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Andrews FCU, Adds 3.00% APY 84-Month CD

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Andrews FCU has just added a "non-special" 84-month Share Certificate (3.00% APY).
Availability: Easy membership requirement. Minimum opening deposit is $1K, with no stated balance cap. Dividends are compounded and credited quarterly.
What makes CD such a great deal is the very mild Early withdrawal Penalty is 6 months.

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Most Recent Posts
Andrews 3% dead They have horrible CS, no reply after several emails

So is Navy the best deal right now? Link?

needhelpplease (Mar. 13, 2017 @ 3:45p) |

On the website, without signing up, I don't see the 3% - is it still active and does it only show up after you become a ... (more)

lodak008 (Mar. 26, 2017 @ 5:57p) |

2% now.

Any other offers?

vickh (Mar. 26, 2017 @ 6:02p) |

At the account opening page, the maximum amount you can open the CD for is $1000 using an external account, unless you already have money > $1000 inside some other Andrew's account
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So a 1.5% early withdrawal. Based on the common ~1% high interest savings rates that puts the break even at about 1 year. Monies held in the CD after that point are golden.

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Link?

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link for the lazy.  I found this is about 10 seconds.  

https://www.andrewsfcu.org/personal/checking-and-savings/share-c...

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SummerSoFar said:   So a 1.5% early withdrawal. Based on the common ~1% high interest savings rates that puts the break even at about 1 year. Monies held in the CD after that point are golden.
  Yes  Summer, after the first 6 months it's a great 3% onward.  I hesitate going for such a long term.  I did get in on Andrews Black Friday 3% CD for 3 months earlier, & that will mature 2/21/17.. My problem then was I didn't have much money to invest.  But, yesterday I had a large CD that matured.  So, now it's wait and higher rates might start to show up or go for this 7 yr CD.   Decisions, Decisions!!

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Last November I started my Andrews membership and bought a 3.01% 84-month and a 3.01% 3-month CD, and started a checking account as well.  No complaints so far.  

FYI, this generated a hard credit pull from Trans-Union and nothing from EquiFax (I don't track Experian so I can't comment on them).  The hard pull may have been only because I chose to start a checking account in addition to the CDs, or maybe not - can't tell for certain.

Three questions for anyone who knows, from communication with CSRs or from other websites:
1) Is another hard pull done for opening additional CDs after the first?  (My FICO is lower than it was then due to some profit-taking.) 
2) Any mention of when this offer will end?
3) Any mention of whether it is restricted to "new money" only?

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SummerSoFar said:   So a 1.5% early withdrawal. Based on the common ~1% high interest savings rates that puts the break even at about 1 year. Monies held in the CD after that point are golden.
  Actually, if you held for a year and then close it, you would get 3% interest for the year minus the half year penalty = 1.5%.

Higher than any 1 yr. CD.

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Very attractive deal.

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fw9999 said:   
Three questions for anyone who knows, from communication with CSRs or from other websites:
1) Is another hard pull done for opening additional CDs after the first?  (My FICO is lower than it was then due to some profit-taking.) 
2) Any mention of when this offer will end?
3) Any mention of whether it is restricted to "new money" only?
 

1) I don't know for certain, but I strongly suspect the answer is No.
2) No. It's not a "special" rate with a listed end date.
3) It is Not "new money" only.
   

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Easy membership requirement???
i don't fall into any available categories for membership(check attachment).
am i missing something ???

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pradeepkrcv said:   Easy membership requirement???
i don't fall into any available categories for membership(check attachment).
am i missing something ???

$5 to join the ACC.
 
https://www.americanconsumercouncil.org/membership.asp?dname=Ame...

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You can join ACC for free by entering promo code "consumer".

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Can anyone else comment hard pull or not?

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Hard pull, didn't get a checking account.

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How safe is the money? I know there is Insurance for Credit Unions, is it as safe as FDIC? Is there protection if someone hacks in and wires all your money?

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HumDoHamaraDo said:   How safe is the money? I know there is Insurance for Credit Unions, is it as safe as FDIC? Is there protection if someone hacks in and wires all your money?
  
It depends on how much money you have on deposit.  If you remain below the $250,000 level you most likely will be OK.

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HumDoHamaraDo said:   How safe is the money? I know there is Insurance for Credit Unions, is it as safe as FDIC? Is there protection if someone hacks in and wires all your money?Should be safe until they start offering above-market rates on short-term deposits

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While working through the website, on the account funding page, it reads:

"Transfer Funds From Other Financial Institution (Maximum amount allowed: $1,005.00)"

So it doesn't look like you can fund a CD greater than $1000 during the initial account opening. It looks like if you want to fund a CD for more than $1000 you will need to open the checking account first, then push in an amount greater than $1000 into the checking account, then request the CD be funded from the Andrews checking account

Another data point mentioning the $1000 limit during opening is mentioned at Deposit Accounts 

Also, funding a $5 savings account is required.

