Update 7/24/23: Offer is back now, 9 months this time.
Update 6/7/23: Offer ended early
The Offer
- Andrews FCU is offering a 9 month CD with a special 5.75% APY interest rate.
Anyone can join by Andrews FCU by joining American Consumer Council for $8.
The Fine Print
- Offered APY effective as of June 1, 2023 through September 30, 2023.
- $1,000 minimum to open and maintain the account, and earn the advertised APY.
- Maximum balance allowed is $250,000.
- APY will remain in effect for the term of the share certificate but may change each time the share certificate is renewed. Penalties apply for early withdrawal. Fees may reduce earnings on the account.
- The credit union reserves the right to change offered rates at any time.
- Limit of 1 (one) 7.5 month special share certificate per membership (7.5 month term = 229 days).
- Dividends are compounded and credited quarterly.
- Deposits are insured up to at least $250,000.00 per individual depositor by NCUA. Visit mycreditunion.gov for more information on share insurance coverage.
Our Verdict
This now tops all rates for Best High Yield Accounts. The previous winner was NASA FCU who recently upped their top rate from 5.50% to 5.65%, and falls slightly short of this new 5.75% high from Andrews FCU.
Hat tip to readers Snowbird and Davis
Looks like opening the CD during initial application only will allow you to ACH pull $10k from an external account. If you want to do more, you need to open the CD with funds already in your savings/checking account, seemingly opening the CD at a later point once your account is established. This will likely cost you another Chex hit.
No way to push money in from an external bank account? It has to be pulled in or pulled from an associated checking/saving account?
You can push funds into the regular savings account opened(required for CU membership) from an external account, once you get it set up. Then you can simply do the one time transfer and opening of the CD.
However if you want to bypass this step and open the CD immediately upon joining, you are limited to $10k funding per their rules. If you want to do that, you’d simply put in acct/routing #s from where the funds are during the application process, and this CU will do the pull from that account directly into the CD and open it. Then that would be it, you can’t put more into the CD. The $10k limit only applies to this method of opening the CD at the same time as membership application.
Their regular inbound limits probably stink anyways so you’d be best pushing a large 5 figure sum from another bank, or doing a mobile check deposit(if allowed). Ally, Alliant CU, and Sofi all have very large outbound limits and are good hubs to push large sums of cash out to other accounts.
RE:”The $10k limit only applies to this method of opening the CD at the same time as membership application.”
so a current member cannot do this?
As a current member I clicked the link I received in email with this cd promo from Andrews to
“Open Now in Digital Banking”
It takes me to login & how my account page
I click promotion & the cd offer comes up but clicking that takes me back to my sav account page.
How do I open this as a current member. Thx for your posts & help
Easiest way without mailing anything or driving to a branch is probably just write a check and do mobile deposit. Wait for the funds to be released from the hold. Then open the CD and you should be able to fund it with the full amount that is available in your account. 5 figure pushes/pulls can lead into more possible account locking issues than a legit check made where the names match. Of course if your check is greater than the mobile deposit limits you would have to mail(don’t do this) or go deposit at an ATM in the CU shared network.
This is also a different situation than chasing bonuses and a situation where a phone call to ask the best way to do this would be perfectly fine.
Once you’re an Andrews member, you can go to any CU Co-Op branch near you and make your deposit there. (Andrews is in the Co-Op system.) https://www.coop.org/Shared-Branch-ATM
So for a max of $10000, I can get the cd opened & funded directly with $10000?
Phone rep & supervisor told me that if I mail in a paper check (& same for mobile checks), funds must clear before being allowed to be used to open a cd. Hold times vary with the whim of andrews fcu. Has this been true in anyone’s experience? I could swear I was able to move the funds from a paper check deposited by USPS into savings immediately into a new cd (while the hold was in place) in 2019.
Whether you mail a check or deposit a check at CoOp branch, the check must clear before you can open your CD – that’s true. But it’s a normal time frame, it usually takes 2-3 days max to clear once it is deposited.
below is from a google search ; have not yet found anything more current but trying
Rev. July 2020
https://www.andrewsfcu.org/AndrewsFCU/media/Documents/Funds-Availability-Policy.pdf
GENERAL AVAILABILITY SCHEDULE
Other checks not specifically described above; for
example, personal checks, or checks not written to you
if accepted for deposit
The first $225.00 is available on or before the
first business day after we receive your deposit
The remainder up to $5,525.00 is available no
later than the second (2nd) business day after the
day we receive your deposit
The amount over $5,525.00 is available no later
than the seventh (7th) business day after the day
we receive your deposit
Did anyone receive the dividend for August? I deposit fund on Aug 2nd but have not received the dividend nor the August statement so far.
Andrews credits interest every quarter rather than every month.
I opened the account on 7.27 and deposit the fund on 8.2. I received the statement for July but have not received the statement for Aug. Also there are no dividends posted for Aug. Is this expected? Did anyone receive dividend for Aug? When will they post it? TIA
Just transferred money into Andrews on Monday. Then could not find this 5.75% CD anymore 🙁 Promotion dead?
It seems so. This promo lasted longer than the previous one.
Expired. Darn it.
I just clicked on the link. Looks like it’s back down to 5%
I just clicked on the link and the highest I saw was 5%.
“The credit union reserves the right to change offered rates at any time”
I am getting an error on the payment page trying to register with American Consumer Counseling. I tried 3 different Visa cards and all resulted in the same error. Have you guys encountered anything like this?
“There was a problem with the credit card transaction. Please hit the back button on your browser and try again.
Error reported by credit card processor: 3-13-The merchant login ID or password is invalid or the account is inactive.-“
Do you get a Chex hit if you just open a cd?
I was told by chat that there wouldn’t be a Chex inquiry. If there is one, I will likely dispute it with Chex like I did last time.
These CD deals never seem worth the effort to me. 6 month treasury is 5.55%.
And state tax free so that’s superior for many.