Last Updated: 04/18/2025
Inova Federal Credit Union Step Up Certificates
Unaffiliated
Last Updated: 04/18/2025
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Highlights
APY (Annual Percentage Yield)
3.75% - 4.35%(Verified 06/21/2024)
Minimum Opening Deposit
$200
Certificate Term
- 18 months
- 2 years
- 30 months
- 3 years
- 4 years
- 5 years
- 6 years
Inova Federal Credit Union Step Up Certificates Review
Inova Federal Credit Union Step Up Certificates are offered by Inova Federal Credit Union, a credit union founded in 1942 and based in Elkhart, IN. Inova Federal Credit Union Step Up Certificates are available in 50 states and Washington, DC.
Key Takeaways
- Only one share certificate type available. Inova Federal Credit Union Step Up Certificates only offers bump up share certificate accounts.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.35%, which is much higher than the national average for a certificate account.
- $200.00 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
- Wide selection of certificate terms. Inova Federal Credit Union Step Up Certificates allows you to create a certificate ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of Inova Federal Credit Union Step Up Certificates
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Inova Federal Credit Union Step Up Certificates FAQ
Are share certificates from Inova Federal Credit Union federally insured?
Yes, your share certificates are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.
What is the difference between CDs and Share Certificates?
Certificates of Deposit (CDs) and Share Certificates are both deposit accounts where your money can grow at a fixed rate for a predetermined period of time. Both are low-risk and federally insured products designed to give you a better rate on your deposits than typical savings accounts. The main difference between them is that CDs are offered by for-profit banks, whereas Share Certificates are offered by member-owned, not-for-profit credit unions.
What types of share certificates does Inova Federal Credit Union offer?
Inova Federal Credit Union Step Up Certificates provides the following types of share certificates.- Traditional share certificates. These share certificates pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the share certificate for another term.
- Bump-up share certificates. Bump-up share certificates allow you to increase the interest rate you earn on your savings if the going interest rates rise. These share certificates are useful in a changing interest rate environment.
What rates does Inova Federal Credit Union offer on its share certificates?
Inova Federal Credit Union Step Up Certificates offers an APY starting at 3.75% and ranging up to 4.35%. APY stands for annual percentage yield and shows the interest rate paid by the share certificate after taking into account compounding. This is higher than the typical interest rate for online-only checking accounts, which is around 1% APY.
What terms does Inova Federal Credit Union Step Up Certificates offer?
Inova Federal Credit Union offers share certificate terms of the following lengths:| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Certificate Term |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| APY (Annual Percentage Yield) | 3.75% - 4.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2-Year APY | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3-Year APY | 4.35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4-Year APY | 3.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5-Year APY | 3.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 18-Month APY | 4.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6-Year APY | 3.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 30-month APY | 4.25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What is the minimum deposit to open a share certificate account with Inova Federal Credit Union?
Inova Federal Credit Union Step Up Certificates require a minimum deposit of $200.00 to open an account.
What is the grace period for Inova Federal Credit Union Step Up Certificates?
Inova Federal Credit Union Step Up Certificates does not specify what their grace period is. A grace period is a period of time during which you can withdraw the money in your share certificate without paying an early withdrawal penalty. A grace period starts the day after a share certificate’s maturity date, or the final day a share certificate is opened. Standard share certificates renew automatically at the same term if you don't withdraw your money after the grace period. Note that the new share certificate rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does Inova Federal Credit Union charge?
Financial institutions don't typically charge many fees on share certificates. However, most charge a fee if you choose to withdraw your money before the term ends.
Inova Federal Credit Union charges an early withdrawal fee.
Inova Federal Credit Union does charge any of the fees we track.
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Hours of Operation
Sunday
Closed
Monday
9:00AM - 5:00PM
Tuesday
9:00AM - 5:00PM
Wednesday
9:00AM - 5:00PM
Thursday
9:00AM - 5:00PM
Friday
9:00AM - 5:30PM
Saturday
9:00AM - 12:00PM