Navy Federal Unveils Rate-Leading 15-Month Add-On Special CD - Update


UPDATE 2/23/23: This offer is now scheduled to expire on March 5, 2023 instead of the original expiration date of 4/30/23, "as Navy Federal reserves the right to end or modify this offer at any time." Thanks to DA reader, rockies, for posting this news in this DA Forum post. As DA reader NFO commented, "With a $50 min and the ability to add-on, there is no need to gamble. Opening one of these is a no-brainer." The following blog post was originally published on 1/9/23.

Deal Summary: 15-month Certificate Special, 5.00% APY, $50 min/$250k max deposit, limit one per member, additional deposits at any time, available through April 30, 2023.

Availability: Nationwide, but restricted to those with a military relationship (personal or family).

Now through April 30, 2023, Navy Federal Credit Union (Navy Fed) is offering a 15-month Certificate Special (5.00% APY, $50 min/$250k max). The 15-month Certificate Special is also an “add-on” CD, allowing unlimited additional deposits (subject to $250k maximum balance) throughout the term. There is a limit of one 15-month Certificate Special per member.

Although this limit-time offer is available through April 30, 2023, the fine print on the landing page does state:

Navy Federal reserves the right to end or modify this offer at any time.

Many thanks to DA readers, 6prendalane, NFO, and ADB4IN, for their Forum posts about this latest Navy Fed promotion and to all DA readers for their invaluable comments.

Early Withdrawal Penalty

As stated on Navy Fed FAQs page, the Early Withdrawal Penalty reads as follows:

If the term to maturity is greater than 1 year, the amount forfeited is equal to the lesser of:

  • all dividends for 180 days on the amount withdrawn, or
  • all dividends on the amount withdrawn since the date of issuance or renewal.

Funding and Accessing Maturing Funds

When opening a Navy Fed Certificate online, the easiest way to fund a Certificate is probably is through a transfer from an existing Navy Fed checking, savings, or Money Market Savings account. An ACH transfer initiated by another institution may be the quickest way to get the funds into your Navy Fed liquid account. Once the funds are received, a Certificate can be opened using the online application, which allows you to specify that funds be pulled from that Navy Fed account.

An easy way to access maturing Navy Fed Certificate funds is to have the funds transferred to any existing Navy Fed checking, savings or Money Market Savings account (MMSA). There is a 21 calendar day grace period following maturity before the Share Certificate automatically renews.

If you plan to pull funds from Navy Fed using the ACH service of another institution, you should consider opening either the Money Market Savings account or one of Navy Fed’s checking accounts. Navy Fed has restrictions on ACH debits from its savings account. Navy Fed’s Electronic Funds Transfer Agreement and Disclosure (page 13) reads in part,

Please note that your Navy Federal savings account may only receive ACH credits. MMSAs may receive ACH credits and debits in accordance with the limitations set forth in the MMSA agreement.

When you originate an ACH transfer at another financial institution, Navy Federal places no limitations on the dollar amount of received ACH transfers, and Navy Federal does not charge fees for received transfers.

You may only originate ACH transfers at Navy Federal from your checking account. For transfers originated at Navy Federal, there is no limit on the number of funds transfers you can make from your checking account per day. However, there are minimum and maximum total dollar transfer limits associated with transferring funds to/from another financial institution via the ACH, when the transfer is originated from Navy Federal. Transfers from a Navy Federal checking account to a checking account at another financial institution may be requested for a minimum of $5.00 to a maximum of $5,000.00 per business day. However, the total aggregate amount of all checking transfers within any five-business-day period cannot exceed $15,000.

Earned Dividends

The Certificates brochure states,

Dividends that have been credited are available for withdrawal anytime without penalty. You can request to have the dividends remain in your certificate account, have them automatically transferred to your Navy Federal savings account, checking account, or Money Market Savings Account on the first of the month, or have them sent to you in the form of a check.

Beneficiaries and Trust Accounts

Unlimited beneficiaries (with assigned percentages) can be named, with name, address, DOB, and Social Security numbers required for each beneficiary. Beneficiaries can be designated in the online application or by using Navy Fed’s Payable on Death (POD) Form. For Trust Accounts, refer to Navy Fed’s Deposit Trust Accounts Form. This form should be used “to reassign or establish accounts in the name of a Legal Trust,” which Navy Fed calls a “Deposit Trust Account.”


Unlike PenFed's nearly universal membership eligibility, Navy Fed’s field of membership (FOM) is restricted to individuals who have a military connection, regardless of residency status.

As I described in a 2017 blog post, Navy Fed’s FOM has expanded and while a military connection is still required, many more people are now eligible to join. The most recent group added are individuals with family members who were affiliated with the military at any time.

The Navy Fed "Become a Member" page lists the various ways to qualify for membership.

