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Navy FCU Updates - Jumbo CDs and $100 Checking Account Bonus

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Navy Federal Credit Union
Navy Federal Credit Union will be offering new Jumbo Share and IRA Certificates with rates up to 25 basis points higher than the certificates that require a $20K minimum deposit. These new Jumbo Certificates require a $100K minimum deposit. These rates are not yet posted at the share certificate rates page. I received info on this in my Navy FCU statement. It states that they'll be effective on October 9, 2007. Unfortunately, like most everyone else, Navy FCU CD rates have recently been lowered. Here are the rates that I received in the mail:

Jumbo CD Term Jumbo CD APY
6 to 11 mo 5.05%
12 to 23 mo 5.25%
24 to 35 mo 5.30%
36 to 59 mo 5.35%
60 to 84 mo 5.45%

The current yields for the share and IRA certificates with $20K minimum deposit are as follows. These are down by about 30 basis points from last month.

CD Term CD APY
1 year 5.00%
2 years 5.05%
3 years 5.10%
4 years 5.15%
5 years 5.20%
7 years 5.30%

Checking Account Bonus

I also received a flier from Navy FCU advertising a new checking account promotion. They'll credit your account $100 for opening a new checking account and adding direct deposit of at least $100. Here's the link to the promotion.

There is small print in the flier that states that it "is only valid for members who have received this mailing directly from Navy Federal.". However, I don't see this mentioned on the promo page above. Nevertheless, "your miles may vary."

Some of the other important small print includes:
  • To receive this offer, you must start having direct-deposited funds credited to your Navy Federal checking account no later than December 15, 2007.
  • Eligibility based on members that qualify but do not have a direct deposit posting to their checking account as of September 11, 2007.
  • All bonuses will be credited to your checking account by December 17, 2007.

Eligibility into Navy FCU requires some type of connection with the Navy. See Navy FCU's eligibility page for the full details. Unfortunately, there's no easy way to join for those without a Navy connection.

Branches are located around the US and the world. Navy Federal is federally insured by the NCUA (Charter # 5536). It's the largest US credit union. It has over $30.0 billion in assets and 2,911,395 members.

For more info on membership into Navy FCU and share certificate details, please see my May Navy FCU post.

Related Pages: Navy Federal Credit Union, CD rates, checking account

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Comments
5 Comments.
Comment #1 by Anonymous posted on
Anonymous
Ouch!! These rates are awful. There is always the alternative of Air Force Federal's short term cd for 5.5% apy, add on. And, Penfed's 3+ yr cd @ 6%. Pensfed's easy to become a member. Air force cu, meet the requirements, and they are great.

1
Comment #2 by Duck (anonymous) posted on
Duck
PLEASE READ PREVIOUS POSTS BEFORE WASTING EVERYBODYS TIME. Banking Guy is just updating the rates for everyone thank you Banking Guy I sold my BK brought 3years ago for 21 sold at 44 to fund took 1 out of each term of those new penfed rates I only got in on 1 of the 6.25 last Jan went like a peice of cake online this time easy to fund from other bank.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Duck, thanks for the support. Glad to read you were able to open the PenFed CDs without problems.

Anonymous, unfortunately, rates everywhere are declining. Air Force FCU's 9-month 5.50% APY CD seems to have ended, and their standard rates have also gone down. But they're still competitive. I'll have to do another post on them.

PenFed does have the best deal currently (see post), but these will likely end soon.

1
Comment #4 by Anonymous posted on
Anonymous
Duck, what is "BK" ?

1
Comment #5 by Duck (anonymous) posted on
Duck
Bank of New York Ticker synbol

1