NASA Federal Credit Union Brings Back 15-Month CD Special, 3.20% APY
While CD rates may be falling elsewhere, NASA Federal Credit Union’s “Certificate Yields are out-of-this world.” Hyperbole aside, NASA FCU has just brought back limited-time competitive rates on its 15-, 25-, and 49-month Share Certificate Specials (SCS). These are the first great rates NASA FCU has featured since September, when the 15-month and 49-month SCS offered month-long competitive rates.
The minimum opening deposit is $10k and the fine print on the Certificate Rates page states,
A minimum of $10,000 in new funds must be brought from an external source
and must be deposited between February 1, 2019 and February 28, 2019.
The SCS are also 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, 25-month, and 49-month SCS automatically renew to a standard 12-month, 24-month, and 48-month term, respectively.
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 Special 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).
There is also a membership application (PDF) specifically for the 15- and 49-month Share Certificate Specials, which can be returned via snail mail.
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). 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.
Credit Union Overview
NASA Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.56% (excellent) based on September 30, 2019 data. In the past year, NASA FCU has increased its total non-brokered deposits by $326.84 million, an excellent annual growth rate of 18.53%. 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 for the benefit of NASA employees. NASA Federal Credit Union is currently the third largest credit union headquartered in Maryland and the 93rd largest credit union in the nation, with assets in excess of $2.5 billion and nearly 158,000 members.
How the Share Certificate Specials Compare
When compared to 167 similar length-of-term CDs tracked by DepositAccounts.com, which are nationally available and require a minimum deposit of $10k or less, NASA Federal Credit Union's 15-month Share Certificate Special APY currently shares top billing with Premier America Credit Union’s 17-month CD Special APY.
When compared to 214 similar length-of-term CDs tracked by DepositAccounts.com, which are nationally available and require a minimum deposit of $10k or less, NASA Federal Credit Union's 25-month Share Certificate Special APY currently ranks first.
When compared to 173 similar length-of-term CDs tracked by DepositAccounts.com, which are nationally available and require a minimum deposit of $10k or less, NASA Federal Credit Union's 49-month Share Certificate Special APY currently shares the top position with Georgia Banking Company’s 4-year Certificate APY.
The above rates are accurate as of 2/1/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
Go NASA!!!
I have no first-hand experience with NASA, but no reputable outfit E-mails account numbers.
Call them again and ask about the 'next steps'.
Now, getting the account number, I had to look back at my emails. I applied on 2/20 and they sent the account number on 2/21 and I did a shared branch deposit on 2/21.
Below is how it reads... I deposited $50,005 locally at a shared branch for my first CD and the $5 share account and then did another one in early March. The first one matured recently and then 2nd one matures on the 5th.
02/21/18 To Share 30 11 MONTH SPECIAL CERTIFICATE $50,000.00 $5.00 $50,000.00
02/21/18 Check hold release 03/06/18 50,005.00 $50,005.00 $50,005.00 $-5.00
I think I asked and they obliged to turn off the auto renewal thing at the time I opened the CDs.
My 2/21 deposit had a release date of 3/6 which was fine because I knew it was going to be there 11 months.
IMO, this special really IS the better one over Primerica, Advancial, etc.
And you can't beat that easy membership.
Sure hope it lasts another 2 weeks or so...
But, as you get closer to your date, you might ask about opening it online and then funding it within I think 10 days. Someone reported you have 10 days to fund it if you open in advance. I've never done that because i never needed to but that may be a way to lock in your account even if they pull it early.
They had a 15 month at 3.25% back in Sept that may have been pulled early....or maybe it lasted a full month, I can't recall. I just know I bought one and then it was no longer available some time later.
___________________
Low Minimum Deposit
You can open a NASA FCU Certificate right now with just $10,000**
This jives with what I asked the rep this afternoon when I called. I know last year I specifically asked about it..."what happens if when this CD matures and you have another one I want to buy", then they said $5k new money and I could. Now, It seems to have increased to $10k new money. The minimum of $10k may just be a coincidence.
I do not expect they will require me to transfer out 6 figures only to transfer it back in to open the CD when I am willing to put a new $10k in. But I will verify that monday before I go to a local shared branch with my checkbook on Tuesday.
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**A minimum $10,000 in new funds required and must be brought from an external source.
Many places that have new money requirements have definitions for what constitutes "new," e.g., not on deposit x days prior to promo. Transferring your money out, then bringing it back right away, may not qualify as they could say it was money already on deposit as of start of promo. You'd have to ask for their definition. What I'm proposing above is easier and cleaner, I believe.
While I am going with the 15 month for sure. If I wanted to buy a 25 and 49 month for $10-20k too, would they require $10k each in new money for them too?
Because there is a minimum of $10,000 on the CD... if the small print said "Must bring at least $10,000 in new funds from an external source and then can add as much money to it that is already at Nasa Federal Credit Union"... but since it doesn't state that and since the rep I called said new money only I will wait for verification from someone else at Nasa.... anyways while I like the 15 month one and the 25 month one they don't fit well into my ladder since I already opened 3 of the Navy Federal 17 month ones ... I like the Mountain America 3 year 3.35% because it fits nicely into my ladder... plus I have a 3 year term plus and a 5 year term plus opened at Mountain America that I can add to later if need be.
BTW if what you say turns out to be true maybe Nasa should train their reps better.
I don't take requirement personally. If promo works for my ladder and is competitively superior, I go for it. Their new money requirement is easy enough to game. They tell you to bring in $10K; they don't prohibit you from later taking out $10K that was already on deposit.
