In February, I wrote about Nymeo Federal Credit Union’s (Nymeo FCU) 12-18 Month Add-on Certificate Special. That Special has ended, but Nymeo FCU has recently introduced an 18-23 Month Add-on Certificate Special (1.30% APY). The minimum opening deposit for this Certificate Special (CD) is $10K of new money, with no maximum balance cap.
According to Nymeo FCU’s Rates and Fees page, the Add-on feature is defined as follows:
Member may contribute to certificate in $25 minimum increments at any time.
The benefit of being able to deposit additional funds into the CD throughout the term is obvious. An anonymous DA reader noted a more subtle benefit of Nymeo FCU’s Add-on feature:
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.
Since our collective crystal balls are a bit cloudy as to when the next "rising-rate environment" will happen, an add-on option that doesn’t result in a lower rate interest is a very good deal.
As stated in the Nymeo Federal Credit Union Truth in Savings Disclosure, the Early Withdrawal Penalty is 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12 months, 180 days of dividends if the term of the account is over 12 months, whether earned or not, on the amount withdrawn, at the Dividend Rate then paid on the account, shall be deducted from the account prior to distribution of the amount withdrawn.
Membership in Nymeo Federal Credit Union is open to anyone who lives, works, worships, attends school, volunteers or conducts regular business in Frederick County, Maryland. Once you are a member, your immediate family members and household members are also eligible to join. Complete details can be found on Nymeo FCU’s Membership Page.
Nymeo FCU’s Membership Application is available online for download. Once the application is completed, you can return it to Nymeo FCU via mail, fax, or email, or by an in-person visit to any of ten branches located in Adelphi, Frederick (6), Gaithersburg (2) and Germantown.
N.B. Access to the National Institute of Standards and Technology (NIST) branch in Gaithersburg is limited to NIST badge employees only.
Credit Union Overview
Nymeo Federal Credit Union (NCUA Certificate # 16408) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.62% (excellent) based on December 31, 2014 data. Nymeo FCU has an excellent capitalization level of 13.57%, holding assets of $246.84 Million, with $33.49 Million in equity. Please refer to our financial overview of Nymeo Federal Credit Union 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! 80 years later, after three name changes, two mergers and a charter change, Nymeo FCU has over 23,000 members and continues to be a financial institution of stability and strength.
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 CD Compares
When compared to other similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available to Maryland residents, Nymeo Federal Credit Union's 18-23 month Add-on Certificate Special’s APY is competitive, with the Add-on feature an extra bonus.
The above rates are accurate as of 4/21/2015.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.