When I last wrote about Navy Federal Credit Union (Navy Fed) in April, I noted that since the 32-month IRA CD Special (2.75% APY) and the 15-month CD Special (2.25% APY) had expired, there hadn’t been any exceptional rates at Navy Fed. As of today, that has changed with the introduction of a 24-month Certificate Special earning 3.00% APY. The minimum opening deposit is $10k, with no stated balance cap.
The Certificate Special is also available as an IRA (Traditional, Roth, SEP, ESA), earning the same APY with the same funding requirements.
Note: The fine print on the promotion page is a little confusing at first glance.
Minimum purchase amounts of $10,000, $20,000, $50,000, and $100,000.
No maximum purchase amount.
Even though today is a federal holiday, Navy Federal’s Live Chat was available to answer my questions about the four listed minimum purchase amounts. Long story short,
- The minimum opening deposit is NOT limited to $10k, $20k, $50k, or $100k.
- The Certificate Special can be opened with any amount of at least $10k.
- There is no balance cap.
- The Certificate Special does not have tiered APYs.
As stated in Navy Fed’s Certificates brochure, the Early Withdrawal Penalty reads as follows:
Certificates with a term greater than one year: Forfeiture of all dividends on the amount withdrawn for 180 days or since the date of purchase or renewal (whichever is less).
Unlike PenFed's almost universal membership eligibility, Navy Fed’s field of membership includes individuals who have a military connection, regardless of where they reside.
Navy Fed’s "Become a Member" page has a series of questions to determine membership eligibility.
You must be able to answer "Yes" to one of the following questions to qualify for Navy Federal Credit Union membership. Note: many people can answer "Yes" to the second question.
- Are you or have you ever been affiliated in any way (includes Active Duty, reservists and retired personnel) with the Armed Forces, DoD, Coast Guard or National Guard?
- Do you have a family member (grandparents, parents, spouses, siblings, grandchildren, children and household members) who at any time was affiliated with the military?
- Do you have a family member (grandparents, parents, spouses, siblings, grandchildren, children and household members) who is already a Navy Federal member?
Credit Union Overview
Navy Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.52% (excellent) based on June 30, 2018 data. In the past year, Navy Fed has increased its total non-brokered deposits by $7.89 billion, an excellent annual growth rate of 13.08%. Please refer to our financial overview of Navy Federal Credit Union (NCUA Charter # 5536) for more details.
Headquartered in Vienna, Virginia, Navy Federal Credit Union is considered the largest credit union in the world. Founded in 1933 as the Navy Department Employees’ Credit Union of the District of Columbia, Navy Federal has grown from its initial seven members to more than 7,900,000 members and assets in excess of $91 billion.
How the Certificate Special Compares
When compared to 193 nationally available similar length-of-term CDs tracked by DepositAccounts.com that require a minimum deposit of $10k or less, Navy Federal Credit Union’s 2-Year Certificate Special APY currently shares the top spot with CD Bank’s 24-month CD APY and ConnectOne Bank’s 23-month Online CD APY.
The above rates are accurate as of 10/8/2018.
To search for the best CD rates, both nationwide and in state specific, please refer to our CD Rates Table page.