Active Duty, Retired and Veterans – Service members in all branches of the armed forces are membership-eligible, including:

  • Active Duty members of the Army, Marine Corps, Navy, Air Force, Coast Guard, and Ait National Guard.
  • Delayed Entry Program (DEP)
  • DoD Officer Candidate/ROTC
  • DoD Reservists
  • Veterans, retirees, and annuitants

Family Members – Individuals with parents, grandparents, spouses, siblings, children (adopted and step-), grandchildren, or household members who at any time were affiliated with the military or are already Navy Fed members are also eligible to join. As stated on the Membership FAQs page,

In addition to the personal information you'll need to supply for yourself, you'll need to provide your sponsor's last name, Access Number and relation to you (i.e., spouse, grandfather). If you're unsure of their Access Number, you may use the last 4 digits of their Social Security Number and their date of birth.

Department of Defense (DoD) Civilians – Any DoD civilian employee, U.S. government employees/contractors assigned to DoD installations, and DoD retiree/annuitants are welcome to apply.

Joining Navy Fed and/or opening a Certificate Special can be done online or at any of 337 branches located in 30 different states and the District of Columbia.

FYI – Navy Fed does not pull your credit report when opening a Certificate.

A balance of at least one share ($5) is required to establish and maintain membership.

Credit Union Overview

Navy Federal Credit Union has an overall health grade of "A" at, with a Texas Ratio of 4.90% (excellent) based on September 30, 2022 data. In the past year, Navy Fed has increased its total non-brokered deposits by $9.49 billion, an excellent annual growth rate of 7.54%. 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 12,100,000 members and assets in excess of $156 billion.

How the 15-Month Certificate Special Compares

When compared to similar length-of-term CDs tracked by that are available nationwide and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Navy Federal Credit Union 15-month Certificate Special. The following table compares the 15-month Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 1/9/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: 1-year CD rates, nationwide deals

  |     |   Comment #1
"Excludes IRA and ESA certificates."

Fine print:

"Limit one Special 15-Month Certificate (Share Only) per member. This offer, including the stated Annual Percentage Yield (APY), is effective as of January 9, 2023. Navy Federal reserves the right to end or modify this offer at any time. Excludes IRA and ESA certificates. The Special 15-Month Certificate (Share Only) has a $50 minimum balance and a $250,000 maximum balance. Additional deposits are allowed at any time, subject to the maximum balance. Dividends earned are not included in the maximum balance allowed. Once the promotional rate is applied to a purchased certificate, it will remain in effect for the length of the product term. Penalties apply for early withdrawals from certificate accounts. Other restrictions may apply."
  |     |   Comment #64
Question about Limit one per member:
I opened 1 15-month CD with $50 yesterday. if I close the CD now. Can I open another one?
  |     |   Comment #65
And your response to their later inquiry...why did you close the original 15 month CD? Spouse, if a member, can also have the CD
  |     |   Comment #68
Sure, I'll add that. Let me look. The account I opened is just a placeholder, and I need to close another CD (Longer term with low rate) and open a 15 months CD (so that I don't have to pay penalty I hope). Otherwise I will have 2 15 months CD.
  |     |   Comment #2
This stinks that's it's not for IRAs, but that's the way it is. .
  |     |   Comment #3
"An ACH transfer initiated by another institution may be the quickest way to get the funds into your Navy Fed liquid account. "

YES . . . In the process of attempted account opening, Navy's own link to fund your new 15-month add-on CD via an external pull — "Transfer from another institution" — does not appear to be working. This from an existing customer, with existing links to existing external accounts.
  |     |   Comment #4
That's right. Navy links can only push, they cannot pull.
  |     |   Comment #5
I have been an NFCU member for years and they have the most convoluted ACH transfer policies I have ever encountered. First of all you have to have a checking account if you want to be sure that you can initiate ACH transfers either internally or externally (a MM account might work too but I would check to make sure first). It is possible that you might be successful pushing into a savings account but they don't guarantee it, it depends on the external FI.  However, if you are using trial deposits to set up the link, it might not work.  And even if successful, you cannot pull from the savings account.

I got a letter from them once when I set up an external link to my savings account from an FI that used trial deposits (2 credits and a debit). They said that they do not allow debits to that account from external FIs but allowed it that one time as a courtesy.  Who knew?!


You may want to consider calling them instead of opening an account online unless you already have the money to fund it with in a liquid NFCU account. That may be the only way you can arrange the funding.  And PS they might tell you they can only fund it from an external checking account not a savings account.  I have had them tell me that.  Just try to figure out their ACH policy!  Guaranteed to drive you nuts.

