Navy Federal Credit Union (Navy Fed) has added a 17-month Share Certificate Special (3.25% APY, $50 min/$50k max) to their product line. The new Special features unlimited additional deposits (up to $50k) throughout the term. According to the fine print on the promotion page, there is a limit of one 17-month Special per member.
As stated in Navy Fed’s Certificates brochure, the Early Withdrawal Penalty reads as follows:
Certificates with a term greater than one year: Forfeiture of all dividends on the amount withdrawn for 180 days or since the date of purchase or renewal (whichever is less).
Many thanks to DA readers racecar and rockies for their Forum posts last week, which provided advance notice and accurate details about Navy Fed’s newest offering.
Special 40-month IRA/ESA Certificate
Navy Fed’s Special 40-month IRA/ESA Certificate (3.75% APY) is still being offered. Like the 17-month Share Certificate Special, the IRA/ESA is limited to one per member and can be opened with a $50 minimum, but has a higher balance cap of $150k. The add-on feature allows for unlimited additional deposits any time during the term, but is “subject to the maximum balance and IRS contribution limits.”
|3.75%||$50||$150k||Navy Federal Credit Union||40 Month IRA Special (Traditional, Roth, CESA, SEP)|
$100 IRA Bonus
Members who open their first IRA and deposit at least $100 in the new IRA no later than 45 days after account opening, will earn a $100 bonus. The bonus will be credited into the IRA account within 30 days of funding. The $100 bonus will be classified as a dividend and “will not be reportable as a contribution."
Navy Fed’s field of membership (FOM) includes individuals who are connected to the U.S. military, regardless of where they reside.
The "Become a Member" page has a series of questions to determine membership eligibility.
You must be able to answer "Yes" to one of the following questions to qualify for Navy Federal Credit Union membership.
- Are you or have you ever been affiliated in any way (includes Active Duty, reservists and retired personnel) with the Armed Forces, DoD, Coast Guard or National Guard?
- Do you have a family member (grandparents, parents, spouses, siblings, grandchildren, children and household members) who at any time was affiliated with the military?
- Do you have a family member (grandparents, parents, spouses, siblings, grandchildren, children and household members) who is already a Navy Federal member?
Credit Union Overview
Navy Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.52% (excellent) based on June 30, 2018 data. In the past year, Navy Fed has increased its total non-brokered deposits by $7.89 billion, an excellent annual growth rate of 13.08%. Please refer to our financial overview of Navy Federal Credit Union (NCUA Charter # 5536) for more details.
Navy Federal Credit Union is considered to be the largest credit union in the world. Headquartered in Vienna, Virginia, Navy Federal has grown from its initial seven members in 1933, with more than 8,100,000 members and assets in excess of $91 billion.
How the Specials Compare
When compared to 160 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Navy Federal Credit Union’s 17-month Share Certificate Special APY currently ranks first.
|Interest Rate||Length of Term||Credit Union/Bank|
|3.25% APY||17-Month Share Certificate Special ($50k max)||Navy Federal Credit Union|
|3.10% APY||15-Month CD Special||Premier America Credit Union|
|3.04% APY||Online 19-Month CD||MutualOne Bank|
To search for the best CD rates, both nationwide and in state specific, please refer to our CD Rates Table page.
When compared to 146 similar length-of-term IRAs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Navy Federal Credit Union’s 40-month IRA/ESA Certificate Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.75% APY||40-Month IRA/ESA Certificate Special ($150k max)||Navy Federal Credit Union|
|3.35% APY||3-Year IRA||Mountain America Credit Union|
|3.20% APY||36-Month IRA Certificate||Connexus Credit Union|
To search for the best IRA rates, both nationwide and in state specific, please refer to our IRA Rates Table page.
The above rates are accurate as of 1/7/2019.