UPDATE 4/13/2017: No longer being offered.
Deal Summary: 24-month Share Certificate Special, 2.02% APY ($500 min), 2.12% APY ($100k min); new money; additional 10 basis points with checking relationship
On Saturday, Justice Federal Credit Union (Justice FCU) began promoting its 24-month Share Certificate Special (2.02% APY, $500 minimum) and 24-month Jumbo Share Certificate Special (2.12% APY, $100k minimum). An additional 10 basis points are available with either a Justice National or Beyond the Badge checking account relationship (more detail about that later).
All deposits must be new money, which is defined as either funds from another financial institution, or funds on deposit with Justice FCU for 30 days or less.
The Share Certificate Specials are also available as IRAs (Traditional and Roth) at the same rates, with the same funding requirements.
As stated in the fine print on the Deposit Rates page, the Early Withdrawal Penalty reads as follows:
Share certificate is subject to 180-day penalty for early withdrawal.
As stated above, an additional 10 basis points will be added to the Share Certificate Special, if a Justice National or Beyond the Badge checking account is opened and maintained. The only difference between the two checking accounts is that Beyond the Badge is for individuals 55 years or older. Both accounts earn 0.05% APY, have a $25 minimum opening deposit, and require a $2.5k daily balance to avoid an $8 monthly service fee. There are no transactional requirements with either checking account.
|0.05%||$2,500||-||Justice Federal Credit Union||Justice National Checking Account|
|0.05%||$2,500||-||Justice Federal Credit Union||Beyond The Badge Checking|
If you close your checking account during the term of the Share Certificate Special, the “rate will be reduced to the original dividend rate of your Share Certificate for the remainder of the certificate term.”
Many thanks to the DA reader who sent an email about this deal.
Headquartered in Chantilly, Virginia, Justice FCU bills itself as the "premier provider of financial services to the Justice, Homeland Security and Law Enforcement Community." Employees of the Department of Justice, Homeland Security, State and Federal Courts, and the Georgia Department of Public Safety are the largest groups eligible for membership.
Members of certain Law Enforcement Associations, and Retirees and Contractors of specific government organizations are also eligible.
For a complete list of membership qualifications, please refer to Justice FCU’s membership page.
While the field of membership appears to be somewhat narrow, membership eligibility is open to the general public through the National Sheriffs’ Association (NSA) and the National Native American Law Enforcement Association (NNALEA).
The NSA has a "Citizens Sustaining Membership" ($15) that is open to anyone, regardless of employment status. According to NNALEA’s website,
Membership is open to both Native and Non-Native Americans. Members do not have to be law enforcement officers. The National membership fee is $15.
Note: An “easy membership requirement” does not necessarily equate to an easy joining process, as evidenced by DA reader, me1004’s, comments from an earlier blog post for Justice FCU.
I note, this place might be "easy" membership, but you will find it is not very easy at all. You will have to join one of those two groups on you own in advance, and the CU will not accept any proof of membership other than a formal membership letter, which you won't get for weeks.
Joining Justice FCU and/or opening a Share Certificate Special can be done online, or at any of 23 branches located in California (2), Georgia (2), Illinois, New York (2), Texas (2), Virginia (4), West Virginia (2), and the District of Columbia (8). That being said, the vast majority of Justice FCU branches have limited access, with only one public access branch available in each of the following: California, District of Columbia, Georgia, Virginia, and West Virginia.
The membership application can also be downloaded to facilitate joining.
Credit Union Overview
Justice Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.00% (excellent) based on December 31, 2016 data. In the past year, Justice FCU increased its total deposits by $41.06 million, an excellent annual growth rate of 7.69%. Please refer to our financial overview of Justice Federal Credit Union (NCUA Charter # 151) for more details.
The history of Justice FCU is a classic example of a successful workplace credit union that began with a group of employees trying to help each other financially.
MARCH 2, 1935 – Twelve Department of Justice employees organize to form a credit union offering employee access to low cost loans and savings accounts. With only $137 in assets and 41 charter members, The Department of Justice Federal Credit Union (DOJFCU) is founded.
82 years later, Justice FCU has become the 14th largest credit union headquartered in Virginia, with more than 57,500 members, branch locations in seven states and the District of Columbia, a diverse field of membership, and assets in excess of $715 million.
How the Share Certificate Special Compares
When compared to other 195 similar length-of-term CDs tracked by DepositAccounts.com, that are available nationally, Justice Federal Credit Union’s 24-month Jumbo Share Certificate Special APY has little competition, regardless of minimum deposit.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.12% APY||24-month Share Certificate ($100k min)||Justice Federal Credit Union|
|2.02% APY||24-month Share Certificate ($500 min)||Justice Federal Credit Union|
|1.70% APY||24-Month Certificate||Connexus Credit Union|
|1.60% APY||24-Month 360 CD||Capital One|
The above rates are accurate as of 4/3/2017.