EDIT:  Regarding the information about ACH transfers above in the blog post.  I scanned it and don't think this was mentioned.  My understanding from prior conversations with NFCU CSs is that if you are pulling from an NFCU checking account from an external FI, there is no dollar limit on the NFCU end (may apply to their MM account too I never asked).  I have never tested this, but hopefully it is correct.  Otherwise you are stuck with doing a wire or a check for amounts over $5,000 per business day or $15,000 per 5 day period (useless for large amounts).
  |     |   Comment #6
I guess I'm one of the lucky ones, I'm not far from one of their branches..;)
  |     |   Comment #7
Indeed. I have always liked them, but some of their stuff is a big pain. Their statements are another one. They don't issue a consolidated statement so you need to get more than one statement for every statement period, and the statements need a redesign. Antiquated stuff for such a large FI.
  |     |   Comment #9
I sent them a secure message to open it for me, for $50 why not but hopefully won't need it, I have way too many CDs coming out short term.
  |     |   Comment #11
These guys are smart in the way they structure their offerings. I admire them for that. Sharp thinking.
  |     |   Comment #14
Another way of saying that - Navy devises policies that are not overly objectionable to their members/customers, and simultaneously protect their own interests (the balance caps, the recent flexible CD policies that incentivize keeping a certain amount of customers' Navy funds at Navy by waiving EWPs - etc., etc.). Sharonview and GTE FCUs, among others, might take a lesson here.
  |     |   Comment #15
Exactly what I had in mind 111, well said.

Great marketing, and still actually delivering some value while protecting themselves at the same time. They know where the line is.
  |     |   Comment #19
PD: So, essentially one needs an advanced business degree from Wharton to have the requisite knowledge to fund a new account with this FI and negotiate their ACH transfer policies. Thanks for letting us know about the potential complications.
  |     |   Comment #20
Hahaha... Not necessary to have but it helps! :)
  |     |   Comment #22
Has anyone called them and tried the speed deposit feature which the member rep will initiate for you?
  |     |   Comment #23
Do you mean having a CSR initiate the initial funding transfer from an external FI on the phone? Not on this certificate, but I've done it on other ones. Worked fine, but the funds had to be in a checking account at the sending FI.
  |     |   Comment #78
Can money be added to the CD directly by a check or does it have be deposited into the savings account first? I opened a savings and a CD with minimum amount in a branch yesterday. Not sure if it a two-step process and/or how much of a hold time they place on check deposits for new accounts. Don't want to leave my money in the low interest savings account until available to move to the CD.
  |     |   Comment #79
If you go into the branch you should be able to deposit the check into your CD, don't think there is a hold on your check as long as it 's going into a CD..... they might put a hold on the funds while in the CD but you will collect interest from the time you deposit the check.
  |     |   Comment #80
Moved $x by physical check in branch at/to navy today…the check was for 10% of total on deposit…2 business day hold
  |     |   Comment #81
I don't know about add-on CDs. Opening a regular CD, you hand over your check and it starts earning the CD interest rate from day 1. With an open add-on CD, they may want to treat it as a regular deposit into savings first that is subject to a hold, which in the case of a new account could be up to a week or so before it can be moved to the CD. I will soon find out. If there is a hold in Savings, I will have no choice but to close the existing CD and open a new one instead when I'm depositing a large sum. 
  |     |   Comment #85
Yes there is check is not a Navy check but from outside institution it is the CD earning while there is a hold
  |     |   Comment #82
Comments #22 and #23 - Are you referring to a Navy CSR offering to transfer in funds from an external checking account via a service called “SpeedPay” (it may have undergone a recent name change)? Navy offered me something like that a while back - for some reason I chose a different option - can't recall why. Sounded like a good option, though - free or minimal cost, either same- or 1-day transfer time as I recall. Didn't know whether Navy still offered it.
  |     |   Comment #83
#82…when at navy yesterday the rep mentioned that…presumably b/c it’s still offered. I never used it and perhaps someone can walk us rookies through it…benefits/risks?
  |     |   Comment #8
On Ken's last section for Navy: HOW COMPARES
5.00% 15-Month Certificate Special (EWP=90 days) Pasadena Federal Credit Union

BUT Ken states on the PFCU page for the details:
According to CSR, the Early Withdrawal Penalty for certificate terms greater than one year is the lesser of 180 days dividends or all earned dividends on the amount withdrawn.

Just a heads up in case someone is considering the EWP ... I am not sure which is correct; 90 or 180 for PFCU
  |     |   Comment #10
I'm not gonna squawk too loudly. What the heck, this is a wonderful deal.

But golly gosh I do wish this 5% APY CD were available for IRAs. And I hope in not distant future they relent, reconsider, and allow such IRA CDs, too.
  |     |   Comment #13
Right? One can get 4.2% for up to 7years for an IRA CD and that is not as good as a 5% for a mere 15 months? And after 15months your are toast? Right? Wrong
  |     |   Comment #16
Can't say either way with an unimpeachable degree of certainty. The fed funds rate stayed over 6% for about 15 years from the mid-70s to around 1990.

And during that time, it spiked to over 20%.

