This deal isn't as good as their 6.25% 18-month CD special that was offered last summer. For those who want to lock in rates for the long-term, it's a good deal compared to what most banks and credit unions are offering. With an inverted yield curve, it's difficult to find 7-year CD rates above 5.50%. Pentagon FCU has a 7-year CD at 5.42% APY. KeyDirect has a 5.30% APY 7-year CD.
The field of membeship includes all active, reserve and retired Department of the Navy personnel and their family members. See site for details. The membership application is available online.
Navy Federal has branches around the US and the world.
Navy Federal is NCUA insured. It's the largest US credit union. It has over $25 billion in assets and over 2.7 million members.