Transportation Federal Credit Union Has Top 2-Year CD, 2.86% APY
In celebration of its 80th Anniversary, Transportation Federal Credit Union (TFCU) is offering a 2-year Share Certificate (2.83% APY, $1k min) and a 2-year Jumbo Certificate (2.86% APY, $100k min). Both Certificates require new money, which is defined as “funds received into your Transportation FCU account(s) within the last 30 days which are not transferred from an existing TFCU account.”
Thanks to DA reader, retirednc, for a Forum post about the Anniversary Certificates.
5-Year CD and Jumbo CD
Like other CDs I’ve written about recently, TFCU’s 5-year CD (2.78% APY, $1k min) and 5-year Jumbo CD (2.98% APY $100k min) have become competitive in the past couple of months, as other nationally available long-term rates have headed downward.
Both 5-year Certificates are also available as IRA Certificates (Traditional, Roth, and CESA), earning the same APYs (except for an additional 10 bps for the 5-year IRA) with the same funding requirements.
According to CSR, the Early Withdrawal Penalty (EWP) is based on a formula, with the time left until maturity a determining factor.
TFCU has several useful forms on its website, including the Share Certificate Maturity Notice, which can be submitted electronically, and the Beneficiary Designation form. Three beneficiaries (with assignable percentages) can be named and Social Security numbers are required.
Excess Share Insurance
Additional coverage up to $250k is provided by the Excess Share Insurance Corporation, a subsidiary of American Share Insurance, the nation's largest private deposit insurer.
Availability
Headquartered in Alexandria, Virginia, Transportation Federal Credit Union’s field of membership (FOM) has a way for virtually all U.S. citizens and resident aliens to join.
Easy Membership Requirement: Although the American Consumer Council (ACC) is listed under "In Washington, D.C. and surrounding areas" on the "Join Us" page, according to CSR and the online application, anyone, regardless of where they live, can qualify for Transportation FCU membership by joining the ACC.
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 included are the Department of Homeland Security and the TSA, no matter where the employee or retiree lives.
In the Washington, D.C. area there are more than 55 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.
Complete details are available on TFCU’s "Join Us" page.
Joining TFCU can be done online, or at any of the two Washington, D.C. branches or the Boston branch. The Membership Application is also available as a download and can be returned to any branch or by mail. (Note: TFCU requires two government-issued forms of photo identification to complete the application process.)
The 5-year Share and Jumbo Share Certificates can be opened online, but the 24-month Anniversary Special Certificates must opened at a branch location or by phone (202.366.9400).
Your Transportation Federal Credit Union membership begins with $5.00 deposit to your Share Savings Account.
TFCU members have access to more than 3,500 Shared Branches and 30,000 fee-free CO-OP ATMs.
Transportation FCU is now a shared branch, meaning members of other, participating credit unions can use TFCU locations to conduct transactions as well. You can also conduct transactions at thousands of shared branches and surcharge-free CO-OP ATM locations including our three locations.
Credit Union Overview
Transportation Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.71% (excellent) based on March 31, 2019 data. TFCU has an excellent capitalization level (11.10%), the result of holding $223.58 million in assets with $24.82 million in equity. Please refer to our financial overview of Transportation Federal Credit Union (NCUA Charter # 3140) for more details.
Transportation Federal Credit Union was founded as the Civil and Aeronautics Federal Credit Union in 1939 by twelve employees of the Civil Aeronautics Board, the first governmental agency that regulated aviation services. 80 years later, TFCU has substantially expanded its FOM and grown to more than 20,600 members, with assets in excess of $223 million.
How the Anniversary Share Certificates Compare
When compared to 201 similar length-of-term CDs tracked by DepositAccounts.com that available nationwide, Transportation Federal Credit Union's 24-month Jumbo Certificate and Share Certificate APYs currently rank first and second, respectively and regardless of minimum deposit requirements.
How the Jumbo CD Compare
When compared to 175 similar length-of-term CDs tracked by DepositAccounts.com that available nationwide, Transportation Federal Credit Union's 5-year Jumbo CD APY currently ranks fifth, regardless of minimum deposit requirements.
The above rates are accurate as of 8/16/2019.
To look for the best CD rates, either nationwide or state specific, please refer to our CD Rates Table page.