If that pattern repeats, you'll probably be better off with 15 months.
  |     |   Comment #24
Of course if that does happen again, the term of your CDs will probably be the least of your problems since you'll likely be eating cat food and foraging for edible grasses when your dollars become worth about a penny each because of the catastrophic debt service from the decades of reckless, corrupt government overspending that have taken place since then (and still are).
  |     |   Comment #98
P_D just delivered his most bi-partisan admission ever. Slow clap & thank you for admitting the problem has been created due to both sides of the aisle.
  |     |   Comment #17
6 month treasury today at 4.9%. With no state taxes that could be equal to 5.2%-5.4%.
  |     |   Comment #18
So, here's the No-Brainer that maybe isn't?

In the current rate environment, what do you call an add-on 5% 13-month CD with a $50 minimum, at an extremely strong and popular FCU, offer good through April? A No-Brainer!

But - 1) $250K max. cap (for principal), 2) Offer could be pulled early, 3) Only 1 per customer, 4) non-IRA only.

But - maybe the “1 per customer” rule really DOESN'T really apply right now because Navy ALSO currently has in place a policy (which they define as “temporary”) whereby a CD can be closed without EWP for another CD with a greater maturity date?

But - maybe that “temporary” policy DOESN'T really apply to CDs that Navy has called both “Special” and “1 per customer”?

There are more “buts'” here than old Seymour Butts himself saw under the bleachers! More butts than brains? You be the judge! Everyone needs to look at this offer from their own perspective.
  |     |   Comment #21
Only real downside risk I see is if they raise the rate and don't let you open a new one.
  |     |   Comment #31
THANKs!!!!!!! I was unaware of this policy. I just did it, took only a few minutes once I got a representative on the phone. again THANK s for the FYI.
  |     |   Comment #25
Opened the 5% CD this morning with zero drama. Did not want to telephone them. So yesterday I moved $50 into my NFCU checking via ACH. It was there early. I opened the account online easily and straightaway; no muss no fuss.

Only qualm:

I am a bit gun shy after, couple of months ago at a local CU where I am a long time member and where I had wired in a large amount of money, I sought in person to open a very attractive CD and was (at first) flat out denied because of ChexSystems. It took the personal intervention of the branch manager there to override that foolishness.

I'm also a long timer at NFCU. But no way am I able to show up in person. So the ChexSystems menace remains in the back of my mind as a looming, shadowy threat to any sort of online banking (account opening) activity. Feel fortunate NFCU apparently does not buy into the ChexSystems BS. Praise to NFCU for that.


Move available (no EWP) dividends on a bunch of NFCU 3.5% CDs into the new 5% CD.  It's quite a lot of money.  Course you have to telephone them to accomplish this.  Oh, well.
  |     |   Comment #26
that's a good idea. I have several cds at navy paying 3.5 and 3.25. Can that interest be moved into the 5 percent?
I am opening this cd with 1000 and will add if rates dont go higher. I also have that 3.25 special cd that I opened a few months ago in case rates started going down
  |     |   Comment #29
Can that interest be moved into the 5 percent?

I think so, though I have not as yet made the move. But the 5% CD has no requirement for "new" funds. And NFCU dividends (interest) always are permitted to be withdrawn without penalty. I was sort of putting those two items together. We shall see.
  |     |   Comment #28
"Move available dividends on a bunch of NFCU 3.5% CDs into the new 5% CD." Since there is approximately 18 months till maturity, have you considered to negotiate a higher rate with Navy FCU, with no EWP? It is possible to move to an 18 month @ 3.90% or a 24 month @ 4.25%, with a reduction in an EWP from 365 days to 180 days. Also, this would be a great time to determine if Navy Federal would charge you the full 365 EWP and reduce the principal for the entire EWP. If Navy Federal does not reduce principal, then you might not have an EWP at this time, if you obtain the closing withdrawal on the 5 year CD's.
UPDATE: see comment from SamFam. Navy FCU is negotiating and closing 24 month CD's with no EWP and opening and/or adding to the 15 month 5.00% special.
  |     |   Comment #30
Opened over the phone today…long wait, used call back function…two 15 month wonders…for 2 members spouse and me. Funding for one was closure of 12 month CD with no penalty
  |     |   Comment #27
In December, thanks to everyone in this blog, I called NFCU and asked them to close a cd I had at 3 something % and transfer it to a new 24 month CD maturing a bit later than the original at 4.2% APY. They did that and I did not have to pay an EWF. I was so happy. Today, I figured that moving those funds to the 15 month CD would be better even if I had to lose that one month of interest since I was going to move to a shorter term CD. To my surprise, they closed the 24 month and transferred all the funds, interest included to the 15 month CD. No EWF! They are the BEST! :-)
  |     |   Comment #32
It's all relative, depending on if you're thinking / tinkering short term, or longer term. Best for Navy may not actually be best for you . . .

