NASA Federal Credit Union Offers Top Rate 15-Month CD, 3.25% APY
At the beginning of the year, NASA Federal Credit Union (NASA FCU) offered limited-time competitive rates on its 15- and 49-month Share Certificate Specials (SCS), which lasted about two months. NASA FCU has just announced the return of outstanding rates for the month of September: 15-months (3.25% APY) and 49-months (3.35% APY).
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.35% | $5k | - | NASA Federal Credit Union | 49 Months Share Certificate Special (New Money) | |
| 3.25% | $5k | - | NASA Federal Credit Union | 15 Months Share Certificate Special (New Money) |
The minimum opening deposit is $5k and the fine print on the Certificate Rates page states,
A minimum of $5,000 in new funds must be brought from an external source
and must be deposited between September 1, 2018 and September 30, 2018.
There is no guarantee that the SCS with the current rates will last through September. The fine print states:
This limited-time offer is subject to change at any time without notice.
Both SCS are offered as IRAs (Traditional and Roth), earning the same APY with the same new money funding requirements.
While there is no stated maximum deposit balance, the fine print reads:
Credit Union reserves the right to limit deposits into this special certificate.
As stated in the Certificate Terms and Conditions document, the Early Withdrawal Penalty reads as follows:
182 days for certificate accounts with terms up to 24 months and
365 days for certificate accounts with terms greater than 24 months.
There is a 10-day grace period before the 15-month and 49-month SCS automatically renew to a standard 12-month and 48-month term, respectively.
Thanks to DA readers, CDsForMe and petey, for their Forum posts about NASA FCU’s new hot deals.
Availability
Headquartered in Upper Marlboro, Maryland, NASA Federal Credit Union offers membership to virtually anyone, with several ways to qualify:
Easy Membership: Membership in one of 14 affiliated associations, including a complimentary membership to the National Space Society (NSS), qualifies for Credit Union membership.
Employment: Employee or retiree of NASA Headquarters, any NASA Center or Facility, or NAS are eligible for membership. In addition, any employee or member of one of 900+ NASA Federal Credit Union partner companies also qualify for membership.
Relationship: Relatives or household members of current NASA FCU members are eligible for membership.
Joining NASA FCU and/or opening a Share Certificate can be done online, or by visiting any of twelve branches located in Maryland (Annapolis, Bowie, Columbia, Greenbelt, Greenbelt-Lanham, Rockville, Upper Marlboro), Virginia (Falls Church, Oak Hall, Wallops Island), and the District of Columbia (2).
Three of the branch locations (the Goddard Space Flight Center Branch, the National Academy of Science Branch, and the GSFU-Wallops Flight Facility) have restricted assess status (employees only), but NASA FCU is a member of the CO-OP Shared Branch network, giving NASA FCU members an additional 120+ locations in the Washington metro area to conduct many business transactions.
There is also a membership application (PDF) specifically for the 15- and 49-month Share Certificate Specials, which can be returned via snail mail.
DA readers who have opened NASA FCU Share Certificate Specials in the past have shared their experiences in this DA Forum thread. Providing comments on your experiences opening accounts is very much appreciated!
Credit Union Overview
NASA Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.13% (excellent) based on March 31, 2018 data. In the past year, NASA FCU has increased its total non-brokered deposits by $209.28 million, an excellent annual growth rate of 12.32%. Please refer to our financial overview of NASA Federal Credit Union (NCUA Certificate # 6328) for more details.
NASA Federal Credit Union was established in 1949 when seven employees received approval for a credit union charter to begin serving employees of NASA. Today, NASA Federal Credit Union is the third largest credit union headquartered in Maryland and the 102nd largest credit union in the nation, with assets in excess of $2.3 billion and more than 154,000 members.
