Nymeo Federal Credit Union (MD) 13-Month CD Special Earns 2.40% APY

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Deal Summary: 13-month Share Certificate Special, 2.40% APY, $5k min/$500k deposit, new money, checking relationship. 18-23 month Add-On Share Certificate, 2.00% APY, $500 minimum deposit, unlimited deposits throughout term.

Availability: Residents of Frederick and Montgomery Counties, Maryland

In September, Nymeo introduced a 13-month Share Certificate Special (SCS) earning 2.40% APY. At the time, 2.40% APY wasn’t very impressive; two months later, it’s the top rate for 1-year CDs offered by Maryland banks and credit unions. The 13-month SCS can be opened with a minimum of $5k of new money and is capped at $500k.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.40%$5k$500kNymeo Federal Credit Union13 Month IRA Special w/ Checking - New Money (Traditional, Roth, CESA)
2.40%$5k$500kNymeo Federal Credit Union13 Month Share Certificate Special w/ Checking - New Money
Rates as of December 6, 2019.

The 13-month SCS is also offered as an IRA (Traditional, Roth, CESA), earning the same 2.40% APY with the same funding and relationship requirements.

A checking account with a minimum $500 monthly direct deposit is also required to earn the stated APY. Nyemo has three checking accounts, none of which earn a competitive APY.

APYMINMAXINSTITUTIONPRODUCTDETAILS
0.10*%$1.5k-Nymeo Federal Credit UnionPremier Interest Checking
OTHER TIERS: 0.05% Up to $1.5k
0.05%--Nymeo Federal Credit UnionEasy Interest Checking
0.05%--Nymeo Federal Credit UnionFabulous 50 Checking
Rates as of December 6, 2019.

As stated in the Truth in Savings Disclosure, the Early Withdrawal Penalty reads as follows:

In the event of any withdrawal from this account prior to the maturity date, a penalty equal to 90 days of dividends if the term of the account is less than 12 months, 180 days of dividends if the term of the account is over 12 months, whether earned or not, on the amount withdrawn, at the Dividend Rate then paid on the account, shall be deducted from the account prior to distribution of the amount withdrawn.

18-23 Month Add-On Share Certificate

Nymeo is offering 2.00% APY on its 18-23 Month Add-on Share Certificate. The minimum opening deposit is only $500 and there’s no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.00%$500-Nymeo Federal Credit Union18 - 23 Month Add-On Share Certificate
Rates as of December 6, 2019.

According to the Certificate Rates page,

Member may contribute to certificate in $25 minimum increments at any time.

The benefit of being able to deposit additional funds into a CD throughout the term is obvious. When I wrote about Nymeo’s Add-on Share Certificate more than four years ago, an anonymous DA reader noted that,

Add-on CDs can be very useful as "rate insurance" in declining-rate
environments like we had a few years ago. In rising rate environments, not so much.

As we seemed to have cycled out of the most recent rising rate environment, an unlimited Add-on feature is timely.

Charles Rechlin described the ideal features of an add-on CD in his article, Searching for the Elusive Add-On CD. Nymeo’s Add-on Share Certificate has two out of the four features of an ideal add-on CD. The two missing features are a term of "3 or more years" and “a fixed or minimum rate that is reasonably competitive with rates offered on CDs of identical maturity that don’t carry add-on rights.”

Add-on CDs can be nice, but there is a risk that the credit union will choose not to honor the unlimited Add-on feature. This almost happened recently as I described in this blog post.

Availability

Headquartered in Frederick, Maryland, Nymeo’s field of membership (FOM) includes individuals who live, work, worship, attend school, volunteer, or regularly conducts business in the Maryland counties of Frederick or Montgomery.

Immediate family members (parent/stepparents, child/stepchild, sibling/stepsibling, grandchildren, and grandparents) of current members are eligible to join, as are household members, who are defined as “persons living in the same residence maintaining a single economic unit.”

Joining Nymeo can be done online, or at any of seven Maryland branches located in Frederick (4), Adelphi, Gaithersburg and Germantown.

The Membership Application is also available as a download and can be returned,

to any branch, fax it to 301-698-4194, mail it to us at 5210 Chairmans Court Frederick MD 21703, or scan and email it to [email protected]

Current Nymeo members can open a Share Certificate at any of the above-mentioned branches, by calling Nymeo at 855-436-4100, or by using My Nymeo Online Banking. CSR suggested that those joining through the online application should contact Nymeo following the application submission to open a Share Certificate.

The Share Savings Account ($5 minimum) establishes your basic account number and your Credit Union membership. Under your basic account number, you can establish sub-accounts for Checking, Money Market, Certificates and Loans.

Nymeo participates in the CO-OP Shared Branch network and the Allpoint ATM network.

Credit Union Overview

Nymeo has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.75% (excellent) based on June 30, 2019 data. Nymeo has an excellent capitalization level (11.79%), the result of holding $272.49 million in assets, with $32.13 million in equity. Please refer to our financial overview of Nymeo (NCUA Charter # 16408) for more details.

A small group of Bureau of Standards employees pooled their funds and applied for a charter in the District of Columbia to form The Standards Credit Union in November 1933, and by the end of the year the Credit Union had $47.50 in shares! After three name changes, two mergers, and a couple of charter changes later, Nymeo has become Maryland’s 22nd largest credit union with more than 23,000 members.

In case you were curious of about the Credit Union's unique name,

Nymeo is a federal credit union, yes.
But we think you’ll agree, we’re also a lot more.
Nymeo is a new way to look at money. (Nymeo = Money, get it?)

How the Share Certificate Special Compares

When compared to 298 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available within the FOM, Nymeo's 13-month Share Certificate Special APY ranks first.

Interest RateCD Length of TermCredit Union/Bank
2.40% APY13-Month Share Certificate SpecialNymeo
2.38% APY12-Month Standard CDAmerica’s Credit Union
2.25% APY12-Month CDQuontic Bank

The above rates are accurate as of 11/16/2019.

To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.

Related Pages: Washington CD rates, 1-year CD rates, 5-year CD rates

Comments
pinkterror
pinkterror   |     |   Comment #1
this might be a weird question, but how is the direct deposit in checking tied with the cd? are they going to check every month? or can an ACH work? just curious
#2 - This comment has been removed for violating our comment policy.
#3 - This comment has been removed for violating our comment policy.
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