Dedicated to Deposits: Deals, Data, and Discussion

5.10% 5-Year CD at Navy Federal Credit Union

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Navy Federal Credit Union
Navy Federal Credit Union has come out with some new certificate specials. For 5- and 7-year terms, a yield of 5.10% APY is available for a $20,000 minimum deposit. 5.25% APY is available for a $100,000 minimum, and 4.95% APY is available for a $1,000 minimum.

There's also a 1-year EasyStart Certificate with a 4.25% APY and a $100 minimum deposit. However, this has restrictions and requirements that hurt this deal such as a $10,000 maximum deposit limit and the requirement of monthly direct deposit of at least $500 into a checking account.

Navy Federal continues to offer its special 4.00% APY 15-month certificate with a minimum of $15,000 (see post).

All of the certificates are available as either a regular, IRA or ESA certificate.

Navy Federal has recently expanded their field of membership. You can now be eligible if you have some connection with not just the Navy but also with the Army, Marine Corps and Air Force. Refer to their Eligibility Checklist for the full details. Unlike Pentagon Federal Credit Union, there isn't an easy way for people without a military connection to join.

For more details about joining Navy Federal and opening and closing Navy Federal certificates, please refer to this May post.

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 $34.7 billion in assets and 3,093,636 members.

Its financial rating for soundness is high at BauerFinancial with a 5-star rating (superior), but it's only average at Bankrate.com (performing). Both are based on 6/30/08 data.

Thanks to the reader who emailed me info on this new CD special.
  Tags: Navy Federal Credit Union, CD rates, IRA rates

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