What if, by the time the 5% CD matures, rates have plummeted to 1~2%? Wouldn't it have been better to have retained your 4.x% for an additional eight months? [Jan-minus-Dec: 23 months remaining – 15 months @ 5% = 8 months] . . . Unless, of course, you need all that cash back in 15 months :-)

Another consideration to throw into your personal equation is about topping out the Navy 5% add-on CD at $250k. If, coming down the pike, you've got more to invest beyond that, it might also be better to leave that 4.x% in place, untouched.

In my case, for example, I've got a sizable 14-month CD maturing at Langley in March, with a not-so-exciting 1.25% APY. [It was competitive, and felt compelling, a year ago.] I'm looking forward to routing the matured balanced over to my NAVY 5% add-on, and need to leave room for it! (Given the $250k cap, converting the 4.x% over would not allow this.) So my plan is to leave both 4.x% (24 months) & 5% (15 months) running concurrently.

Moral of the story: 'Tis a matter of individual budgeting, and a single, one-size scenario may not be for all.
  |     |   Comment #33
SamFam should open a new 24month add-on CD at 4.15%.
  |     |   Comment #59
Thank you for your insight, NYCDoug.

The reason for my post, was to inform everyone that NFCU will forgo the early withdraw penalty even when one reinvests in a cd maturing sooner than the one previously held. My understanding from reading the posts here, was that they would only do it if one reinvests the funds in a CD of a longer term. For me they did it even when I went to a lesser term.

Other than that, I agree with everything you state, except, I seriously doubt that in April of 2024, when this CD matures, we will be at 1-2%. Even if that is the case, the percentage of total liquid assets that are invested there, will not break the bank. ;-)
  |     |   Comment #60
Thank you for all of your posts! Depending on the amount invested, I believe that there are some investors that will move the balance to the 15 month CD @ 5.00% and withdraw most of it in one day (EWP one day of interest earned) to take advantage of an opportunity to reinvest at another institution for a longer term. For example, if you withdraw $249,950.00 from the 15 month CD, after one day of opening it, the EWP is approximately $34.72. If Navy FCU enforces the minimum 7-day EWP, that is approximately $243.04. You could leave $50.00 to keep it open. Remember, the EWP is the lesser of interest earned since inception or 180 days of interest. Of course, it is up to each investor, to decide if they should invest for a longer term and at the appropriate rate. Also, an investor, could decide to leave in money market funds at this time. I just wanted to share my thoughts on how to accomplish a lower EWP at this time.
  |     |   Comment #61
SouthernGirl, I am confused by your post. Why would you open the 15 month CD and withdraw all the money less $50 in one day. If it's because there is another CD that's more attractive to the investor, why not transfer your money there directly without this interim step?
  |     |   Comment #62
SouthernGirl... that seems like a sneaky way to take advantage of Navy not charging an EWP to switch the funds...I appreciate Navy for going above and beyond to do something to help their members so I for one would not take advantage of something like that.
  |     |   Comment #63
Okay, I got it.
  |     |   Comment #35
NavyFed doesn't offer a 24mo Add-On as far as I know SouthernGirl (just a locked 24mo) but if it doesn't have to be Navy (for the EWP waiver) then MACU has a 24mo Add-On (100k max) at a better 4.75% right now -- super easy to join and set up. And if you REALLY want, you can open MACU w/$5 (and $10/mo) but put the rest in a Navy 15mo 5% now, then when Navy matures in 15 mos, move it to MACU's 4.75% Add-On for the remaining 9 months.

But sometimes it pays to just take the penalty when rates are higher elsewhere.

One example is Navy's 33mo Add-On from last summer, which was 3.3%, with about 29 or so months left now.

You can move it to a 36mo @ Navy for 4.2 w/o the EWP right now, but if you need the funds maturing around the original maturity date you can also just pay the penalty at Navy and move the funds elsewhere, as there are places offering rates around 4.6% for a 30mo right now, and any EWP you pay will also normally be tax deductable come tax time as well. Just do the math to see what's best for you.
  |     |   Comment #36
Check again…I have a 2 year 4.15% with unlimited add-on…don’t know what you don’t know!  How does one define Spoon feeding 101?  Name calling is so unbecoming... Read and focus!  The real Q is can one stand for the rate at maturity?  Zero is (not) part of your plan?  Or the plan is....   Good luck!  You'll need it!
  |     |   Comment #37
Oh yeah, the Easy-Starts. No need to be snippy though for just trying to help. Might still do you or others good to look into putting it elsewhere, even taking the EWP, when the difference is 4.15 vs 4.75 for the same 2yr add-on but up each person to do the math.
  |     |   Comment #38
Mountain America CU 24 month add-on has a maximum balance of $100K.
  |     |   Comment #39
S/he knows that. …”then MACU has a 24mo Add-On (100k max) at a better 4.75% right now….”  in #35
  |     |   Comment #40
My comment was based on racecar's comment #37,  "for the same 2yr add-on" and pointing out the difference of maximum balance of $100K, even though the rate is higher.
  |     |   Comment #41
Wow! I have a significant amount of CDs at Navy, 3-3.5%. I was surprised that they let me convert $250K today to a new 15mo. 5% CD today without any penalties.