I think if I were close to a branch, I would open this - but based on numerous comments I've been reading about bad customer service, I am hesitant to open the CD now.

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Just googling, this CU seems to have a lot of bad reviews on customer service. Lots of frustrated customers.

Not sure how much that matters for a CD unless you run into some problem and can't get anyone on the phone.

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fobber888 said:   Just googling, this CU seems to have a lot of bad reviews on customer service. Lots of frustrated customers.

Not sure how much that matters for a CD unless you run into some problem and can't get anyone on the phone.

  
I am aware of those, and you're right.  For whatever help it might be to others:

Some persons might find it easier dealing with one of the Andrews branches, rather than with HQ.  I have had dealings with both.  You obtain somewhat more personalized service at a branch.  To be clear, I live distant from any Andrews branch so my interaction was solely via telephone and snail mail.  But I opened my CD at a branch, not through HQ, and it was a good outcome.

My experience with Andrews HQ is as follows:

I found it can take rather a heavy dose of patience dealing with them.  But most of the people with whom I spoke were doing their best to be helpful, and several went "above and beyond" to assist me.  So bottom line I have no nasty words for Andrews HQ or my interactions there.  Still, if your outcomes at HQ are poorer than were my own, you might prefer dealing at a branch.  I just wanted everyone to become aware of the branch option.

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fobber888 said:   Just googling, this CU seems to have a lot of bad reviews on customer service. Lots of frustrated customers.

Not sure how much that matters for a CD unless you run into some problem and can't get anyone on the phone.

  My personal experience is that if you call during normal biz hrs (East Coast time), you are more likely to get decent service.  After that time, I don't know who you get, but service seems worse....they tell you you
need to talk to a specialist so you wait for the transfer and then get thrown back in the original phone queue going in circles.   Also if you find someone particularly helpful, you might see if you can get their contact info for future use.   Even if it is not their specialty, they might be more likely to know someone who can help.

Once you have opened the share account w/ $5, if you have access to a shared branch of the credit union system(CO-OP) , you can fund the CD by taking a check there.   The check is deposited into
the share account.   You then call Andrews to ask them to get the CD.     

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fund online/ ACH only?

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I don't see the 84 month CD any more!  Dead??

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No, it's still there!

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so what's the exact break even point over a 1% Checking acct. when rates shoot up?

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needhelpplease said:   so what's the exact break even point over a 1% Checking acct. when rates shoot up?
  If rate is 3.0% and EWP is 6mo. , you need 6 mo. to earn the EWP.   You would earn 1.5% in the second 6 mo. so you would earn the 1% needed to break even in 2/3 of those 6mo. for a total of 10 mos.

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flwsoldier said:   While working through the website, on the account funding page, it reads:

"Transfer Funds From Other Financial Institution (Maximum amount allowed: $1,005.00)"

So it doesn't look like you can fund a CD greater than $1000 during the initial account opening. It looks like if you want to fund a CD for more than $1000 you will need to open the checking account first, then push in an amount greater than $1000 into the checking account, then request the CD be funded from the Andrews checking account


 

  Submitted app. for 1K CD. Can't you ACH into the basic savings and fund thru there??

 

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needhelpplease said:   so what's the exact break even point over a 1% Checking acct. when rates shoot up?
  
​​https://www.depositaccounts.com/tools/ewp-calculator.aspx?ids=323477

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kaneohe said:   
fobber888 said:   ...
...
Once you have opened the share account w/ $5, if you have access to a shared branch of the credit union system(CO-OP) , you can fund the CD by taking a check there.   The check is deposited into
the share account.   You then call Andrews to ask them to get the CD.
    

kaneohe, is this how you funded your CD, if you don't mind me asking?  I'm asking because last November when I bought my "Black Friday" 3.01% CD from Andrews, I bit the bullet and wired the money to my new checking account with them, then had it transferred to start the CD.  (I wanted to get it done quickly before the offer expired, but it turns out that didn't matter because it was extended.)

This time I might do the shared branch co-op thing as you described.  But, one question - the check that you deposited into your Andrews share account (using the shared branch near you) - did those funds have to remain in your Andrews share account for however many days the check took to clear, and only then could you have Andrews start the CD?  Or, were you able to have Andrews start your CD right away, when you first saw the funds in your Andrews share account?

