Dedicated to Deposits: Deals, Data, and Discussion

4.60% 30-Month IRA CD & 3.50% 6-Month CD at Navy Federal Credit Union

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Navy Federal Credit Union
Update 3/10/09: The 6-month CD rates have fallen by 50 basis points, and the 30-month CD rate has fallen by 25 basis points.

Navy Federal Credit Union has just come out with a new 30-month IRA certificate with an APY of 4.60%. Unfortunately, it's only available for IRAs (Traditional, Roth and SEP plans) and ESAs (Education Savings Account plans). Minimum deposit is $15,000.

On the downside, Navy Federal lowered their 6-month special certificate rate. The APY is now 3.50% for a $10K minimum deposit (3.25% for a $2.5K minimum). The APY had been 3.75%. Even with these lower rates, the 6-month CD is still very competitive. The best 6-month CD yield currently listed on Bankrate is only 2.95% APY.

Navy Federal did keep their 5.10% APY 7-year certificate ($20K minimum) and the 4.00% APY 1-year EasyStart certificate. Refer to my previous post regarding the details of the 7-year CD and the EasyStart CD. Two important points about the EasyStart CD are that it has a maximum deposit of $10K and it requires direct deposit into a Navy Federal checking account.

The above rates are listed at this Navy Federal's special certificate page as of 1/24/09. The rates are subject to change at anytime.

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 $35.8 billion in assets and 3,142,637 members.

Thanks to the reader who commented on this new special in the Daily News & Deals post.

  Tags: Navy Federal Credit Union, CD rates, IRA rates

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