Posted by Chuck on February 21, 2019
High-Yield APY Accounts

Published on February 21st, 2019 | by Chuck

41

Andrews FCU 3.25% 6-Month CD Available Nationwide

Offer at a glance

  • Interest Rate: 3.25% APY
  • Minimum Balance: $1,000
  • Maximum Balance: $250,000
  • Availability: Nationwide
  • Hard/soft pull: No, YMMV
  • ChexSystems: Unknown
  • Credit card funding: None
  • Monthly fees: None
  • Insured: NCUA

The Offer

Direct Link to 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



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Kevin
Kevin

Sweet!

Charles Chang
Charles Chang

The question is: will you have enough time to move money in, there is only a 1 week window. It may or may not be enough for most banks.

Dima
Dima

Usually with CDs, as long as you apply within given time frame they give you 10 days to fund the account.

james
james

if you apply for CDs, how soon before they give you the account number so you can deposit the check at shared branch
And can you deposit multiple checks for the same CD?

arizonapv
arizonapv

I believe all the money must be in the savings account at one time. When I go to open the CD, I do not see an option to just open it with $0 and fund later.

Mimi
Mimi

if there are CUs around you that are shared branch, you can deposit funds through them and it’ll be posted same day at Andrews. The shared branch will ask for your DL and member number of AndrewsFCU when you make the deposit. I know this because I’ve used the CU near me to deposit funds to my Andrews checking acct.

Yu
Yu

is there a daily limit to do deposit via shared branch?

arizonapv
arizonapv

No, there is not a daily limit. I went to a shared branch and deposited $50K, however, as of today, Andrews will only make $200 avail, so I am waiting.

arizonapv
arizonapv

How long does it take for the check to clear and for funds to be released at Andrews? Mine still shows a hold on the funds and only $200 of my deposit available. I deposited via a shared branch.

Ann
Ann

Call Andrews and they can work around the hold.

impinth06
impinth06

Warning! At the bottom of new account application, it says: ACH limitation of $10,000 for account opened Online! There is no branch around me, and I just paid the $8 to join ACC….

Charles Chang
Charles Chang

The account must be opened between 02/25 and 03/02. Isn’t it too early for you to join today.?

diggs
diggs

The CD needs to be opened between those dates. You should (try to) become a member before then:

“Open a limited-time only Special 6 Month Share Certificate with 3.25% APY* during the week of February 25 through March 2”

Megan
Megan

You didn’t have to pay $8 to join ACC. The landing page says you can join ACC for free with the code Andrews.

DJT
DJT

Here is the text from the application regarding the $10K deposit

It says they will contact you regarding deposits larger than $10K?

anybody have any data points?

For security purposes, limitations on electronic/ACH deposits are in place for all online account applications. Are you planning to deposit more than $10,000 today?

*
Great! Upon review of this application a representative will contact you regarding the options for sending your funds to Andrews FCU. When is the best time to reach you?

Jonathan
Jonathan

Deposit at a shared branch is your best bet.

DJT
DJT

are you aware of any shared branches that work in the Los Angeles area?

I already opened an account and was approved for checking account same day

Now just need to get the deposit in by 2/28

Yu
Yu

Why does the deposit need to be in by 2/28? Doesn’t the promo end on 3/2?

LaurainA2
LaurainA2

I googled American Consumer Council, and a My FICO article listed several in Burbank, Riverside, LA (but none near me)

Ann
Ann

Shared branch credit unions (the Co-Op network that allows credit unions to compete with large nationwide banks by acting like they each have many more branches than they do individually) has nothing to do with the American Consumer Council (a membership organization that makes you eligible to join some credit unions).

Ann
Ann
arizonapv
arizonapv

I pushed money into my Andrews Sav account ($25K) from Alliant and there wasn’t any contact or difficulties. Everything has gone smoothly.

Yu
Yu

too much hassle, plus a hard pull.

nancy pelosi
nancy pelosi

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?

Wesley Groth
Wesley Groth

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

shak
shak

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

Rebert
Rebert

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.

Wesley A GROTH
Wesley A GROTH

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.

Yu
Yu

Did you get membership approved right away?

Dima
Dima

Anyone ended up opening the CD online? Any data points on trying to fund with more than $10k?

arizonapv
arizonapv

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.

DJT
DJT

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

james
james

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?

arizonapv
arizonapv

DJT DJT, I deposited via a shared branch and only a very small amount of the funds are available. Are you saying you can open the 3.25% special CD with just $5 and then at a later date move over more money into the CD?

Ann
Ann

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.

arizonapv
arizonapv

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

james
james

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?

arizonapv
arizonapv

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.

Chris B
Chris B

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.

georpge
georpge

This offer is invalid

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