How the Share Certificate Special Compares
When compared to the 157 similar length-of-term CDs tracked by DepositAccounts.com, that are nationally available and require a similar minimum deposit, NASA Federal Credit Union's 15-month Share Certificate APY currently ranks first.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 3.25% APY | 15-Month Share Certificate | NASA Federal Credit Union |
| 2.83% APY | 18-Month Step-Up CD | Luther Burbank Savings |
| 2.75% APY | 18-Month Share Certificate | Kinecta Federal Credit Union |
When compared to the 163 similar length-of-term CDs tracked by DepositAccounts.com, that are nationally available and require a similar minimum deposit, NASA Federal Credit Union's 49-month Share Certificate APY currently ranks first.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 3.35% APY | 49-Month Share Certificate | NASA Federal Credit Union |
| 3.30% APY | 46-Month CD Special | Fort Knox Federal Credit Union |
| 3.29% APY | 4-Year CD | KS StateBank |
The above rates are accurate as of 9/3/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
A 5 year TIPS is currently yielding 0.75% over the CPI-U ( a measly 0.1% spread per additional year of term).
With more FED rate increases on the horizon, it's hard to go long (even with TIPS's inflation factor).
There's a good chance 5 year TIPS yields will be significantly over 1.0% by the end of next year.
Back in August TIPS yields where at 0.85% and looked like they were headed to 1.0% by the end of the year.
Since then, Turkey (and the turkey trade warrior tweeter) caused 5 year TIPS yields to drop 0.1%.
I don’t recall an option to fund the CD by ACH at time of membership application; my info may be dated so I’ll let others comment on that. NASA’s ACH limit was low when I joined years ago, and have not changed. It’s $10K per day, and applies only to transactions initiated from within the CU.
NASA probably does not allow established members to open these CDs online because of the new money requirement. They’re manually checking compliance to make sure all monies are not from, say, a recently closed NASA CD.
The CU offers checking accounts. If you have one of these, you might be able to deposit money in them (in lieu of savings) for funding CD. Lacking such accounts w/NASA, I’ve never tried.
Would normally jump on this one but the rather extreme application process with the required photo uploads is giving me pause. I asked why they would feel comfortable even wanting members to send photos of their most sensitive ID's and they stated as long as it was through their "secure portal" there was no chance for problems. Yeah....tell that to Equifax.
https://www.nasafcu.com/pdf/membercertificateapp.pdf
That application only asks for one form of ID:
"All applicants must provide at least one form of identification, including one valid state or Government issued identification with photo. As required by Federal law, the Credit Union must
verify the identity of each person seeking to open an account (including joint owners) and must maintain records of information used to verify each person’s identity."
I have always been able to call and get a fax # to send my driver's license and docs over because I do not have a scanner. You may want to try that route.
I see Rockies comment #53 that he got straight through the online application process since credit was temporarily unfrozen first and immediately received an approval and account number.
So far, I have found NASA easy to do business with, and unless you want to stay local with brick and mortar, you should plan on the majority of firms will want a copy of your DL. You will have to provide the SS card and utility bill if they have any issues with a mechanical pull from the credit bureaus. Not actually required by the Patriot Act, but it is pretty much industry standard these days.
Extremely extreme to me. Not experienced this with any other banks! Very disappointed in their lack of flexibility!
However, my other CD now will not become available until Oct. 1, and this CD offer is marked as me having to have my deposit in no later than the day before that, Sept. 30.
Dang! Nothing I can do to make my money become available one day earlier -- which isn't really on day, as Sept. 30 is a Sunday, can't do any of this on Sunday. Dang!
Never knew the exact details or when playing the float becomes kiting. But I don't think he spent any real time in jail. (Probably bonded out quickly and then got probation and fines)
But, I am not going to bother. I'm going to the shared branch in a few minutes and when I get back, I will call & open the CD via the phone. I just have to find 2 different check books and my account number.
I will contact at the latter part of this month, but their statement is explicit about when you must deposit the funds.
That said, I constantly see people bellyaching about hard pulls at places where I know I did not get one. So I have speculated that some places may do hard pulls for some but not all people.
The only hard pull for a bank account I have had in years was the recent Keesler CU. And one of my scores took it on the chin by 3 points. With therapy and heavy meds, I think I will survive.
lol
But, I don't regret it in that it was a top short term CD rate at the time.
