Offer at a glance
- Interest Rate: 5.00% APY
- Minimum Balance: $1,000
- Maximum Balance: $100,000
- Availability: Nationwide
- Hard/soft pull: No, YMMV
- ChexSystems: Unknown
- Credit card funding: None
- Monthly fees: None
- Insured: NCUA
The Offer
- Andrews Federal Credit Union is offering a special 7-month CD rate of 5.00% 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
- Offered rate is accurate as of 11/04/22 and will be available through 12/02/2022.
- Minimum of $1,000 to open and maintain the account; account must be opened with new money (i.e., money not already on deposit at Andrews Federal Credit Union).
- Minimum of $1,000 to earn the advertised APY.
- Maximum balance allowed is $100,000.
- 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-month Inflation Buster. Special Share Certificate per membership.
- At maturity, all 7-Month Inflation Buster Special Share Certificates will automatically renew at the 12-Month share certificate rate and term.
Our Verdict
This is the best CD rate around at the moment, though there are some others (as well as 26-week T Bills) which aren’t that much lower. Still interesting to see our first simple 5% account with no strings attached. We’ll add this to our List Of Best High Yield Savings Accounts.
Similar offer: Now through 9/30, you can open a 7.5 month CD at 5.75% APY with a minimum deposit of $1,000 and a maximum deposit of $250,000
$200 Bonus ( $75 to open checking, $125 for DD of $500)
offer 3/1 – 5/31
Fees: $10 month/ waive with $500 DD
https://www.andrewsfcu.org/Bank/Spending/Personal-Checking/Payback-Checking
Chuck
I just checked my Chex report and Andrews did a Chex inquiry when I opened a CD online last month. I then noticed that they did a Chex inquiry last August when I opened a savings account. I had checked with them before opening the savings account and they wrote “We do not run ChexSystems check for Savings account. We run that check when a checking account has been requested.”
Needless to say I’m not too happy about this. I might complain to them and/or Chex. Did the rest of you receive an inquiry each time that you opened an account with Andrews?
I’ve never contested a Chex inquiry but I am considering doing it for these Andrews inquiries that I mentioned here. I have a SM from them telling me that they only pull Chex for checking accounts.
Do you think telling Chex that would be enough to get the inquiries removed? I am thinking of replying to that SM from Andrews first to see if they would remove them on their own due to me receiving misinformation. Have you had success having the bank/CU remove it?
When you disputed with Chex and they removed the Chex inquiry, how long did the process take from start to finish? Was there any record of it at all on the Chex report after the removal or it just disappeared?
That might be enough information for Chex to remove it. Only one way to find out.
I’ve never tried having a bank or credit union remove a Chex inquiry mostly because I figure it’s going to be too hard to get to the right person… I’m certain Frontline reps aren’t going to know how to deal with that request.
When I have disputed Chex inquiries, the process usually takes a few weeks to a month or so. When a Chex inquiry is removed there is no trace of it left. However, sometimes they move it to the inquiries only viewed by you section, which is effectively making it invisible too.
No longer seeing the 5% rate for 7 months.
Updated as Expired
Navy Federal has 5% / 15 month CD being offered beginning on January 9th.
Miro R
OOS DP: Option to join the American Consumer Council not present for new accounts. A call to see if it can be done over the phone might yield something, but for a 1% difference between my savings, it’s not worth the hassle.
Didn’t you write earlier that only $10K could be transferred from an external account? In an email that Andrews sent me 2 days ago, it shows the following. Is this incorrect? It also shows that the money needs to first be transferred to my checking or savings account. Is that what you did?
Transferring $50,000 or less
If you are opening a new Share Certificate with $50,000 or less, you can use External Account Transfers in Digital Banking to transfer new money to your Andrews Federal checking or savings account. If you are not enrolled in Digital Banking, enroll now.
I am Not a NEW Member. I didn’t have NEW Money in my Andrews checking or savings when I opened the CD.
I logged in to my account and then I went to the open an account from my dashboard. I did NOT have New Money in my account, so I chose to fund it by transfer from another bank. That option will only allow $10K transfer.
You can always first transfer money into your checking or savings and then open it online after your money becomes available, or call a human at Andrews to open it. Even though I opened mine online, I still had to wait for $10K ACH to clear and human to put the funds into the CD and then actually open it. They sent me an email after it was open and funded. It is probably just easier to fund your savings account and then call the bank and have them open it.
The offer is now extended until 12.30.22.
I received an email that this offer got extended until 12.14.22 so you might want to repost this soon mentioning the new ending date. That happens to be the same day that the Fed is meeting about the interest rates.
I’m wondering if Andrews is hoping to lock people in at the 5% rate before offering a new CD with an even higher rate after the Fed increases rates again. Any thoughts?
Thank you. I was debating if I should keep my money in more liquid MM accounts which earns 3-4%. Glad to know I still have an option to open the CD. My local CU offered 5.25% APY (10 months) but stopped taking applications earlier. It was a very short lived offer (a little over one week. They might have thought about potentially losing money if there is no rate hike…
To clear up any confusion (because I just did it successfully with no issues), you CAN put in more than $10,000 per day if you SEND from another bank you have linked as an external acct. to your Andrews acct. That’s known as an ACH “push”….If you try to transfer by using your Andrews acct. to draw in (that’s known as an ACH “pull”) you will be limited to the $10k max per day. You would also have to check the terms of your other bank to see if any limits (mine was $250k per day).
Also, when I called I was given conflicting info – 1st told I should open the share/CD first then transfer money in….and told the opposite by another rep. I finally spoke to a supervisor who knew what they were talking about. You have to transfer the money into your Andrews basic savings account FIRST and then go thru the procedure of opening the share cert. Thereafter you transfer the money from the basic savings into the share cert. (which is given its own separate account number). I was submitting a large amount and was connected via chat to a rep…I opened the share cert. online but to avoid any issues, the rep funded the share cert. from my savings acct. after it was opened. Took 5 mins.
Oh, also…even though it requested a photo of my ID I was able to skip past that (it wasn’t mandatory to do to proceed) and open the certificate. But I’ve been a member for years so it may be different for new customers.