ORNL Federal Credit Union (TN) Ups 16-Month Promo CD Rate


Deal Summary: 16-month Promotional CD, 5.35% APY, $500 minimum deposit.

Availability: 19 Eastern Tennessee counties.

Tennessee-based ORNL Federal Credit Union (ORNL FCU) recently increased the rate of its 16-month Promotional CD. Following a substantial increase of 40 bps, the 16-month Promotional CD currently earns 5.35% APY. The minimum opening deposit is $500, with no stated balance cap.

5.35%$500-ORNL Federal Credit Union16 Month Promotional CD
5.35%$500-ORNL Federal Credit Union16 Month Promotional IRA (Traditional, Roth, CESA)
Rates as of April 14, 2024.

The 16-month Promotional CD is also available as an IRA CD (Traditional and Roth), earning the same 5.35% APY with the same deposit requirements.

Early Withdrawal Penalty

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

The penalty for withdrawal of any of the principal (no penalty on dividends) prior to maturity date will equal 50% of simple dividends projected to be earned over the term of the certificate.

The penalty is calculated as a forfeiture of part of the dividends that have been or would have been earned on the account. The penalty applies whether or not the dividends have been earned and may result in the loss of principal.

According to CSR, partial withdrawals are allowed, but the 16-month Promotional CD principal will be reduced if a withdrawal is made within the first 8 months of account opening.


Headquartered in Oak Ridge, Tennessee, ORNL Federal Credit Union’s field of membership (FOM) is community-based, with those who live, work, worship, or attend school in any of the following 19 East Tennessee counties eligible to join.

Counties: Anderson, Blount, Campbell, Claiborne, Cocke, Grainger, Hamblen, Jefferson, Knox, Loudon, McMinn, Meigs, Monroe, Morgan, Rhea, Roane, Scott, Sevier, and Union.

Account Opening

Joining ORNL FCU can be done online or at the 28 full-service Tennessee branches located in Alcoa, Athens, Clinton, Decatur, Farragut, Kingston, Knoxville (10), La Follette, Lenoir City, Loudon, Madisonville, Maryville, Maynardville, Morristown, Oak Ridge (4), and Sevierville.

Your membership account opens the door to all of the benefits of an ORNL Federal Credit Union membership — and takes only $1 to open.

Opening a Promotional CD must be opened in-branch or by phone (800.676.5328); CDs cannot be opened online.

Funding and Other Details

The following information is from the ORNL FCU website and a conversation with CSR.

  • Funding – Funds must be on deposit at ORNL FCU before a CD is opened. ACH, wire (no fee), or check can be used to deposit funds.
  • Ownership – Individual or joint.
  • CO-OP Shared Branch Participant – No.
  • Dividends – Compounded/credited monthly and can be withdrawn penalty free.
  • Maturing Funds –Internal transfer to a ORNL FCU Membership Account.
  • Beneficiaries – Unlimited with equal shares; Social Security numbers are required.
  • Grace Period – 10 calendar days before automatic renewal as a “certificate with the term closest to the promotional term.”
  • Credit Check – Soft pull using either Equifax or Transunion.

Credit Union Overview

ORNL Federal Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.97% (excellent) based on September 30, 2023 data. In the past year, ORNL FCU has increased its total non-brokered deposits by $213.76 million, an excellent annual growth rate of 7.82%. Please refer to our financial overview of ORNL Federal Credit Union (NCUA Charter # 5797) for more details.

Established in 1948, ORNL Employee Federal Credit Union had an initial FOM exclusive to Oak Ridge National Laboratory (ORNL) employees. (ORNL is the largest science and energy national laboratory in the Department of Energy system (by size) and third largest by annual budget.) By the end of 1959, ORNL FCU had become a $1.4 million organization and doubled its assets to $2.2 million only two years later. The community charter was adopted in 2002 and 16 East Central Tennessee counties were added to the FOM. Currently the fourth largest credit union headquartered in Tennessee, ORNL FCU has more than 199,000 members and assets in excess of $3.4 billion.

According to a January 2024 press release,

ORNL Federal Credit Union (ORNL FCU) and Lowland Credit Union (LCU) have announced their intent to pursue a merger. The merger is expected to close in the second quarter of 2024, pending regulatory and member approval.

ORNL FCU celebrated its 75th anniversary last year, and serves nearly 200,000 members in 19 counties in East Tennessee, including Cocke, Grainger, Hamblen, and Jefferson counties. With their nearly 150 years of combined history, the credit union will serve approximately 210,000 members with 31 branches throughout East Tennessee, and assets will exceed $3.7 billion.

How the 16-Month Promotional CD Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, have a fixed rate, and have minimum deposit requirements of $10k or less, one credit union has a higher rate than currently offered on the ORNL Federal Credit Union 16-month Promotional CD. The following table compares the 16-month Promotional CD to the four highest-rate similar length-of-term CDs from banks/credit unions with nationwide market areas.

The above information and rates are accurate as of 3/11/2024.

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

Post Publication Edits:

3/12/2024: Corrected minimum deposit requirement. It is $500, and not $2.5k.

Related Pages: Knoxville CD rates, Chattanooga CD rates, 1-year CD rates


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