UPDATE 5/2/2016: No longer available.
Virginia-based NRL Federal Credit Union (NRLFCU) is offering a limited-time "777" 7-month Loyalty Rewards Share Certificate (7.00% APY). The minimum deposit is $500, with a $7k balance cap, and there is a limit of one "777" Share Certificate per member.
The 7.00% APY includes the maximum Loyalty Rewards rate increase (0.25% APY.) The Loyalty Rewards program automatically gives members a better rate when establishing a new qualifying Share Certificate, auto loan, or personal loan. Meet one of the following and your rate will become 0.05% better; two of the following, 0.10% better; three or more, 0.25% better.
- Direct Deposit to NRLFCU
- eStatements with NRLFCU
- An active Visa CheckCard with NRLFCU
- A loan refinance from another financial institution
- Apply for a loan or new certificate account online with NRLFCU
- Deposits totaling $250,000 or more with NRLFCU
- A mortgage with NRLFCU
If the "777" 7-month Share Certificate is opened without any Loyalty Rewards rate increases, the APY is 6.73%, with the same funding requirements.
Exactly how good is this deal?
The combination of the short term and the $7k balance cap certainly temper the appeal of 7.00% APY, but the dollar amounts (approximate) speak for themselves.
As stated in NRLFCU’s Account Terms, Disclosures and Agreements, the Early Withdrawal Penalty reads as follows:
Terms up to 12 months, 30 days dividends
Many thanks to DA reader, Mr_DYI, for his Forum post about this deal!
Headquartered in Alexandria, Virginia, NRL Federal Credit Union offers a variety of ways to join.
Employment - Government employees (civilian or military), or contract employees stationed at or paid by the Naval Research Lab are eligible to join.
Affiliation - Employees, students, or members of any of 100+ Select Groups are also eligible for membership. The Select Groups are listed on the first page of NRLFCU’s online applicaton.
Family - Immediate family and household members of current NRLFCU members are eligible to join. This includes spouse, parent, child, sibling, grandparent, grandchild, stepparent, stepchild, stepsibling, adoptive relationships, domestic partners, roommates, and legal guardian relationships.
Joining NRLFCU can be done online, or at any of three branches, located in Alexandria, Virginia; Waldorf, Maryland; and Washington DC. The Membership Application is also available as a download and can be returned by mail.
Opening the 777 7-month Share Certificate can be done either online or in person at any of the above mentioned branch locations.
Credit Union Overview
NRL Federal Credit Union (NCUA Charter # 5380) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.07% (excellent) based on December 31, 2015 data. In the past year, NRLFCU has increased its total deposits by $8.58 million, an above average annual growth rate of 2.17%. Please refer to our financial overview of NRL Federal Credit Union for more details.
NRL Federal Credit Union was founded in 1946 for the benefits of the employees of the United States Naval Research Laboratory (NRL), is the corporate research laboratory for the United States Navy and the United States Marine Corps. NRL carries out a variety of basic scientific research, applied research, technological development, and prototyping. The field of membership was expanded in the past few years to include members of the American Consumer Council, and today NRLFCU has over 20,800 members and assets in excess of $451 million.
How the Share Certificate Compares
When compared to the 121 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, NRL Federal Credit Union’s 777 7-month Share Certificate APY currently ranks first.
The above rates are accurate as of 4/27/2016.