Offer at a glance
- Interest Rate:Â 3.25% APY
- Minimum Balance:Â $1,000
- Maximum Balance:Â $250,000
- Availability:Â Nationwide
- Hard/soft pull:Â No, YMMV
- ChexSystems:Â Unknown
- Credit card funding:Â None
- Monthly fees:Â None
- Insured:Â NCUA
The Offer
- Andrews Federal Credit Union is offering a special 6-month CD rate of 3.25% APY.
Anyone can join Andrews credit union by becoming a member of ACC: “Our field of membership includes Active Duty or Retired Military personnel (or their spouses, dependents or dependent survivors) of Joint Base Andrews, Joint Base McGuire-Dix-Lakehurst, and military installations in central Germany, Belgium, and The Netherlands; as well as over 200 employer groups throughout Maryland, Virginia and New Jersey. We also have nationwide membership eligibility through the American Consumer Council and anyone who lives, works, attends school or worships in Washington, D.C.”
The Fine Print
- Deposits are allowed in branch, through automatic direct deposits, and online (as transfers from another share account).
- Penalties apply for early withdrawal.
- Fees may reduce earnings.
- Deposits are insured up to at least $250,000 per individual depositor.
- Must be funded with new money OR the member must have a checking account, debit card, and direct deposit of $750 or more per month.
- Special 6-Month Certificate offer and stated APY available February 25 through March 2, 2019 and may change at any time.
- APY effective February 25, 2019 is 3.25%; interest rate is 3.21%.
- Certificate has a $1,000 minimum to earn the advertised APY and a $250,000 maximum balance.
- At maturity, all Special 6-Month Certificates will automatically renew at the regular 6-Month share certificate rate and term.
- Each individual member limited to one Special 6-Month Certificate during the promotional period.
- Must be a member of the credit union to open any deposit account.
Avoiding Fees
There aren’t any fees on this account so long as you leave the funds there the entire 6 months. Also, note, there is a $5 deposit required to become a member of the credit union which is held in a separate account.
Our Verdict
This rate tops all other short-term CD rates. It is a promotional rate so don’t expect it to renew anywhere near there. That said, their CD rates look overall competitive, and that will presumably hold. For example, they have an 8-month CD with 2.86% APY. After the 6-month promotional offer, there should be another decent deal to roll it into.
There’s a nice maximum $250,000 on this deal. Someone holding a large cash deposit could gain nicely by taking advantage of this offer. There is a hard pull done, apparently, when becoming a member and opening an account which does put a bit of a damper on the deal.
Hat tip to readers Mark and Kevin
This offer is invalid
Data Point:
Just called to see what’s going on with an application online that I submitted on March 1. They told them that because of the load of people submitting application for this promotion they are still working on applications submitted on Feb 22 (as of today).
But, they said, even-though it is taking so long, people submitting application before the deadline of March 2, will be able to get this deal.
I just deposited into the Shared branch today but the promotional offer ends tomorrow. I tried calling in but they said I need to wait until Monday. Would I be able to fund account online by submitting another application and sending funding source from savings?
james
james At this late stage in the game, I think your best bet is to send a SM and explain what happened. YMMV but I feel confident that they will work with you to open the account (especially since the funds are already in your account), at least this was my experience.
opened up miliary saved 3.25% CD today online, and while its pending I will deposit a check into a shared branch as instructed by phone support to make sure it gets counted in the CD and not having to wait until check clears
I opened an account online for checking and it says “APPROVED PENDING” when you opened the CD how were you able to make deposit? and did it say approved pending? and how did you get account number?
If you call Andrews, they can manually move the on-hold funds to the CD. The only time you can put more money into a CD later is if it is an add-on CD; these are rare, and this CD is not one of them.
Yes, that’s how it works. You can’t move a partial amount and then move more funds later. I was able to open the CD via SM and everything went smoothly. CD was opened 3/1
Anyone ended up opening the CD online? Any data points on trying to fund with more than $10k?
When you go to open the CD, you are able to transfer whatever amount you have available in your Savings. Someone mentioned there was a $10K limit re opening an account (an application to open an account), but that info was not in reference to opening a CD online. Here is the quoted text: “electronic/ACH deposits are in place for all online account applications” I hope this makes sense.
Welp I signed up today. According to the Account helpers over the phone, you will not see the 6 month special until Feb 25 2019.
Did you get membership approved right away?
Opened share account and CD in July, 2018. No hard pull done. My credit reports are frozen, so they could not have done one, but it didn’t seem to impede my opening the accounts.
Thanks, I’ll add the data point
I have a “Base Share Savings” account with AFCU opened 12/7/2018, and there aren’t any “Hard Pulls” on my credit bureau reports. There was no fee to join the American Consumer Council with code “Andrews” on the bottom of their app page:
https://www.americanconsumercouncil.org/membership.asp?dname=Americanconsumercouncil.org
bdooo. the most I could put In is 14k. I have a religion where dont put money in a promotion unless I can Max it out. However, I could but the money in TruWest afterwards if I get a membership with them
too much hassle, plus a hard pull.
If you’re a penny player then obviously it’s probably not worth it, but if you have at least 6 figures then it’s worth the hassle unless you don’t like 16 cnotes?