A “New to Summary” CD in this week’s CD Rates Summary is the 1-year Jumbo (1.20% APY, $100k minimum) offered by NavyArmy Community Credit Union (NavyArmy). Added to the product line about six months ago, the 1-year Jumbo CD initially earning 1.50% APY. Two rates drops (in June and September) resulted in the current 1.20% APY. The 1-year CD (1.10% APY, 1k minimum) has a much longer history, having been part of the product line for more than 10 years.
The 1-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 the 1-year CD and 1-year Jumbo CD reads as follows:
The penalty we may impose will equal 180 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 residency-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 18 Texas branches, located in Beeville, Brownsville, Corpus Christi (9), 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.
Maintaining a savings account with a balance of at least $25.00 must be done in order to remain a member of NavyArmy.
Credit Union Overview
NavyArmy Community Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.39% (excellent) based on June 30, 2020 data. In the past year, NavyArmy has increased its total non-brokered deposits by $325.38 million, an excellent annual growth rate of 12%. 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 nearly 188,000 members and assets in excess of $3.5 billion.
How the Jumbo CD Compares
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 second, regardless of minimum deposit requirements.
The above rates are accurate as of 11/5/2020.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.