About a year ago, I wrote about the competitive 1-year Jumbo CD offered by NavyArmy Community Credit Union (NavyArmy). While NavyArmy has been offering Jumbo CDs for only about 18 months, the 1-, 2-, and 3-year Jumbo CDs have maintained competitive rates throughout that time frame, as the majority of CD rates dropped. The non-Jumbo CDs have been part of the product line for more than 11 years and earn APYs a uniform 10 bps lower.
The 1-year and 2-year CDs are also offered as IRA CDs (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.
As stated in NavyArmy’s Member Account Agreement, the Early Withdrawal Penalty (EWP) for 1-year and 2-year Jumbo CDs reads as follows:
The penalty we may impose will equal 180 days interest whether earned or not.
The EWP for the 3-year Jumbo is substantially higher:
The penalty we may impose will equal 365 days interest whether earned or not.
Funding a CD can be done by ACH, wire transfer, or check. There is a seven-day grace period before a CD automatically renews. If you opt not to renew the CD, “your funds will be placed in a dividend-bearing account, unless otherwise specified.”
Headquartered in Corpus Christi, Texas, NavyArmy Community Credit Union’s current field of membership (FOM) has no relationship with any branch of the military. Instead, the FOM is community-based, with individuals who live, work, worship, or attend school in the South Texas counties of Aransas, Bee, Cameron, Hidalgo, Jim Wells, Kleberg, Nueces, or San Patricio, eligible for membership.
Joining NavyArmy and/or open a CD can be done online or at any of the 19 Texas branches, located in Aransas, Beeville, Brownsville, Calallen, Corpus Christi (8), Edinburg, Kingsville, McAllen, Mission, Portland, Rockport, and Weslaco.
Effective immediately all guests and members will be required to wear a face mask when visiting a branch.
All locations (including branch lobbies) and Real Estate Center are open. We are open at limited occupancy and ask that only one additional guest be present during your visit. Please continue to utilize our remote services whenever possible.
Opening and maintaining a Basic Savings account with a minimum $25 balance is required to become and remain a NavyArmy member in good standing.
Credit Union Overview
NavyArmy Community Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.28% (excellent) based on June 30, 2021 data. In the past year, NavyArmy has increased its total non-brokered deposits by $432.92 million, an excellent annual growth rate of 14.26%. Please refer to our financial overview of NavyArmy Community Credit Union (NCUA Charter # 68615) for more details.
NavyArmy Community Credit Union was chartered in 1955 as the Naval Employees Corpus Christi Federal Credit Union. After a couple of name changes, the Credit Union adopted its present name in 2011, following the change to a state charter that allowed NavyArmy to expand into two additional Rio Grande Valley counties. NavyArmy is currently the fifth largest credit union in Texas, with more than 203,000 members and assets in excess of $3.9 billion.
How the Jumbo CDs Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require are available within the FOM, NavyArmy Community Credit Union's 1-year Jumbo CD APY currently ranks first, regardless of minimum deposit requirements.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require are available within the FOM, NavyArmy Community Credit Union's 2-year Jumbo CD APY currently ranks third, regardless of minimum deposit requirements.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require are available within the FOM, NavyArmy Community Credit Union's 3-year Jumbo CD APY currently ranks third, regardless of minimum deposit requirements.
The above information and rates are accurate as of 10/6/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.