Navy Federal Credit Union has recently come out with a new 7-year IRA certificate with an APY of 4.25%. Unfortunately, it's only available for IRAs (Traditional, Roth and SEP plans) and ESAs (Education Savings Account plans). Minimum deposit is $20,000. For a $1,000 minimum the rate is 4.10% APY. There's also a competitive 30-month IRA CD with a rate of 2.75% APY for a minimum balance of $18,000.
Unfortunately, the above rates are only for IRAs. The rates for regular CDs are lower: 4.00% APY 7-year for $20K minimum and 2.25% APY 30-month for $18,000 minimum.
The above rate are listed at Navy FCU's rates sheet as of 2/04/2010.
In the rates sheet you may notice the 2.90% APY for a 1-year CD. This isn't a typical CD. It's the EasyStart Certificate which has balance cap of $3,000 along with several hoops to jump through.
Navy Federal expanded their field of membership in 2008, but it's still not easy to join if you don't have a military connection. 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 2008 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 $38.7 billion in assets and 3,258,521 members.