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Navy Federal Credit Union New Member and IRA Promotions

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Navy Federal Credit Union is offering two nice promotions. First, Navy Fed has a promotion for new members. Join Navy Fed online by January 31, 2014, and you’ll receive $50 within 7 days of account opening. Make sure to enter 2014 in the promotional code field on the second page of the Online Membership Application. It only requires a $5 minimum balance to open and maintain savings account to obtain bonus. Full details of this promotion is listed at this Navy Fed promo page.

The other promotion is for IRAs. You can get up to $200 when you open your first Navy Fed IRA. Open your first IRA plan with as little as $100, and Navy Fed will reward you with $100. Get an additional $100 when you fund your first IRA Plan with a rollover or IRA transfer for a minimum deposit of $5,000. The IRA bonuses will be credited to your new IRA account in the form of a dividend and will not be reported as a contribution. Please refer to the Navy Fed IRA page for the full details.

As I mentioned last week, Navy Fed’s IRA CDs have some nice features. However, Navy Fed’s current IRA CD rates are low compared to PenFed’s. Navy Fed does have a long history of competitive CD rates. Hopefully, we’ll see better rates later this year.

Membership

Unlike PenFed, there's no association that can be joined to qualify for Navy Federal membership. To be eligible to join Navy Fed, you must have some connection with the military. This includes Navy, Army, Marine Corps and Air Force. Please refer to their Eligibility Checklist for the full details.

Navy Federal Overview

Navy Federal Credit Union branches are located around the US and the world.

Navy Federal is the largest credit union in the nation with $55 billion in assets and $40 billion in deposits. It has an overall health grade at DepositAccounts.com of an A+ with a Texas Ratio of 5.43% (excellent) based on September 2013 data. Please refer to our financial overview of Navy Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 5536).

Other Credit Union and Bank Bonuses

You can view my latest bank and credit union bonus blog posts in this bank bonus page. I and DepositAccounts.com readers often post on bonuses in the bank deals forum.


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

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Comments
11 Comments.
Comment #1 by Anonymous posted on
Anonymous
Prior military service with honorable discharge doesn't qualify.

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Comment #2 by Anonymous posted on
Anonymous
But you can qualify if you're in the same family or household as a current member.  That includes grandparents, parents, spouses, siblings, grandchildren, children (including adopted and stepchildren), and household members. Once your family members have joined, their family and household members are also eligible for membership and so on and so.

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Comment #3 by Anonymous posted on
Anonymous
Unless you're a retiree or an annuitant, then it does

2
Comment #4 by Anonymous posted on
Anonymous
As I stated, a Vietnam Vet does not qualify.  How hypocritical that a person "must have some connection with the military".  What about the civilians that qualify with no prior military service?

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Comment #5 by Anonymous posted on
Anonymous
Navy FCU "finally" opened membership to ALL Coast Guard members this past year, not just those "Coasties" who were assigned or deployed to a DOD base.

Coast Guard even made a special appearance in one of their latest commercials!

http://www.youtube.com/watch?v=rBzVwFxuOto

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Comment #6 by Anonymous posted on
Anonymous
They still discriminate against all VETs!

3
Comment #7 by Anonymous posted on
Anonymous
It's not discrimination.  That term is used too loosely these days.  Anyone who is left out of something automatically cries discrimination when they don't meet the requirements.  

By the way, I am a honorably discharged Vet myself and would like to join the Navy Credit Union, but can't and I just have to accept that.

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Comment #8 by Anonymous posted on
Anonymous
If it's not discrimination then what is it?  "Selective enrollment".

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Comment #9 by Anonymous posted on
Anonymous
Why do you call it the "D" word???
As another poster indicated, it's more selective enrollment - and that falls in line with the membership requirements of Credit Union.

What's really special about Navy FCU anyway?  Nothing in my mind - Navy FCU actually sucks IMO - their service sucks and I've heard more bad than good about them from people I work with.
Honorably discharged Vets can join USAA anyhow and they also offer insurance (again, some people like USAA's insurance and others complain). 

Maybe someday, Navy FCU will do like USAA and open to all honorably discharged vets.
First it was only for Navy and Marine personnel. Then they opened it up to civilians who worked for the Navy/Marines.  Then they opened it up to those other service members (Army, Air Force, & Coast Guard) who were stationed onboard a Navy or Marine base.  Then they bought up a small Coast Guard Credit Union at the Coast Guard Academy (opening it up to those personnel stationed there or going to school there).
Then they opened up to ALL Army, Air Force personnel, including their civilians & contractors who worked on bases.  And most recently, they opened it up to ALL Coast Guard personnel, including civilians but NOT contractors.
So...Give Navy FCU some time, they are slow in opening up their membership field but the point is, is that someday they just might open it up to ALL military personnel, including those honorably discharged veterans.

Personally, I wish they would not open it up to Civilians or DOD Contractors.  But that is just my opinion. A civilian or contractor has never signed their signature to a piece of paper that allows the US Govt to send that person wherever or whenever they want to, including into harms way or expose them to hazardous working conditions, separated them from their families, moved them wherever they wanted them to, etc...
Civilians and contractors have their use/need/niche but they should not be allowed to have the same benefits of those who've literally signed away their life (if need be - even the REMF's!)

:-)

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Comment #10 by Andy (anonymous) posted on
Andy
Almost missed this post. Please put "$50 New Member Promotion" or something like that so to catch the eye next time in a post like this. Just got lucky that I opened this...  thanks for the easy $50! :-)

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Comment #11 by Anonymous posted on
Anonymous
They have changed the new member promotion to limit the referrals to active military people only.  The bonus is now $25 for the person referred and the $25 for the person making the referral.

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