bank rates

Short-Term CD Specials Pay Up To 3.25%

In honor of National Military Appreciation Month, Andrews Federal Credit Union is offering savers across the country two special certificates of deposit.

Its 6-month promotion has a return of 3.00% APY, while its 18-month CD yields 2.00% APY.

For active or retired military personnel, the rates are even better – 3.25% and 2.25% APY, respectively.

These rates far exceed the best nationally available 6-, 12- and 24-month CD returns from the banks on our CD Rates Leaderboard.

With yields this good, you’d figure there’s some catch – and you’d be right.

First, the maximum deposit is $10,000 (the minimum investment is $1,000).

Second, the fine print says the offer is “limited to one certificate special per credit union member per account.”

According to a member service rep, this convoluted language means you may only open one 6-month CD or one 18-month CD. You can’t open both.

Third, the 6-month CD requires the deposit of “new money,” or funds not currently on deposit with Andrews.

The credit union’s field of membership includes those who:

  • Live, work, attend school or worship in Washington, D.C.
  • Military and civilian personnel at Andrews and McGuire Air Force bases, as well as some military installations in Germany, Belgium and the Netherlands.
  • Employees or members of more than 200 groups throughout New Jersey and Maryland.

Savers nationwide may also join Andrews by becoming members of the American Consumer Council, which charges a $5 fee. (It appears you must first join the council before applying to Andrews.)

Andrews also requires that you open a savings account with a $5 minimum deposit.

You can apply for Andrews membership and accounts online or by phone. However, online ACH funding is limited to $1,005, so a CD exceeding that amount requires you to deposit the funds in an Andrews savings or checking account before the application can be completed.

Headquartered in Suitland, Maryland, Andrews operates branches in Washington, D.C., Maryland (including Andrews AFB), New Jersey (including McGuire AFB) and Virginia, as well as in Germany, Belgium and the Netherlands.

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