If you have bad credit, they don't even want your deposits.
The Patriot Act excuse is just BS.
I've opened up accounts where they only used Chex systems.
Just speculating. I really pay little attention to which score is which. One of my Credit Karma scores took a 3 point hit, the other one did not. Discover did not take a hit. And NASA where I have not been checking my score at regularly jumped 10 points from 7/18 to 8/18.
821 to 831. My newest credit sesame score updated on the 2nd showed no change from the prior month at 828.
I can't see ever borrowing again unless I get into the "new card" balance transfer game again. And I'm not sure that would be as profitable now because I have been using lower income in recent years because my income is down. (Retirement does that)
Although this year, its going to be up again. Can't help it. Had to harvest some big gains because the stocks are at nose bleed levels.
I'm wondering what will happen when my 11 month ones mature. Obviously, I won't stay with them if they don't have a competitive or better rate.
The 11 month was the first time that I can recall them trying what us ratechasers would consider a promo— superior rate with limited run. They may go back to past practice of keeping the 15 and 49 months high or running one-off's like the 11 month. They're pretty steady and conservative. Even the 11 month held for over a month.
Can I pull out half and then bring in $5k in "new money" from outside or is that a no no?
But, I'm guessing they probably won't have a "special" at the exact time my CDs mature. One is 1/20 and the other is 2/5. That will make it easier. I just go to a shared branch and transfer it to that CU where I at least can earn something...1.51% while awaiting ACH out.
That way when their next "special" comes along, its all new money.
Can I pull out half and then bring in $5k in "new money" from outside or is that a no no?"
Since you have to get through manual scrutiny on the 'new money' requirement to open another promo CD as an existing member, I would suggest doing it like this. Let's say your previous CD is $50k. First deposit $5k from elsewhere. Then ask NASA to open the new CD for you for $30k (half of the previous CD, plus your clearly-new-money $5k). Only then withdraw the other $25k you wanted to take out.
Also, I asked them to CLOSE the CD automatically at maturity rather than buy their regular rate cd.
This allows me to sleep easy knowing I won't get locked into a bad CD if I somehow forget.
She confirmed that the shared branch withdrawal would work the same as the deposit except the shared branch would cut me a check. I am unclear if any shared branch might charge a fee for the check. I'm guessing they might.
I pretty much maxed out all my available funds except for $55k in RCAs and a few thousand extra.
I have some funds in my brokerage accounts in the event I go on a buying spree by year end.
I do not have any more money available for new CD deals until the first of the year.
My expectation with this CD is the 3.25% will look good for 4-6 months and then, Id imagine other deals will have similar rates and for the last 4-6 months, the rate may not look that great. Which is fine.
My maturity date is 12/4/2020.
After midnight, I will close a pair of ally 5 year 2.25% CDs and take the 150 day penalty for the bulk of this CD. If I had brass ones, I would wait an extra day but I don't want to risk bouncing a check.
Although if it somehow tries to clear before midnight, I guess I will. I don't think that is likely.
I hope NASA has another killer deal when this one matures but I would not bet on it.
https://www.meridianlink.com/solutions/for-credit-unions/
https://www.meridianlink.com/products/loanspq/
But it did not take 24 at Keesler. Can't recall if my first 2 at NASA were delayed at mint?
the comments. thanks.
So far so good.
Under the email address it asks for a "Password".
Is this for those who are already members because I can't imagine that they would ask for an email password.
(Yeah like when hell freezes over) lol
Unlike other credit unions boasting participation in shared branching, you cannot presume access with NASA membership. It’s apparently something that must first be requested. My request is now pending approval of department that was closed when I called member services.
Lesson for those planning to use this method: If you, like I, have never used shared branching for your NASA account, confirm access before making the trip.
his funds not available till 10/01/2018
In fact, I've not heard this supposed shared branching "fraud" allegation mentioned anywhere else but in connection with a single CU - NASA! Hmm.... That alone could be a reason to avoid this deal.
No fees for any deposits ever. The one closest to home is the one I use most but they have never had a competitive rate so I never opened an account with them.
