Andrews Federal Credit Union has a few share certificate specials that may be of interest. Thanks to reader Mark for the tip.
- 6-month CD at 3.25% APY (2/25-3/2 Only Military Saves Week Special)
- 84-month CD at 3.45% APY
- 8-month CD at 2.86% APY
Each individual member limited to one Special 6-Month Certificate during the promotional period. 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. All special share certificates have a $1,000 minimum opening deposit and $250,000 maximum balance. Early withdrawal penalty is 90 days of interest.
Military or federal agency affiliation is not required to become a member or open a certificate. Anyone can join via the American Consumer Council. Check out my Andrews Federal Credit Union Application and Account Opening Review for details.
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What’s the penalty for breaking the 9 month CD? Can you come out negative?
According to Andrews FCU https://www.andrewsfcu.org/personal/checking-and-savings/share-certificates.html, penalty for any CD with < 24 months, is 90 days of dividends.
Also DepositAccounts has a great CD penalty calculator to see if you come out negative, https://www.depositaccounts.com/tools/ewp-calculator.aspx
The fine print for the 9-mo CD at 2.75% APY states that the CD automatically rolls into a 12-mo CD at standard rates. Does anyone know if you can close after 9 months without being penalized?
I’m sure you can. Nearly every CD automatically rolls in to another one of the same maturity if you don’t chose to cash out in your maturity instructions. This one is just a special 9-month CD so it will roll into a 12-month CD.
Once the 9 months end you have a 10 day grace period to take out the money or else it rolls into a 12 month cd. I called and inquired.
The default answer is that you have the right to transfer the money out after maturity, but what I read in another blog about this topic is that you have to call a rep, yet there are issues with wait times or not answering at all their phones.
There is also a second requirement, you must direct deposit a minimum of $750 on a monthly basis into a checking account. However, there is no minimum balance so the money can be withdrawn immediately.
The full requirement is “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.” Note the OR.
This is kind of strange. I log in and see my old CDs. But I want to open another CD and couldn’t find where to open CD.
You had a screenshot before and the left top logo is “SmartConnect”, but my left top logo is “Andrews”.
I completely forgot—-are there 2 log ins?
Thanks
If you login, look for a banner on the right side of the page advertising the “New Certificate Specials”. To open, click “Options & Extras” then “Open an Additional Account”. Remember that you must use new money or otherwise satisfy the following:
“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.”
The sign-up and application process is really out of date and questionable, including that they do not support ACH funding greater than $10,000 but their website offers no other way of getting them the funding above that amount, full stop in the app process? It’s a good intro rate, but these complaints are really worrisome: https://www.yelp.com/biz/andrews-federal-credit-union-suitland.
is it normal to take up to 2 weeks to open a CD at this bank? I waited 10 days for account to open, and now over a week and the CD is stll not open.
I’d call them up on the phone.
Jonathan, have you opened a CD lately and if so, how has your experience been. All I read of negative comments about the sign up and funding process for CDs.
I’m thankful Jeff posted that Yelp link. I was excited at first but then saw the reviews, I would never put my money somewhere with that high ratio of negative to positive comments. My vote would be “no”.
What does new money mean? Does that mean you are limited to a $5000 cd since you can’t transfer more than $5000 at a time at AFC? I just put money in, i’m not sure if I should be transferring more though or not (to my savings account) since i’m not sure if that will be “new” money or if it has to come from an outside source… i’m so confused.
FYI, I opened a CD using the maximum $10k ACH, but they then asked if I wanted to deposit more. I was then able to open a savings account, deposit >$10k money by external ACH, and open a CD at the advertised rate by phone, despite the offer having expired.