It’s only been three months since NavyArmy Community Credit Union (NavyArmy) offered a 30-month CD earning 2.75% APY. In early June, that rate was increased to 3.00% APY. Last week, NavyArmy re-named that product, calling it a CD Special, and boosted the APY to 3.33%. NavyArmy also added 58 bps to its 13-month CD Special, which now earns 2.83% APY. Either CD Special can be opened with a $1k minimum deposit, and there is no stated balance cap.
The 30-month CD Special is offered as an IRA (Traditional, Roth, CESA), earning the same APY with the same funding requirements. The 13-month CD is not currently available as an IRA.
According to the fine print on the promotion page,
Upon maturity, the 13 month CD will auto renew at a ONE year term at NavyArmy’s prevailing interest rate and the 30 month CD will auto renew at the TWO year term at NavyArmy’s prevailing interest rate.
As stated in NavyArmy’s Member Account Agreement, the Early Withdrawal Penalty (EWP) for the 30-month CD Special reads as follows:
The penalty we may impose will equal 180 days interest whether earned or not.
The 13-month CD Special is not listed in the Member Account Agreement, but in a Live Chat, CSR stated that the EWP for the 13-month CD Special “will also be 180 days."
Headquartered in Corpus Christi, Texas, NavyArmy Community Credit Union’s name seems to suggest a field of membership (FOM) with some type of military relationship requirement. Instead, the FOM is currently 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, and San Patricio eligible for membership.
While NavyArmy does have several online banking features for account management (including POPmoney), opening a CD requires an in-person visit to any of the above mentioned branch locations.
Credit Union Overview
NavyArmy Community Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 12.10% (above average) based on March 31, 2018 data. In the past year, NavyArmy has increased its total non-brokered deposits by $86.28 million, an excellent annual growth rate of 3.72%. 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, when a state charter was granted that allowed NavyArmy to expand into two additional counties in the Rio Grande Valley. NavyArmy is currently the sixth largest credit union in Texas, with more than 165,650 members and assets in excess of $2.7 billion.
How the CD Specials Compare
When compared to the 226 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, NavyArmy Community Credit Union's 30-month CD Special APY currently ranks first.
When compared to the 235 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, NavyArmy Community Credit Union's 13-month CD Special APY currently ranks first.
The above rates are accurate as of 7/12/2018.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.