Dedicated to Deposits: Deals, Data, and Discussion

It's Official, 6.00% 15-Month CD at Navy FCU

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Navy Federal Credit Union
The rumors were correct. Navy Federal Credit Union is now advertising a new CD promotion with a 6.00% APY and a 15-month term. The minimum deposit is $8,000. Also still available is a 6.25% APY 7-year CD with a $20,000 minimum deposit. Both are available as either a share or IRA certificate.

The field of membeship includes all active, reserve and retired Department of the Navy personnel and their family members. The membership application is available online. I've been told by readers that if you have some connection with the Navy but you don't seem to qualify based on the website, you should call. The customer service representatives often find more ways that you can qualify. However, unlike Pentagon FCU, there aren't any easy ways to join for those without any Navy connection.

Branches are located around the US and the world.

Navy Federal is federally insured by the NCUA. It's the largest US credit union. It has over $27 billion in assets and over 2.8 million members.
  Tags: Navy Federal Credit Union, CD rates

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Comments
17 comments.
Comment #1 by Anonymous posted on
Anonymous
My brother-in-law served in the Navy years ago, receiving an honorable discharge. I thought this might help get me in but - no dice. Was told that because he was not CAREER Navy that he could not get into NFCU; and thus he could not help me gain entry. Oh, well. I gave it my best shot.

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Comment #2 by Anonymous posted on
Anonymous
I served as contractor with Navy years ago. I was told since I'm not contractor RIGHT NOW, I won't be able to join.

Is there any Navy dude in silicon-valley / bay-area who will let me live with him for an hour? I'll get Pizza! We'll call Navy Fed using your home number & you'll tell'em that I live with you & I'll become a member! Then we'll have Pizza & then I'll be on my way! I'm serious.

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Comment #3 by Anonymous posted on
Anonymous
Sounds good. I'm also looking for some way to get into their CU. Surely if we all put our heads together we can make it work. Suggestions accepted.

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Comment #4 by Anonymous posted on
Anonymous
Any idea how long they will make this CD available?

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Comment #5 by SVG (anonymous) posted on
SVG
Anonymous,

I like your idea !

... Indeed ... if any active duty Navy in bay-area is willing to 'host', then even I'll like to join ! *smile*

I'll get 3Cs - Coke / Chips / Cookies *lol*

- SVG

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Comment #6 by Anonymous posted on
Anonymous
Called Navy FCU and relayed that I had served in the USMC from 1964-1968 and they were happy to sign me up.
Did not have any other Navy connection -- I think that it all depends on the person you reach. This was my 2nd call -- I was rejected on the first call.
Good luck and Semper Fidelis.

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Comment #7 by Anonymous posted on
Anonymous
Do they really check to see if you are related to a retired Navy person? I highly doubt it. Just find a friend of a friend who was in the navy and claim to be their cousin or something.

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Comment #8 by Anonymous posted on
Anonymous
I called and told them my cousin served in the Navy and had the same last name as me. I am also a retired Federal Employee. No dice. He told me the information I received on this blog was incorrect.

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Comment #9 by Banking Guy (anonymous) posted on
Banking Guy
Unfortunately, their definition of family members is probably immediate family member which doesn't include cousins.

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Comment #10 by Anonymous posted on
Anonymous
I posted above re my brother-in-law. I want to kick in my 2 cents here to agree with Banking Guy. He is spot on. In my case, first my brother-in-law would have had to gain entry. He would then have sponsored his wife, my SISTER. Only then would I have had a chance to get in, sponsored by my sister, not directly by my brother-in-law. Of course as I wrote above, my Navy veteran brother-in-law was not eligible so the entire plan fell apart. But the point is, it has to be a really CLOSE relative. Cousins are not close enough.

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Comment #11 by rate freak (anonymous) posted on
rate freak
Regarding those comments about getting someone in. A simple phone is not going to be simple. I requires sensitive personal information like SSN.

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Comment #12 by Anonymous posted on
Anonymous
It's definitely not easy to join. You'll have to wait for them to verify your eligibility and then they will mail you a membership application package (don't know how many days it will take to process it). Then, you will fill out and send your $5 check to them for deposit into a checking acct. After all that, you can open the CD. By the time everything is in place, the rate is probably expired.
I like penfed which is more efficient and convenient.

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Comment #13 by Anonymous posted on
Anonymous
The last comment is indeed correct. I received the package last week and mailed back the $5.00 to open the account. I'm waiting for a response before I can fund the CD share. Please don't cancel the rate before I finish the enrollment process. :))

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Comment #14 by Anonymous posted on
Anonymous
My son died serving this country and died during the gulf war at the navel base in NORFORK, VA. This wasn't enough for my VIETNAM VET WIFE and myself her husband to join their dam NAVY CREDIT UNION. I will be sending off a E-Mail to the ceo when he comes out of his high tower, setting up all those hoops he have to jump threw to join.

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Comment #15 by Banking Guy (anonymous) posted on
Banking Guy
Sorry to read about your loss and the problems Navy FCU is giving you.

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Comment #16 by Anonymous posted on
Anonymous
With regards to problems getting membership at NFCU, don't you think that they are hamstrung by the law? It would be in their best interest to offer accounts to as many people as possible but to remain true to their credit union roots they have to have a clearly defined field of membership. Instead of writing to the CEO, maybe you should write to your Congressman.

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Comment #17 by Anonymous posted on
Anonymous
You need not guess at the membership qualifications - it is explained quite clearly here: http://www.navyfederal.org/about/membership_eligible.html

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