Navigator Credit Union (AL/MS) 60-Month Jumbo CD Still Competitive
While the APY on the Navigator Credit Union’s (Navigator CU) 60-month Jumbo Share CD has dropped since I wrote about it in April, the current 2.10% APY is one of the few remaining long-term rates at or above 2%. All of Navigator CU’s Share CDs have tiered APYs based on deposit levels of $100k (Jumbo), $25k (Regular), and $1 (Regular), with APYs in increments of 10 bps. In the current falling rate climate, all of the Jumbo Share CDs have become quite competitive.
All Share CDs are available as IRAs (Traditional, Roth), earning APYs a uniform 10 bps higher on the same deposit levels.
According to CSR, the Early Withdrawal Penalty on the 60-month Jumbo Share CD is 180 days of interest on the amount being withdrawn.
Funding can be done by ACH, wire transfer, or by check. Maturing funds will be distributed by cashier check or deposited into an existing Navigator CU savings or checking account.
Headquartered in Pascagoula, Mississippi, Navigator’s Credit Union’s field of membership (FOM) is primarily residency based, with individuals who live, work, worship, or attend school in the Alabama counties of Baldwin or Mobile, eligible to join. In addition, individuals who live, work, worship, or attend school in portions of the city of Gulfport, Mississippi, also qualify.
Employees/retirees of Huntington Ingalls Industries (the county’s largest military shipbuilding company) are eligible to join, as are their immediate and extended family members.
Jackson County, Mississippi, federal government employees/retirees also qualify for membership.
Individuals employed at a small business (fewer than 500 employees) in Harris County or Jackson County, Mississippi, are eligible to join.
Immediate/extended family members of current Navigator CU members are welcome to apply. Those family members eligible include, “wife, husband, aunt, uncle, brother, brother-in-law, sister, sister-in-law, son, son-in-law, daughter, daughter-in-law, father, father-in-law, mother, mother-in-law, grandfather, grandmother, grandchild, niece, nephew, cousin, step relative.”
Joining Navigator CU and/or opening a Share CD can be done online. While all five Alabama and eight Mississippi branches continue to be temporarily closed to the general public, appointments can be made for transactions that require an in-person visit. Drive-through service is available at all branches during regular business hours.
Your $5 membership deposit makes you a member-owner and covers the cost of your account set-up.
Navigator CU participates in both the CO-OP Share Branch and ATM networks.
Credit Union Overview
Navigator Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.66% (excellent), based on June 30, 2020 data. In the past year, Navigator CU has increased its total non-brokered deposits by $29.99 million, an excellent annual growth rate of 10.39%. Please refer to our financial overview of Navigator Credit Union (NCUA Charter # 63637) for more details.
Established in 1939 as the Ingalls Employees Credit Union (IECU), Navigator Credit Union’s original FOM was exclusive to the employees of Ingalls Shipbuilding. It wasn’t that long ago that average working Americans didn’t have access to affordable financials services.
In 1938, Ingalls Shipbuilding began operations. For the first time, those who had farmed the fertile coastland or fished its well-populated waters were now gainfully employed. Because of their modest incomes, many did not have established credit. Even with their new-found employment, they were unable to purchase basic items such as refrigerators, automobiles and washing machines without access to credit.
With only 100 members and $2,500 in deposits, IECU began offering savings accounts and loans to members who, until then, had not had access to financial services.
IECU branded as Navigator Credit Union in 2003. The “Navigator” name was chosen by the members as a way to honor IECU’s roots and to reflect the growing FOM along the Gulf Coast. Navigator CU is currently the second largest credit union headquartered in Mississippi, with more than 45,100 members and assets in excess of $367 million.
How the Share CD Compares
When compared to 197 similar length-of-term CDs tracked by DepositAccounts.com are available within the FOM, Navigator Credit Union's 60-month Jumbo Share CD APY currently ranks first, regardless of minimum deposit requirements.
The above rates are accurate as of 10/5/2020.
Searching for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.