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forum thread Posted by Artia • Nov 15, 2022
forum thread Posted by Artia • Nov 15, 2022

Andrews Federal Credit Union:: 7-Month Inflation Buster Share Certificate Special, 5.00% APY, $1k min/$100k max deposit

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Deal Summary: 7-Month Inflation Buster Share Certificate Special, 5.00% APY, $1k min/$100k max deposit, new money, limit of one per member, available through 12/30/2022.

Easy Membership Requirement – Members of the American Consumer Council (ACC) are eligible to join Andrews Federal.

Note: Andrews Federal's online application asks for your ACC membership number; in other words, you must join ACC prior to joining Andrews Federal. As stated on Andrews Federal's Membership page,

You can join the American Consumer Council at no charge. Just use promo code "Andrews."

Residency – Individuals who live, work, worship, or attend school in Washington, D.C. qualify for membership.

Military Relationship – Civilian and military personnel of Joint Base Andrews, Joint Base McGuire-Dix-Lakehurst, and military installations in central Germany, Belgium, and The Netherlands are also eligible to join.

Employment/Association – More than 200 businesses/groups in Maryland, New Jersey, and Virginia offer Andrews Federal membership as an employee benefit.

Family Membership – Immediate family members (spouse, child, sibling, parent, grandparent, or grandchild) of an existing member, or household members of an existing member are eligible to join

https://www.andrewsfcu.org
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Deal Details
Community Notes
About the Poster
Deal Summary: 7-Month Inflation Buster Share Certificate Special, 5.00% APY, $1k min/$100k max deposit, new money, limit of one per member, available through 12/30/2022.

Easy Membership Requirement – Members of the American Consumer Council (ACC) are eligible to join Andrews Federal.

Note: Andrews Federal's online application asks for your ACC membership number; in other words, you must join ACC prior to joining Andrews Federal. As stated on Andrews Federal's Membership page,

You can join the American Consumer Council at no charge. Just use promo code "Andrews."

Residency – Individuals who live, work, worship, or attend school in Washington, D.C. qualify for membership.

Military Relationship – Civilian and military personnel of Joint Base Andrews, Joint Base McGuire-Dix-Lakehurst, and military installations in central Germany, Belgium, and The Netherlands are also eligible to join.

Employment/Association – More than 200 businesses/groups in Maryland, New Jersey, and Virginia offer Andrews Federal membership as an employee benefit.

Family Membership – Immediate family members (spouse, child, sibling, parent, grandparent, or grandchild) of an existing member, or household members of an existing member are eligible to join

https://www.andrewsfcu.org

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Nov 15, 2022
5,963 Posts
Joined Jan 2008
Nov 15, 2022
Eagles89
Nov 15, 2022
5,963 Posts
The Fed rate is going to be 5% in 60 days, so they just front running. Not a good deal
3
Original Poster
Nov 15, 2022
515 Posts
Joined Feb 2012
Nov 15, 2022
Artia
Original Poster
Nov 15, 2022
515 Posts
Quote from Eagles89 :
The Fed rate is going to be 5% in 60 days, so they just front running. Not a good deal
I usually do not argue with ignorance but then it gets to another whole new level. It's sad pathetic and also funny that SD has a 4.15%, 13 month cd making FP, and here you are trying to dump on a good investment opportunity…
Good for you, please wait, as you said for another 60 days to get the same rate that's offered right now.
Nov 15, 2022
5,963 Posts
Joined Jan 2008
Nov 15, 2022
Eagles89
Nov 15, 2022
5,963 Posts
Quote from Artia :
I usually do not argue with ignorance but then it gets to another whole new level. It's sad pathetic and also funny that SD has a 4.15%, 13 month cd making FP, and here you are trying to dump on a good investment opportunity…
Good for you, please wait, as you said for another 60 days to get the same rate that's offered right now.
You can buy 6 month T-bills directly from the government for 4.59% APY with no penalty for early withdrawal. How is your deal better?

https://home.treasury.gov/resourc...nth=202211
Nov 15, 2022
1,505 Posts
Joined Jul 2018
Nov 15, 2022
BenedictDonald
Nov 15, 2022
1,505 Posts
I went through the steps and was able to open an account. Unfortunately the maximum ACH transfer amount to open the account is 10k.

If they restrict incoming funds, I could imagine how difficult it would be to get your money out after the CD matures.
Original Poster
Nov 15, 2022
515 Posts
Joined Feb 2012
Nov 15, 2022
Artia
Original Poster
Nov 15, 2022
515 Posts
Quote from BenedictDonald :
I went through the steps and was able to open an account. Unfortunately the maximum ACH transfer amount to open the account is 10k.