Its the smallest one I have ever been to with a total of 4 windows and a drive thru but I have never seen more than 3 employees and usually its just two. And the drive thru is for members only. LOL
I did my Cd funding via the SB too. No problem. THEN, I did an online chat (during business hours) to have the rep move the money from share to the CD. Very quick.
So far so good. Very please with the interface so far.
(YES, I did the DL upload via their web application. Not at all unusual these days.).
NASA followed up on my request early this morning. The associate was very patient in answering my many questions about their procedures, particularly why some must seek permission for usage, others not. She cited over and over increased fraud at shared branches over the past couple years. Their intent is to keep fraudsters from ripping off NASA members through shared branching, she explained.
As focus is on protection of member funds, accounts with large balances are of particular concern. Conversely, those with little money on deposit (and, therefore, at risk) should have no problems depositing a check, she said. Also, if you’ve used shared branch w/NASA in the past year, you’re probably okay.
To gain access, I had to answer identity verification questions and submit copy of ID, much as Mak shared earlier. After satisfying requirements, I was officially welcomed to use shared branching. Should lapse of time between usage extend beyond a year, I will have to re-submit myself to authentication questions, I was told.
How many scammers deposit money in other peoples accounts? And the shared branches require a picture ID and the last 4 of your social.
But thanks for the heads up. I will call before I attempt to pull out via a shared branch early next year when my 2.25% 11 month matures. (unless NASA has another special deal at that time)
I have always felt like I lose a days interest with ACH transfers. I know when my last several penfed cds matured, I did not get availability until the day after they matured which meant I was forced to earn little or nothing on the CD proceeds for a day. (In the low paying share account)
Now, that account is near empty because of the Keesler & this deal. And, by the time Jan rolls around, I don't think 2.26% will be a top rate for much longer. More like an average rate.
Also, after your post yesterday, I went ahead & set up a link at Ally for the trial deposits. So I can ACH out when the time comes if needed.
I think a significant additional reason is that CUs are far more likely to try to market stuff to new customers, including a lot of credit products. The CUs I've joined this year and last for competitive CDs have deluged me with emails re. credit cards, auto loans, HELOCs, etc., far more so than the banks where I also started CDs or other deposit accounts. Not really a complaint, because it hasn't been intrusive (no phone call, etc.), and I can delete emails pretty fast. And who knows, one of them might actually be a good deal, someday.
If some people think they require unnecessary credit checks and other Info, simply just forget that financial institution and move on.
I opened a total of I think 7-8 new accounts this year and Keesler was the only hard pull.
And going back 5+ years ago, a local CU did.
I agree its ridiculous but a hard pull is never going to keep me from an attractive deal because my credit score is very good and it could go down 50-75 points and still be good or "prime". So I just can't see how that is a huge impediment.
And going back about 15 years ago, I was rejected for a bank account withOUT a hard pull. I guess they did a chexsystems pull or something and must have determined they did not want me or rate chasers in general I guess as customers. My chexsystems is not bad but I must have had too many new accounts at the time or something. At the time, it ticked me off and I could not get a straight answer from them as to why and they absolutely would not consider any exceptions.
---------------
I have a CD maturing in Jan and I am trying to clarify your new money requirement.
I know they say $5000 in new money is required and that is easy if you have a really good rate at the time. But if your rate is what I consider mediocre, could I bring in $5000 of new money while concurrently transferring out say have of my old CD amount?
Thanks.
The $200 is coming right back out of course because their share account does not pay much.
This brings up the question....does NASA have a limit of 6 per month? Because I am aware of one that only allows 3 and Keeler only allows 4.
I probably won't need another this month but the transfer to the CD was one, the trial deposit take back is two and a transfer back out of the $200 is three.
What I do know is immediately after entering the amounts at Ally, the link was not yet active. So I logged out and when I came back, it was good to transfer. (The slow way anyway for now) I expect it will speed up after the $200 gets pulled back and some time passes. But easily in time for my first maturity of I think Feb 16th?
APCO said 3 and Keesler said 4.
