Thanks to DA reader, retirednc, for the Forum post referencing the competitive 3-year CD Special offered by Transportation Federal Credit Union (TFCU). Currently earning 5.00% APY, 3-year CD Special requires a $1k minimum opening deposit. TFCU offers Jumbo CDs ($100k minimum), but the 3-year Jumbo CD Special has the same 5.00% APY.
Both the 3-year CD Special and 3-year Jumbo CD Special are also available as IRA CD Special and IRA Jumbo CD Special (Traditional, Roth, CESA), earning the same 5.00% APY with the same deposit requirements.
Excess Share Insurance
Additional coverage of up to $250k is provided by the Excess Share Insurance Corporation, a subsidiary of American Share Insurance, the nation's largest private deposit insurer.
Headquartered in Alexandria, Virginia, Transportation Federal Credit Union’s field of membership (FOM) provides a way to joint for virtually all U.S. citizens and resident aliens.
Easy Membership Requirement: Although the American Consumer Council (ACC) is listed under "In Washington, D.C. Metro Area" on the "Join Us" page, according to CSR and the online application, anyone, regardless of where they live, can qualify for TFCU membership by being a member of ACC.
The Eligibility page of the online application states,
I qualify for membership because I am a member of the American Consumer Council (ACC).
Note: You need to be an ACC member before joining TFCU: the online application asks for your ACC membership number.
Employment: Active and retired employees, military personnel, contractors, and other related occupational groups affiliated with the U.S. Department of Transportation and the Federal Aviation Administration (Washington, D.C.) are eligible to join. The two largest groups are the Department of Homeland Security and the TSA, with no residency requirements for an employee or retiree.
In the Washington, D.C. area there are more than 50 governmental agencies, businesses, and associations that qualify for membership. There are also eight Boston area governmental agencies (including the First Coast Guard District) and businesses that also qualify.
Relationship: Immediate family members and household members of individuals who are eligible for membership can also qualify. Immediate family is defined as “spouse, child, sibling, parent, grandparent, or grandchild”, including step- and adoptive relationships.
Joining TFCU and/or opening CD Special can be done online, or at any of the two Washington, D.C. branches or the Cambridge, Massachusetts branch. The Membership Application is also available as a download and can be returned to any branch or by mail.
Your Transportation Federal Credit Union membership begins with $5.00 deposit to your Share Savings Account.
Funding and Other Details
As the TFCU website is light on documentation (with no Truth-in-Savings disclosure available), the following information is from a conversation with CSR.
- Funding – Internal transfer; funds must be on deposit in a TFCU Regular Share account before a CD Special can be opened.
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual or joint.
- Early Withdrawal Penalty – 180 days of dividends on the amount withdrawn, with partial withdrawals allowed.
- Dividends – Compounded/credited quarterly; dividends can be withdrawn but are subject to 180 days EWP.
- Maturing Funds* – Cashier’s check to the address on file, or transferred into a Regular Share account.
- Beneficiaries** – Up to three, with percentages available; Social Security numbers are required for all beneficiaries.
- Grace Period – 7 calendar days before automatic renewal.
- Credit Check – Soft pull when joining.
Credit Union Overview
Transportation Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.43% (excellent) based on March 31, 2023 data. In the past year, TFCI’s total non-brokered deposits decreased by -$13.81 million, a below average annual growth rate of -5.36%. Please refer to our financial overview of Transportation Federal Credit Union (NCUA Charter # 3140) for more details.
Chartered in 1939 as the Civil and Aeronautics Federal Credit Union, the founding members were twelve employees of the Civil Aeronautics Board, the first governmental agency to regulate aviation services. Transportation Federal Credit Union is currently the 32nd largest credit union in Virginia, with more 21,000 members and assets in excess of $278 million.
How the 3-Year CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Transportation Federal Credit Union 3-Year CD. The following table compares the 3-Year CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 8/8/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our Best CD Rates Table page.