If they restrict incoming funds, I could imagine how difficult it would be to get your money out after the CD matures.
I used Navy Federal as a seed account and was able to transfer amount greater than that. May be it depends on your bank.
I opened a base savings account, after doing 2 transfers I then opened the CD with the desired amount.
Nov 16, 2022
281 Posts
Joined Nov 2016
Nov 16, 2022
CatsoM
Nov 16, 2022
281 Posts

Our community has rated this post as helpful. If you agree, why not thank CatsoM

Quote from Eagles89 :
You can buy 6 month T-bills directly from the government for 4.59% APY with no penalty for early withdrawal. How is your deal better?

https://home.treasury.gov/resourc...nth=202211 [treasury.gov]
You can't withdraw from it, but you can sell your T-Bill through a broker after 45 days.
1
Nov 17, 2022
21 Posts
Joined Oct 2015
Nov 17, 2022
blizzack854
Nov 17, 2022
21 Posts
Quote from Artia :
I used Navy Federal as a seed account and was able to transfer amount greater than that. May be it depends on your bank.
I opened a base savings account, after doing 2 transfers I then opened the CD with the desired amount.
Did you have to do anything else to get the CD opened?

I called them a few times and got different answers. One said to open the savings account and fund that one, then open the CD with the funds from the Savings account. Another agent said that if I put the money into their savings account then opened the CD, it would not be considered "new" funds so it wouldn't work.
Last edited by blizzack854 November 17, 2022 at 01:09 PM.

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Original Poster
Nov 17, 2022
515 Posts
Joined Feb 2012
Nov 17, 2022
Artia
Original Poster
Nov 17, 2022
515 Posts
Quote from blizzack854 :
Did you have to do anything else to get the CD opened?

I called them a few times and got different answers. One said to open the savings account and fund that one, then open the CD with the funds from the Savings account. Another agent said that if I put the money into their savings account then opened the CD, it would not be considered "new" funds so it wouldn't work.
So I actually put money in the savings and then opened the CD, I was told that the money in savings account is considered New money for first 30 days. Besides going to one of their BM branches this is the only option left. It worked for me.
Original Poster
Nov 17, 2022
515 Posts
Joined Feb 2012
Nov 17, 2022
Artia
Original Poster
Nov 17, 2022
515 Posts
Quote from blizzack854 :
Did you have to do anything else to get the CD opened?

I called them a few times and got different answers. One said to open the savings account and fund that one, then open the CD with the funds from the Savings account. Another agent said that if I put the money into their savings account then opened the CD, it would not be considered "new" funds so it wouldn't work.
Also do not open the CD with the initial smaller amount since then you are locked to that amount. They will not let you add money to this CD. So the best option is to tarnsfer the daily limit to their savings account and once you had the amount you desire just open the CD, obviously within 30 days.
Nov 17, 2022
376 Posts
Joined Dec 2007
Nov 17, 2022
James Mason
Nov 17, 2022
376 Posts
Quote from BenedictDonald :
I went through the steps and was able to open an account. Unfortunately the maximum ACH transfer amount to open the account is 10k.

If they restrict incoming funds, I could imagine how difficult it would be to get your money out after the CD matures.
This also happened to me. Only $10,000 limit. Wasted my time.

By the way, this Deal was posted last week. Maybe merge.
Nov 18, 2022
3,830 Posts
Joined Jul 2005
Nov 18, 2022
corazones
Nov 18, 2022
3,830 Posts
Rate of return certainly better than my stock portfolio this year.
Nov 18, 2022
21 Posts
Joined Oct 2015
Nov 18, 2022
blizzack854
Nov 18, 2022
21 Posts
Quote from Artia :
Also do not open the CD with the initial smaller amount since then you are locked to that amount. They will not let you add money to this CD. So the best option is to tarnsfer the daily limit to their savings account and once you had the amount you desire just open the CD, obviously within 30 days.
Thank you. That was very helpful!!
Nov 18, 2022
948 Posts
Joined Jul 2010
Nov 18, 2022
pghflyer
Nov 18, 2022
948 Posts
not a BAD deal but not amazing. My broker had new 5.5% CDs, 15-year callable (likely will be paid off early when rates drop again) last week (those sold out and today the best are 5.3%)...........all these are trading off how much it is worth to you to potentially tolerate having your money locked up for the time period.
Nov 18, 2022
26,264 Posts
Joined May 2006
Nov 18, 2022
namlook
Nov 18, 2022
26,264 Posts
Quote from corazones :
Rate of return certainly better than my stock portfolio this year.
True, but how about the 5 years before that? Put money in index fund and hold and you will always win.
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Dec 9, 2022
648 Posts
Joined Jun 2017
Dec 9, 2022
PickyCustomer
Dec 9, 2022
648 Posts
Good one. Thank you. I just gave them my own check in the DC branch. They opened a saving account will cash it and use it for CD. Dead line extended to Dec 12
Last edited by PickyCustomer December 8, 2022 at 05:40 PM.

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