How about initially?
Is there a waiting period to use a shared branch if you're brand new and out-of-state?
I did an online chat with Customer Service who confirmed that I would have to bring that money back and an additional 10K to qualify for the rate right away or wait 30 days from withdrawal date if I bring back a smaller amount. I'm going to do a wire transfer today if I can.
Had I wanted to open one for the same amount or less than CD that closed, I would have to wait 30 days as I would not have satisfied $10K new money requirement.
I also asked about this hypothetical: Closed CD less than a month ago for $30K. Money no longer at NASA. I bring in $40K ($30K + $10K). May I open new CD for $35K. The answer was yes.
Edit: The CD amount is less important than funds brought in. NASA must be able to tell that I brought in $10K of new funds, which they define as money not in account 30 days prior. As demonstrated in hypothetical, whether all of it is applied to new CD does not matter.
That is exactly what I am doing in the next few hours. And the rep by phone clarified it.
2 cds requires $20k, 3 $30k. For old customers. New customers do not have that restriction because its all new money.
In the future, I am going to open a CD 9 days before I fund it. Apparently that is a loophole I should have been taking advantage of but have not.
Syliva? What do you say?
Shady is as Shady does.
I have a CD maturing on the 5th at NASA and was Fearful I could not get approved at Premier.
i just have to find a missing checkbook from AA bank for the new money. Should be around here somewhere.
At least for small frys like me with under $250k on deposit.
All 3 of these CDs are at or near the top available for their time periods. The 15 month is perhaps the biggest outlier.
Thanks
Notarized Proof Of Residence (I.E. Lease Agreement, Utility Bill, Motor Vehicle Address Change Card)
Notarized Copy Of Social Security Card
Notarized Identification (I.E. Driver's License, Passport Or State Identification Card)
Seems like a lot of work to open the account. I’ll pass on it
However, I have a question that I have not seen covered regarding the $10k in new money.
Suppose I want to open 3 CDs, one 15 month with the bulk of my funds and two smaller ones for 25 and 49 months. Would that scenario require $30k in new money?
My CD matures today and right now, it has not updated my interest or transferred it to my share account as it is set up to do. Its 1:51 am Eastern so I am wondering if it will happen later this morning or will I have to wait until tomorrow to open my new CD or CDs. I planned on going to a shared branch today for an additional deposit to go along with the maturing CD for one, two or three new CDs.
I thought it would be midnight. Happened sometime around 5am I guess.
Have you or have you heard of anyone that joined NASA outside of their home state and was restricted from shared branch usage at the onset?
This possibility really concerns me....
It would seem SO simple to just mark a new account NO SHARED BRANCH WITHDRAWALs or something. I suspect they could if they wanted.
Anyway, they answered within just a minute so there was no long wait this morning.
Anyway, I went with 86.5% in the 15 month and 13.5% in the 25 month.
Nothing in the 49. I could go back & buy more before month end but I doubt I will for now. I need to set a goal going forward to investing at least some of each CD that matures in stocks. Even if its low risk, high dividend stocks or preferreds or whatever. Have to get more market exposure. Because if I am alive in 10-15 years, there is a strong likelihood that I will be kicking myself for not taking more risk like I am now for 15 years ago.
I cannot manage my stocks as if I am going to die in a few years.
If your allocation is light on equity, can't overlook preferential tax treatment of capital gains and qualified dividends over interest.
Since then, it seems the new money minimum is $10k. Just posting because others asked about it and below was direct from them. A copy & paste.
This does not answer my newest question as to if THREE new CDs require $30k in new money.
Or two requiring $20k. The more I contemplate the 49 month, the more I think its a bad Idea compared to stocks. Dividend stocks or others. (for those who think Armageddon might not be imminent, you know, sane people)
"Thank you for contacting NASA FCU. With our special certificates as long as there is a minimum of 5,000 new money you are welcome to commingle that 5,000 with any existing funds in your account to fund that certificate. Therefore, if you want to use the funds from a certificate that has matured as long as you are including 5,000 in new money you can open one of the special certificates. Any one of our regular certificates you can fund them with new or existing funds, they have no required stipulations."
1 year is the time period to have used shared branch such that you don't need permission. And 2 CDs requires $20k in new money. 3=$30k.
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Hello [Test3]
Thank you for taking the time to complete your application for Membership with NASA Federal. Unfortunately, we are unable to approve your request.
We understand it took time and energy to complete the application, so we want to provide information on why we are not able to help. You will receive an Adverse Action Notice in the mail which will explain the reasons we are unable to approve your request.
Sincerely,
Member Services
They said I'd have to show up at a branch and maybe they could do something then. Unfortunately, I don't live anywhere near a branch.
If you have a fraud alert you need to send in notarized info, you can only transfer $10k via an ACH started at NASA, just way too many hoops to jump through for an extra few tenths of a percent.
Of course you don't find this out until you've already invested a week of your time.
If you're local to a branch, do it. I don't think it's worth dealing with them online.
I've never bothered with a fraud alert except after my identity was stolen about 20 years ago.
It was just not that big of a deal. 8-10 phone calls, one letter and that was it.
When I opened mine it was not that difficult. If they won't do shared branch, you can just drop a check in the mail and wait 3 days.
I'm on my 5th CD with them over the last year and I just have not invested all that much time.
3.20% versus 2.85% at ally comes out to $50 a month interest difference. On $175k.
If you are dealing with $10k, yeah, I would not bother.
Another deal will always come down the pike if you are patient.