bank rates

HOT National Deal: INOVA FCU Offers 1.90% On 91-Day CDs

With the Federal Reserve possibly weeks away from a rate hike, ultra-short CDs paying a decent return are an attractive option.

And virtually none will be more attractive than the promotion unveiled this week by INOVA Federal Credit Union.

The Indiana-based credit union is paying up to 1.90% APY on 3-month certificates of deposit, but it’s not just for Hoosiers. Savers anywhere in the country can snag this offer.

INOVA’s yield is more than double the 0.83% APY you can earn with the top nationally available 3-month offer from the banks on our CD Rates Leaderboard.

In fact, it outdoes the top national bank rate in every Leaderboard term up to 36 months, where even at that length you can only earn up to 1.75% APY.

Need further convincing this deal’s a serious winner? Take a look through Bankrate’s extensive database of the day’s best CD rates, which we always recommend before locking in any certificate.

There are a couple of hitches to this deal, but nothing too significant.

First, 1.90% APY is offered to those with an INOVA checking account. But even if you’re unwilling to add checking, you can get the still-stellar rate of 1.60% APY.

The checking add-on will be worth it to most people, however, since INOVA offers a no-fee account that requires only a $10 initial deposit and no ongoing minimum balance. No activity within the checking account is necessary.

Second, INOVA imposes a service fee of $10 to join its credit union, in addition to the $5 you’ll need to keep deposited in a savings account.

When I asked if the $10 fee can be avoided, I was told no, everyone who joins INOVA must pay it once.

Still, I’d consider it a worthwhile investment for the savvy CD saver because INOVA tends to offer one or two outstanding promotions like this a year.

INOVA membership is extended to those associated with over 500 affiliated companies and organizations, and two of those are nonprofits that can be easily and inexpensively joined by anyone in the country.

As part of your INOVA application, you can opt to join either Tru Direction, a national nonprofit organization focused on financial literacy or the Elkhart River Restoration Association. Both require a one-time $5 donation.

Joining INOVA and opening its certificates of deposit can be done online or at one of its six Indiana branches in Elkhart, Michigan City, Mishawaka and Granger, or its branches in Clayton, North Carolina, and Berkeley, California.

Want to search dozens more chart-topping deals like this one? Then be sure to visit our constantly updated roundup of the best-paying credit union and community bank CDs across the country.

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