I had about the same amount of time left on my old CDs to maturity as the new 15mo. CD.

NFCU rocks!
  |     |   Comment #47
Thanks for sharing the tip! Have you decided that you will leave the $250K invested for 15 months? Is there a possibility that you will withdraw the funds with an EWP of one day of interest ($34.72) and reinvest with another institution for a longer term? Remember, the EWP on the new CD is the lesser of interest earned or 180 days of interest. You can leave the 15 month add-on CD open with $50.00. Please share your thoughts.
  |     |   Comment #51
Southern Girl- more than likely, I will just let my money ride at Navy unless rates get above 6%. I tend not to break CDs early. One exception was GTE where I broke a 3% add-on CD with 2 years left for a 5 year 5% brokered non-callable…no-brainer.

I have an IRA CD maturing next week at Navy, trying to find a new home for it. Navy is only offering 4.25% for 5 years.I would like to stick with brokered CDs, but right now they are not competitive. Any ideas?
  |     |   Comment #52
If I may throw my 2 cents in….I have a minimum funded 5 year IRA CD at navy which is/will be used to move funds to in the future, if needed. You could take a thousand of interest out of current IRA to open 5 year. I’m toying with idea of opening a minimum 7 year IRA CD too as insurance but hoping that rates may change. Finally once your current IRA CD matures it is all principal and no interest there to open other IRA CD accounts. Finally, finally, being in rmd stage of life I can always take that distribution from long term IRA account to satisfy requirements and to close account.  Good luck
  |     |   Comment #53
Mffarrell thanks to you and SouthernGirl I moved my 3.3% CD to 4.2% last month with no penalty and then up to the 5% add-on with a tiny (partial month) penalty this AM. I then opened up the 4.15% easy start 24 month add-on certificate for the $50 minimum as insurance. Would not have thought those moves to be available if not for this forum.

I asked them about IRA’s specials but no luck on that front.  Langley has a 29 month 5% deal that I am considering.
  |     |   Comment #42
Seems like the 5% 15-month CD is the latest rage for a number of credit unions. I have three credit unions I belong to that are offering this product now. Interesting!
  |     |   Comment #43
Lou, could you please post your other CUs that have 5%?

  |     |   Comment #44
. . . but are all three add-ons?
  |     |   Comment #45
Please see my comment on Unify Federal Credit Union 15 month 5.00% CD on Chat with CSR in reference to EWP = three months of interest.
  |     |   Comment #46
Unify, First Entertainment and Navy. I think I belong to another one with this product but can't think of the name right now.

One of them (other than Navy) I think allows add-ons in the first thirty days.

SouthernGirl, that's interesting what the member rep said at Unify. Generally, even if it's true they typically would never admit to it.
  |     |   Comment #48
UNIFY allows one additional add-on in the first thirty days.
  |     |   Comment #49
NFCU is very generous allowing customers to move funds from one CD to another. It's obvious long term customer retention is more important to them versus short term EWP profits from customers who are considering moving money elsewhere. They must have a dedicated management team that looks at CD management policies very carefully, and for the most part trains their dedicated CS reps well. The 15 month 5% looks great, however I am grabbing the EFCU Financial 60month @4.60 for my IRA...with 180 EWP. Currently ALL their 12 month to 60 month nonIRA and IRA CD's are earning at least 4.5%. They can be flexible about their field of membership if you happen to talk to the right CSR!
  |     |   Comment #54
A PS w/more info --
For those with the Navy 33mo Add-On @ 3.3% from August, with about 29 months left:

If you don't mind it maturing later you can have Navy move it to a new 36mo CD (or longer) at 4.2% without penalty.

But if you need the maturity to be around the same original time, two places with excellent 30mo CD rates now are: Crescent Bank (4.65%, easy, online, open to all) and EFCU (4.6%, limited membership), both 180 EWP. There are probably more but it's hard to search for 30mo CDs on DA! At these rates, it pays to just take the EWP from Navy (which won't even be 180 days since the CDs are only 4-5 months old) and move the funds elsewhere (plus EWP is normally tax deductable).

I wish Navy offered 30 mo CDs and 4yr CDs (for some reason they skip 4yr CDs)...

