NextMark Credit Union (VA) 10-Month CD Special Breaks 6% Ceiling
For a limited time, NextMark Credit Union (NextMark) is offering a 10-month Share Certificate Special earning 6.00% APY. The minimum opening deposit is $100k, with no stated balance cap. Although most of the NextMark Certificates have tiered APYs based on $2.5k and $100k minimum deposit levels, the 10-month Share Certificate Special does not.
There is one sentence in the fine print on the Share & IRA Certificates Rates page that I found a bit worrisome.
Membership required prior to opening certificate accounts.
I was concerned that “prior” meant the 10-month Share Certificate Special would only be available to existing members. According to CSR, both current and new members can open a 10-month Share Certificate Special.
You can submit the Prime Share application, which is your membership account, and the CD request at the same time.
Availability
Headquartered in Fairfax, Virginia, NextMark Credit Union’s field of membership is community-based, with individuals who live, work, worship, attend school, or volunteer in the Virginia counties of Culpeper, Fairfax, Fauquier, Loudoun, Prince William, Spotsylvania, or Stafford, or the Virginia independent cities* of Fairfax, Falls Church, Fredericksburg, Manassas, or Manassas Park qualifying for membership.
*An independent city does not belong to any particular county. There are 41 independent cities in the country, with 38 located in Virginia.
Immediate family members of a current NextMark member are also eligible to join. NextMark defines “immediate family” as "a spouse, domestic partner, child, sibling, parent, grandparent or grandchild of a member. This includes stepchildren, stepparents, step siblings and adopted children."
Sustaining members of the Herndon Elementary School PTA through the NextMark Title I school sponsorship program are also eligible for membership.
Account Opening
Joining NextMark and/or opening a Share Certificate Special can be done online, or at any of four Virginia branches located in Fairfax (3) and Springfield.
Opening a Prime Share account with a $5 minimum deposit establishes a NextMark membership.
Funding and Other Details
The following information is from one of the best Live Chats I’ve ever had with a CSR.
- Funding – ACH, wire ($10 fee), internal transfer, Shared Branch transaction, or check (if opened in-branch).
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual, joint, or trust.
- Early Withdrawal Penalty – All earned dividends, with only an early closure allowed.
- Dividends – Compounded/credited monthly, but cannot be withdrawn penalty-free.
- Maturing Funds –Wire ($25 fee), cashier’s check to address on file, or transfer in Prime Share account.
- Beneficiaries – Unlimited with percentages available. Social Security numbers are required for beneficiaries.
- Grace Period – 10 calendar days before renewing as a 12-month CD.
- Credit Check – ChexSystems with joining.
Credit Union Overview
NextMark Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.39% (excellent) based on March 31, 2023 data. In the past year, NextMark’s total non-brokered deposits decreased by -$8.7 million, an average annual growth rate of -2.33%. Please refer to our financial overview of NextMark Federal Credit Union (NCUA Certificate # 24658) for more details.
NextMark Credit Union is currently the 23rd largest credit union headquartered in Virginia, with nearly 16,800 members and assets in excess of $534 million. Established in 1958 as the Fairfax County Federal Credit Union, the original FOM was exclusive to Fairfax County Government employees and remained unchanged for 46 years. In 2004, a community charter was adopted, allowing the residents of Fairfax County to join. A further expansion occurred in 2017 when six additional Virginia counties and five independent Virginia cities were added to the FOM. At the end of 2019, the NextMark Credit Union rebrand occurred. According to a CUTimes December 2019 article,
“We have been serving the Fairfax County community for over 60 years. With our recent community expansion into Loudoun, Prince William, Stafford, Fauquier, Culpeper, and Spotsylvania counties, and the cities of Fairfax, Falls Church, Manassas, Manassas Park and Fredericksburg, we concluded that changing our name would make us more inclusive to those residing in our new footprint,” the credit union said in an FAQ statement on its website. “Furthermore, our new name promotes our independence and helps us stand out from local county affiliated businesses.”
How the 10-Month Share Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, no bank or credit union has a higher rate than currently offered on the NextMark Credit Union 10-Month Share Certificate Special, regardless of minimum deposit requirements. The following table compares the 10-Month Share Certificate Special 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 7/18/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
