table compares the 31-Month Special Promotion Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 4/11/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.