Choice: a 7yr Navy IRA @ 4.2 isn't a bad idea, I was toying with it as well. Rates will probably remain high for a while but you never know, and 4.2% for just 1K isn't bad as insurance if rates ever lower and Navy keeps allowing IRA Add-Ons. I may do it as well w/just the minimum.
  |     |   Comment #55
And I neglected…4.45% for 12 months at navy coupled with a 3, 5, AND 7 year IRA CDs with only 1k in the latters could be a good play, too. But, again, funding for outyear IRA CDs needs to be with interest before that CD matures
  |     |   Comment #56
I agree with that plan. However, I would add a 24 month IRA add-on CD for $50.00 @ 4.15% and move one year IRA CD into the two year IRA CD. This makes since for those that need to take a regular distribution, between the one year and the three year period.
  |     |   Comment #57
Choice per that 7 year are you allowed unlimited add-ons such as from an IRA transfer from another institution or are you capped based on your contribution limit based on your yearly income? Thanks!
  |     |   Comment #58
Normally, Navy allows add-on (from any source) to IRAs during the first 3 1/2 months of year...ergo plan on have those (other) IRA CDs mature within that period. Cap on individual IRA could be an issue...don't know of anything coupled to income
  |     |   Comment #66
“Normally, Navy allows add-on (from any source) to IRAs during the first 3 1/2 months of year...” That reminds me - I posted in mid-December that a Navy CSR told me this several-years-old policy would again be in effect for 2023. Others posted this also as I recall. But most of the talk here has been about Navy's newer policy, of “extending” CD maturation dates without charging EWPs.
So now that we're in 2023, can anyone actually confirm that the older Navy IRA policy still holds? I trust Navy CSRs more than most, but an adage of one of my favorite Presidents, “trust but verify”, is always relevant.
  |     |   Comment #67
Well not if everyone finds out about it...;)
  |     |   Comment #69
Mak - If you're responding to me, I'm not entirely sure what you mean, but I'll take a shot. If you're talking specifically about the several-years-old Navy IRA policy during the first 3.5 months of the year, then I think that policy's been discussed fairly often in this forum over the last few years. So that cat may be fully out of the bag.
That's not to say that there aren't other, different issues, possibly with other FIs, that have not been nearly as publicized (and are also more vulnerable to shutdown). On those issues, perhaps “discretion is the better part of valor”.
  |     |   Comment #70
111...okay, deleted...;)
  |     |   Comment #71
Mak - Well I haven't done a poll or anything, but I do recall it being mentioned in years past. Maybe just because I've had Navy accounts for a while.       
But in all seriousness, there is a “spectrum” to this stuff - things that may make people money, but may also upset the FIs. My own opinion is that those items that are both less well known AND more vulnerable to shutdown, should perhaps be handled only via PM.

(Edit) P.S. - I saw your comment #70 before you deleted it.  Seemed pretty innocuous to me!  Have a good night.
  |     |   Comment #72
I was making a little joke but agree on the rest.
  |     |   Comment #73
OH Yeah ! Great ! Make sure it takes a Blood Oath.
A Secret Society just as in the old days at Fat Wallet.
  |     |   Comment #75
What happened, Blazer - did FatWallet blackball you, or not let you into the Inner Circle because you were a security risk? Wow, since FW's been gone for going on 6 years, looks like some people can hold a grudge for a really long time!
  |     |   Comment #84
Wasn't it called the Garden?
No bother to me.I was a pollywog back then.
Think it made the forum a lesser community .
Berating an open commenter "leaking" a tidbit
once in awhile.
All in all it was a good web site.
  |     |   Comment #74
Some activist needs to compile a compendium of all the most valuable secrets about features of certain banks and credit unions that shouldn't be publicized for fear of having them repealed and post it.
  |     |   Comment #76
Okay, now you got me curious. What deals or features of certain banks or credit unions do I not know about? Somebody out there please PM me and let me know.
  |     |   Comment #77
Me too! ... ...
  |     |   Comment #86
I opened one this afternoon and was very easy. While you can't pull money into them you can call and they use SpeedPay to move money in. So I initiated that today and the money will be there by end of week and when it gets there they fund the CD. What's great is they with then back date the CD to today's date. So no lost interest and will get interest in both accounts until at least Tues with Mon being a holiday. Only downside is there is a $99,999.99 max you can transfer. Next week I will push more money there to add to CD
  |     |   Comment #87
Tell us more about SpeedPay…thanks
  |     |   Comment #88
I did it. It does work just as scott said. For me it took 2 days for the money to arrive. Instead of waiting for the Navy back office to fund the CD, I called them to fund the CD after the money was credited to my Navy checking account.
  |     |   Comment #91
I was told back office is so busy right now could take a week or more since mine also has to go through Trust department but my share savings is under my trust so will be easy. I like that Navy lets you have a trust as owner, many Credit Unions and some banks don't allow that. But really doesnt matter when it gets funded since CD will be back dated to 1/14 the day I called.
  |     |   Comment #90
They are legit, I have used that service for years to pay my Utility bills. They use to be owned by Western Union but they sold to someone else a couple years ago. To use with Navy they have to initiate it so you call Navy give them the account and routing numbers from the bank you are pulling it from.
  |     |   Comment #92
Something smells fishy here!? Most 5.% CDs are yielding 4.91% monthly earnings, but this CD is only yielding 4.88% monthly. I think I'll wait for the next rate hike and then make a commitment.
  |     |   Comment #93
Not true. It would be 4.89% if dividends are monthly compounded and 4.88% for daily.
  |     |   Comment #94
#93, if it walks like a duck and talks like a duck...
  |     |   Comment #96
Today I called Navy Federal to ask if two 3% 5 year CDs that were to mature in 2024 in 17 and 19 months could be transferred to the 15 month 5% APY add-on CD without an early withdrawal penalty. The person taking my call quickly got me to an account specialist who made the transfer and let me check my account for the update online while on the phone. I was very pleased by the service and that they would provide this as a courtesy. If I weren't concerned that this courtesy might go away or the CD offer would end early, I may have waited until April when the offer is scheduled to end. Even though my new CD will mature a couple of months earlier that the original, that works out well for me as I will likely need the cash around that time anyway.
  |     |   Comment #97
Good info and kudos for creative approach, and not being critical at all…and to push the envelope…why only 15 month add-on as compared to 5 or 7 year 4.2%? For at least one of the CDs? Thanks
  |     |   Comment #99
I just closed 4 CDs that were paying 3% to the 5% CD with no penalty at all. The rep was exceedingly helpful and knowledgeable. The interest that would have been paid at the end of the month on the closed CDs was swept into my checking account. The best thing I ever did with my money was joining Navy Federal!
  |     |   Comment #100
As per John19, today is the LAST DAY to move longer CD's with lower rates to Navy FCU 5.00% 15 month add-on CD with no EWP!!! As a reminder, today is the LAST DAY to open Navy FCU 5.00% 15 month add-on CD with a $50.00 deposit!!!
Navy Federal Adds Limited Time 20-Month Add-On CD Special
Deal Summary: 20-month Certificate Special, 3.00% APY, $1k min/$250k max deposit, unlimited additional deposits up to $250k, limit one per member, available through September 11, 2022.

