Interior Federal Credit Union Boosts Long-Term Jumbo CD Rates
It’s been more than two years since Interior Federal Credit Union (Interior FCU) had any blog-worthy rates to write about. That changed this week, following Interior FCU’s across-the-board rate increases on its Share Certificates and Jumbo Share Certificates. With rate increases ranging between 11-36 bps, Interior FCU’s long-term Share and Jumbo Share Certificates are the newest additions to this week’s CD Rates Summary. (The Share Certificates earn APYs a uniform 5 bps lower and can be opened with a $500 minimum deposit.)
The Certificates are also available as IRA Certificates (Traditional, Roth, and CESA), earning the same APYs with the same deposit requirements.
As stated in the Membership Agreement, the Early Withdrawal Penalty reads as follows:
Terms of 24 months to less than 48 months – 180 days' dividends
Terms of 48 months and over – 365 days' dividends
Funding and Accessing Maturing Funds
Funding a Certificate and accessing maturing funds can be by ACH, wire, or check. According to CSR, there is no dollar limit on ACH transfers.
Availability
Headquartered in Washington, D.C., Interior Federal Credit Union provides virtually all U.S. residents (with valid Social Security numbers) with a way to join. Interior FCU’s online application lists five different routes to membership:
1. ”I work for or am retired from” (60 named organizations, including several Department of the Interior Bureaus).
2. ”I volunteer for” (43 named organizations).
3. ”I am a family member of” (Interior FCU member’s name). “Family member” is defined spouse, children, siblings, parents, grandparents, and grandchildren, with step- and adoptive relationships included.
4. ”I am an associate/member of” (19 named associations).
And finally, #5:
Need another way to join? If you join our partner association, the New Mexico
Wildlife Federation, you are eligible for Credit Union membership. No cost to join.
Interior FCU’s Eligibility page contains a detailed list of the various organizations and associations that provide membership eligibility.
Joining Interior FCU and/or opening a Jumbo Share Certificate can be done online or at either the Washington, D.C. branch, located in the U.S. Department of the Interior Building, or at the Reston, Virginia branch.
Establish your membership and earn competitive dividends with
a Prime Savings account. Open your account with as little as $25.
Interior FCU is a member of the CO-OP Shared Branching Network, allowing members to do transactions free of charge in more than 5,600 credit union branches throughout the United States.
Credit Union Overview
Interior Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.68% (excellent), based on June 30, 2021 data. In the past year, Interior FCU has increased its total non-brokered deposits by $11.85 million, an excellent annual growth rate of 5.56%. Please refer to our financial overview of Interior Federal Credit Union (NCUA Charter # 319) for more details.
Originally established in 1935 as the Department of the Interior Federal Credit Union, the Credit Union opened its doors for business during the Great Depression. At that time, many Department of the Interior employees were unable to get credit at local banks, so the Credit Union was formed to solve that problem. With nearly 20,000 members, Interior FCU is currently the eighth largest credit union headquartered in the District of Columbia, with assets in excess of $252 million.
How the Jumbo Share Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are nationally available, Interior Federal Credit Union's 60-month Jumbo Share Certificate APY currently ranks second, regardless of minimum deposit requirements.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are nationally available, Interior Federal Credit Union's 48-month Jumbo Share Certificate APY currently ranks second, regardless of minimum deposit requirements.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are nationally available, Interior Federal Credit Union's 36-month Jumbo Share Certificate APY currently ranks second, regardless of minimum deposit requirements.
The above information and rates are accurate as of 10/6/2021.
To searching for the best CD rates, both nationwide and in your state? Please refer to CD Rates Table page.
Recently I had several time critical, complicated, extremely large transactions I had to do with them on certain specific days. On the very day I had planned the first and most important transaction I had a complete technology breakdown and my computer was dead.
Thanks to an outstanding individual there, who put in a tremendous effort to devise a workaround, I was able to complete all of the transactions timely with no losses. It was truly above and beyond anything I could have hoped for.
I consulted my notes from a couple of years ago when I opened my account. They told me there would be a hard pull. I looked at some of my older credit reports to see if I could confirm it was done, but wasn't able to locate it easily. I assume a hard pull was done at the time, but of course this information is a few years old.
I have expressed my dissatisfaction with FIs doing hard pulls when a depositor has not requested the extension of any credit multiple times here. I think it is unethical and should be prohibited by regulation. But unfortunately it is part of the process at some FIs.
It's always a points off factor for me, but I make the decision on a case by case basis and build it into the decision model regarding whether or not to open an account at that FI depending on the other factors of the particular deal.