NASA Federal Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | September 29, 1949 |
| Headquarters | Upper Marlboro , United States |
Area served | United States |
| Products | Auto loans, mortgages, certificates of deposit, credit cards |
| Website | www |
NASA Federal Credit Union is a credit union established on September 29, 1949, with its headquarters located in Upper Marlboro, Maryland, United States. It oversees assets exceeding $5 billion and holds insurance through the National Credit Union Administration. Serving close to 200,000 members across the country, it earned the title of Maryland's Best-in-State credit union by Forbes in both 2018 and 2019.
History
Originally created by employees of the NACA in 1949 as the NACA Washington Federal Credit Union, the institution changed its name to NASA Washington Federal Credit Union in 1958 after NACA became the National Aeronautics and Space Administration. The current designation, NASA Federal Credit Union, was adopted in 1974. On October 1, 2019, a notable growth milestone was achieved when NASA Federal merged with The Partnership Federal Credit Union, which expanded its membership base and introduced new branches in Arlington and Alexandria, Virginia.
Membership
Eligibility for membership extends to NASA staff, retirees, their family members, and individuals associated with more than 900 partner companies or organizations. Prominent affiliated groups include:
- American Association for the Advancement of Science
- American Astronautical Society
- American Geophysical Union
- American Institute of Architects – Washington Chapter
- American Society for Microbiology
- Consumer Technology Association
- Mars Society
- Mathematical Association of America
- Moon Society
- National Space Society
- Road Runners Club of America – Montgomery County, MD
- Women in Aerospace
- The Business Forum for HR Professionals
Members enjoy surcharge-free access to ATMs at over 53,000 partner credit unions nationwide.
Products
Credit unions have garnered attention in media outlets for offering competitive financial products such as auto loans, mortgages, and certificates of deposit (CDs) when compared to major banks. NASA Federal is regularly recommended for a broad range of financial services.
Credit cards
For new accounts opened within 90 days, NASA Federal provides a fixed balance transfer rate of 9.9%. These credit cards have been highlighted by financial platforms like NerdWallet for their advantageous features.
Auto Loans
According to The Wall Street Journal, credit unions typically provide auto loan rates approximately two percentage points lower than those available at banks. NASA Federal promotes initiatives designed to lower monthly payments on auto loans.
Certificates
NASA Federal’s high-yield certificates—comparable to CDs—have been acknowledged by Investopedia, DepositAccounts.com, and Business Insider for offering attractive interest rates.
Mortgages
The credit union offers mortgages with no down payment required up to $1,149,825 and does not charge private mortgage insurance.
In 2020 alone, NASA Federal originated 1,166 mortgages amounting to $337 million.
Children's Miracle Network
NASA Federal actively supports the annual Credit Union Cherry Blossom 10 Mile Run, an event that raises substantial funds for the Children's Miracle Network and draws nearly 20,000 participants.
Scholarships
NASA Federal provides scholarships to high school students in the DC region via the Mitchell-Beall-Rosen Memorial Scholarship Contest, aimed at assisting individuals advancing toward undergraduate degrees or vocational training.
Founded in 1983 and renamed in 1991 to pay tribute to former leaders Wilfred Mitchell and Donald Beall, the program additionally honors Eugene Rosen for his dedicated involvement since 1961 and his significant role in supporting the scholarship effort.