Availability: Nationwide, but restricted to those with a military relationship (personal or family).

Now through September 11, 2022, Navy Federal Credit Union (Navy Fed) is offering a 20-month Certificate Special (3.00% APY, $1k min/$250k max). The 20-month Certificate Special is also an “add-on” CD, allowing unlimited additional deposits (subject to $250k maximum balance) throughout the term. There is a limit of one...

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Navy Federal Adds Rate-Leading 33-Month Add-On Special CD
Deal Summary: 33-month Special Certificate, 3.30% APY, $1k min/$100k max deposit, unlimited additional deposits up to $100k, limit of one Special Certificate per member.

Availability: Nationwide, but restricted to those with a military relationship.

Three weeks ago, Navy Federal Credit Union (Navy Fed) added a 33-month Special Certificate (2.60% APY, $1k min/$100k max) to the product line. As of yesterday, the rate was boosted to 3.30% APY, with the same minimum/maximum deposits. The 33-month Special Certificate also allows unlimited additional deposits (subject to $100k maximum balance) throughout the...

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Navy Federal Adds 17-month CD Special With Add-Ons
Deal Summary: 17-month Share Certificate Special, 2.25% APY, $50 minimum/$75k maximum deposit, additional deposits up to $75k.

Availability: Nationwide, but restricted to those with a military relationship.

As DA reader, carolynwo, noted in a Forum post, Navy Federal Credit Union (Navy Fed) has a new 17-month Share Certificate Special (2.25% APY, $50 min/$75k max) in their product line. The new Special also allows unlimited additional deposits (up to $75k) throughout the term. According to the fine print on the promotion page, there is a limit of one 17-month...

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Navy Federal Adds 37-Month IRA Certificate Special, 3.00% APY
Deal Summary: 37-month IRA/ESA Certificate Special, 3.00% APY, $50 min/$150k max deposit, additional deposits allowed.

Availability: Nationwide, but a military relationship required for membership.

In the past, I’ve written a couple “good news Monday” blog posts about Navy Federal Credit Union (Navy Fed). The latest good news Monday offering is a 37-month IRA/ESA Certificate Special, earning 3.00% APY. This limited-time Special can be opened with as little at $50 and is capped at $150k. Additional deposits are allowed throughout the term, subject to the $150k...

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Navy Federal Adds 18-Month CD Special, 3.00% APY
UPDATE 8/19/19: The 5-year Certificate Special rate has fallen to 3.25% APY.

Deal Summary: Certificate Specials – 18-month (3.00% APY) and 9-month (2.50% APY), $1k minimum deposit.

Availability: Nationwide, but a military relationship required for membership.

At the beginning of the month, I stated, “It’s another good news Monday” at Navy Federal Credit Union (Navy Fed) because the 5-year Certificate Special rate had been increased to 3.50% APY on all deposit tiers.

In that July 8 blog post, I wondered how long the 3.50% APY would last....

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