NASA Federal Credit Union of Upper Marlboro, Maryland has some fantastic CD (certificate of deposit) rates at the moment and the credit union is easy to join for pretty much any US citizen or legal resident nationwide.
NASA is federally insured by the NCUA (FDIC equivalent for credit unions) and all deposits are protected up to $250,000 per depositor.
NASA Federal Credit Union was founded in 1949 with just 7 members and $2.00 in deposits. Today, they service 200,000 members and have over $3 billion in assets.
To see if this credit union and their CD rates are right for you, continue reading our review below.
In this post you'll learn:
NASA Federal Credit Union CD Rates + Account Details
NASA Federal Credit Union’s CDs come with a minimum deposit of $1,000 for their standard CD accounts and $10,000 for “new money” promotional accounts. These are available as normal CDs or for IRA accounts.
|24 month bump rate||$1,000||2.00%|
|36 month bump rate||$1,000||2.25%|
To put these yields into perspective, the current national average on a 12 month CD and a 60 month CD sit at just 0.46% APY and 0.64% APY, respectively, according to FDIC data.
That said, some of the best yields from FDIC-insured online banks and nationally available credit unions are now topping 3.0% APY and 4.20% APY, respectively, for the same terms as mentioned above.
And with the FED expected to lift rates again in September and throughout the remainder of the year, we expect CD rates across the board from all institutions to continue to rise. You can read more about our outlook here.
Bump Rate CD Details
As the name implies, the Bump CDs – both 24 and 36 month terms – allow you to bump up the rate on the CD one time during its term.
For both Bump CDs you will be provided with the going rate for those CD terms (either 24 or 36 months) at the time you choose to bump it.
These products are only beneficial in rising interest rate environments such as the one we’re currently experiencing.
Nasa FCU has one “Add-On” CD that comes with a 12 month term and minimum initial deposit requirement of just $250.
Add-On CD Rate
With the Add-On CD you are allowed to add between $25 and $2,500 to your deposit each month. The monthly transfers will have to come via automated means such as account-to-account transfers, eBranch recurring or non-recurring transfers, etc.
This CD will automatically renew into standard 12 month CDs if nothing is done with your CD funds at maturity.
Compounding and Crediting Interest
Interest is compounded monthly and credited monthly. Interest will begin accruing on the same business day that you make your deposit.
Grace Period and Early Withdrawal Fees
NASA FCU provides a 10 calendar-day grace period upon your CD’s maturity in which you may add-to or withdraw any/all CD funds without incurring a penalty fee. If nothing is done during this grace period, your CD will automatically renew for the term disclosed at the certificate opening unless instructed otherwise.
If you do need access to your funds prior to your CD’s maturity you will incur a fee. The early withdrawal fees are as follows:
|0 – 24 months||182 days’ interest on amount withdrawn|
|>24 months||365 days’ interest on amount withdrawn|
How to Join
NASA Federal Credit Union provides aspiring members with a full membership when joining the National Space Society.
You’re also eligible for instant Nasa FCU membership by joining one of their affiliated associations. Some of these associations require up to $50 to join. You can read more here or see the list below:
- American Association for the Advancement of Science (AAAS)
- American Astronautical Society
- American Astronomical Society
- American Geophysical Union
- American Institute of Architects
- American Society of Microbiology (ASM)
- Consumer Electronics Association (CTA)
- HR Alliance
- The Mars Society
- Mathematical Association of America
- Moon Society
- National Space Society
- The Montgomery County Road Runners Club
- Women in Aerospace (WIA)