So the question becomes, can credit unions set their own, lower limitations? Or did 2 different ones give me incorrect info?
I have a $200 deposit in route which I have set to yank back out Thursday I guess.
I have also just spoken with a NASA rep and was told the same, and given a 14 digit number. I called because Ally could not verify the account, yet the trial deposits show at NASA. Yet you had no issues RJM?
Years ago, I had a CU account and it had a suffix for the checking account. With NASA I did not call or email,I just put in my 6 digit acct number and it was fine.
It accepted both the trial deposits, withdrawal and a $200 transfer in. So I don't anticipate a problem when my first CD matures on Jan 20th.
They had a prior 11 month 2.25% that was a deal at the time.
Lesson for those planning to use an unfamiliar shared branch: ask about branch limits in advance of visit. After obtaining NASA approval, I decided to fund CD with check deposit at shared branch instead of ACH transfer as the latter would entail multiple transactions owing to source bank’s outbound limits. Closer than the previous branch, this was one I had never visited and didn’t know existed until I used NASA’s search tool.
After thoroughly scrutinizing my documentation, the CSR said my check amount exceeded her authority level, which was only $7K. I had to wait until her manager was available to give the okay. Unprompted, the CSR talked about their heightened concerns with fraud. One area of concern is fraudsters using fake IDs. “I know the regulars who come here, but …” Unspoken was she wouldn’t really know me or any other random visitor through the co-op system.
Her manager did approve the check, allowing me to open the CD yesterday. Today, an email arrived from NASA noting my apparent shared branch visit. It was not the customary request for feedback that retailers now send us. Instead, I was asked to contact them immediately if I was NOT at the shared branch.
But, I have done THREE shared branch deposits and did not need permission for any of them.
Were they unable to verify your identity or something unusual?
I used a shared branch so you may be able to go to a closer credit union for the CD deposit but call first because Amos reported an issue above. But I had no issue 3 different times.
Its absurd that you can't make a deposit without permission. I could see maybe requiring a call for a cash withdrawal at a shared branch. Not a deposit.
Do they have hundreds of people depositing bad checks in other peoples names? And if so, what purpose? They will bounce and the scammer wont make a dime.
In any event, its not that hard to call in advance prior to a shared deposit in the future. So appreciate the heads up.
How do I get the CD funded, I looked into the transfer section but did not find anything about transferring in funds?
Which CD would you like to open? Unfortunately, the 15 month CD special requires a $5,000 minimum, so $5 would not qualify.
Let me know if you have any other questions!
For the CD I want the 15 month CD for a total of $250K. I have sent a message into the portal requesting this information as well. For some reason I can't find a transfer option/ACH?
For further info, I'd suggest an online chat or telephone conversation with a NASA FCU representative.
I have 3 NASA cds and I used shared branch for each. I am unaware of NASAs ACH capabilities.
You deposit into the share account and then call in the same day and have them open the cd otherwise you will have to wait for the check to clear for you to be able to open the cd online.
On the other hand, unless you no longer have any local bank/CU accounts, it probably wouldn't cost you anything but time to go ahead and do it.
Mine was opened yesterday, the 12th, but I don't expect to have funds in it until this coming Monday, the 17th. I'm wondering if it makes sense to fund this "locked" account with the minimum $5,000, and then put the balance of my transfer into a new account -- presuming the 3.25% rate is still available on Monday.
But, I'm not sure the maturity date is indeed locked as you say. I would bet the maturity date will change to 15 months from whenever its funded.
I funded all 3 of mine with shared branch deposits.
And the last 2 I did not open until the share account was funded. The first one, I am not sure on.
But, if its going to take you time to get the rest of the money there, not much downside in going ahead & buying the $5000 one today if its already there. As opposed to earning .5% or whatever the share account pays.
do most consider 100K minimum funding to make it 'worth your while'?
what a scam smdh
Keesler, on the other hand, said they nor I could not change that until closer to maturity.
Extremely extreme to me. Not experienced this with any other banks! Very disappointed in their lack of flexibility!