Of course the CD would get started either way, but I'd rather not have the funds sitting in the share account for 7 - 10 days or whatever, since they earn essentially no interest there plus I run the risk of Andrews ending their 3% CD offer. (The logical scenario would be that of course the bank/CU would allow a customer's check to clear while the funds are in the CD, since it could always prevent that CD from being "cashed out" while the check cleared, but I've seen some bank/CUs do things that were far from logical.)

Thanks.
 

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Locator for "access to a shared branch of the credit union system(CO-OP)"

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Is this the highest CD/ "Safe" money % right now?

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needhelpplease said:   Is this the highest CD/ "Safe" money % right now?

Also

  
I'm unaware of other direct CD offerings in this maturity range with higher YTMs.  It would not shock me if there were brokered CDs or "special offering" CDs about with higher yields.  I do not buy those.

Speaking in general, the insured CD air above 3% remains today rather rarified.  I think that will change by year's end, but nobody knows for certain in which direction rates are headed or, indeed, if they will change at all.   

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kaneohe said:   
needhelpplease said:   so what's the exact break even point over a 1% Checking acct. when rates shoot up?
  If rate is 3.0% and EWP is 6mo. , you need 6 mo. to earn the EWP.   You would earn 1.5% in the second 6 mo. so you would earn the 1% needed to break even in 2/3 of those 6mo. for a total of 10 mos.

That answer reads like one of those quick change cons!  It sounds logical, but in no way reflects actual math.

3% * x - 1.5% = 1% * x  (where x is number of years)
2% * x = 1.5%
x = .75 years

so break even is 9 months

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libralibra said:   
kaneohe said:   
needhelpplease said:   so what's the exact break even point over a 1% Checking acct. when rates shoot up?
  If rate is 3.0% and EWP is 6mo. , you need 6 mo. to earn the EWP.   You would earn 1.5% in the second 6 mo. so you would earn the 1% needed to break even in 2/3 of those 6mo. for a total of 10 mos.

That answer reads like one of those quick change cons!  It sounds logical, but in no way reflects actual math.

3% * x - 1.5% = 1% * x  (where x is number of years)
2% * x = 1.5%
x = .75 years

so break even is 9 months

  You are correct.    Maybe I have a new sideline as long as I don't get exposed.    Thanks for pointing that out.

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shinobi1 said:   
needhelpplease said:   Is this the highest CD/ "Safe" money % right now?

Also

  
I'm unaware of other direct CD offerings in this maturity range with higher YTMs.  It would not shock me if there were brokered CDs or "special offering" CDs about with higher yields.  I do not buy those.

 

  

 "special offering" CDs= Annuities? 

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needhelpplease said:   
shinobi1 said:   
needhelpplease said:   Is this the highest CD/ "Safe" money % right now?

Also

  
I'm unaware of other direct CD offerings in this maturity range with higher YTMs.  It would not shock me if there were brokered CDs or "special offering" CDs about with higher yields.  I do not buy those.

 

  

 "special offering" CDs= Annuities? 

  
I cannot answer "no" because I don't know much about annuities.  But annuities were not what I had in mind.

Years ago I encountered CD "packagers".  These outfits were not brokerage houses.  They were specialty CD firms that went out and negotiated with banks for higher yielding CD opportunities.  I guess you could perhaps call them "bundlers".  Anyway, while I have not seen such activity in recent years, it's also true I've not been looking.  So such CDs could be out there.  But I prefer to go the conventional route, that being one-on-one with either a CU or a bank.  

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anyone have a link to check status? 1 week and heard nothing back

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shinobi1 said:   
needhelpplease said:   Is this the highest CD/ "Safe" money % right now?

Also

  
I'm unaware of other direct CD offerings in this maturity range with higher YTMs.  It would not shock me if there were brokered CDs or "special offering" CDs about with higher yields.  I do not buy those.

Speaking in general, the insured CD air above 3% remains today rather rarified.  I think that will change by year's end, but nobody knows for certain in which direction rates are headed or, indeed, if they will change at all.   

  I have some money now & ready to go with a CD.  I have the Andrews Black Friday 3% 3mo CD, but I hesitate going for 84 months.  I just noticed on Ken's site, the INOVA FCU ad 14-Month CD (1.75% APY).  What are your thoughts?

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If you are eligible for membership with the Navy Federal Credit Union, it has a 17 month CD at 2% with a max of $50k.

Skipping 9 Messages...
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lodak008 said:   On the website, without signing up, I don't see the 3% - is it still active and does it only show up after you become a member or something?
  2% now.

Any other offers?

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