A handful of phone calls, one returned letter and a fraud alert to my credit report. Easy.
Back then, I did not get alerted for hard pulls like I do now. So i would say its even easier now.
I continue to not grasp why people freeze their credit either.
I have already had my identity stolen 20+ years ago. A half dozen phone calls over a few week period and one signed & returned SASE letter. I found the entire process interesting, not frustrating.
I have had fraudulent charges on credit cards a few times over 35 years but they easy to resolve.
Credit Karma is free and they send an immediate alert when anyone checks your credit. So you can take action the same or next business day and have the inquiry removed if it was unauthorized.
I have found all credit unions ready & willing to bend over backwards for members.
I look for solutions rather than reasons to be frustrated.
A credit freeze is pro-active. Credit monitoring isn't. By the time that Credit Karma sends you an alert it's already too late.
I have never had a fake hard pull. But IF one were to happen, I would be alerted within a day or 2.And then I could take action to have it removed. Which would happen in probably 10-60 days. In the meantime, it only dings your score a little. (My Keesler hard pull cost me 3 whole points)
My point being, the credit freeze seems like too much trouble for very little possible benefit.
But, if you want the trouble, then have at it.
I have had my identity stolen with 4 fraudulent accounts in my name. I had each of them removed from my credit before the bill was due and it only took maybe a half dozen toll free phone calls. And one of them wanted me to sign & return that it was not me.
Along those lines, I have had unauthorized credit card charges 5-6 times in my life.
Again, handling it is not a big deal. They even rush a replacement card at no charge.
So, the point I am making is the "trouble" from the worst case scenario is similar to the "trouble" of having and removing a freeze. Therefore, very little benefit.
I don't even have to change my billpay info because payments sent to my old card number are automatically and instantly applied to my new account number.
And, because most of us here are looking for top rates, we probably are not looking for large new credit lines/accounts so even a 30 point hit to our credit would not hurt most of us. My score is 826, A 796 is just as good for all practical purposes.
Keesler required a notarized form and a copy of my drivers license. While I would prefer not to have to do that, its only 1/4 mile out of the way to my credit union and they will take care of both. So 5 minutes for a premium rate.
so just give what they want, get the deal with less stress
info is out there . never gave email to any site i've visited.
but get bombed spam. maybe it was AARP leak
Tuesday 9/11: Applied online from out-of-state. Uploaded scan of driver's license as part of application. Opened both share savings and 15-month CD. There was an option to fund via credit card with up to $500, so I did the maximum with my 2% cashback Fidelity card. However, the charge did not go through. (In hindsight, maybe I should have used a different card, since I've had other cases of the Fidelity card not working for certain online payments.)
Thursday 9/13: Received message that my application was approved. It was slightly convoluted: they sent an email saying I had a secure message, which I had to check online. I was slightly annoyed that it didn't have my account number, but I just waited. Without the account number I was not able to create a login for my online account.
I did not have to send any notarized documents. The application did have some weird identity verification questions, one of which I was a bit iffy on, but I guess it worked out.
Monday 9/17: I received their new-member welcome packet via First Class Mail. It contained my member number, so I was able to create my online login. There I saw my share savings and 15-month CD sitting with zero balance. I decided that the easiest way to proceed would be to send a check (drawing from my Northern Bank Direct 2.26% account, so I didn't lose too much interest with snail mail). I downloaded their deposit form (https://www.nasafcu.com/pdf/DepositPymtSlip.pdf), and mailed it in with the check Monday afternoon, along with a short note asking them to divide the deposit between the share savings(which has a $5 minimum requirement) and the CD.
Friday 9/21: Deposit showed up in online account, properly divided between share savings and CD. NASA accounts show that the deposit was processed on 9/20.
But, some posts way above indicate that they have somehow been talking precautions because of scammers using shared branch CUs. How escapes me because I would not expect anyone to give me cash for a new account before my check cleared but apparently NASA or the shared branches did and nasa ate the losses.
But that requires a fake drivers license and a fake check and that seems like a lot of trouble for maybe $200-300.