Navy Federal Credit Union’s (Navy Fed) 20-month Special Certificate is no longer available, but the Credit Union has filled the void with a new 17-month Special Certificate, which earns the same 2.00% APY as the 20-month did. The minimum opening deposit has been raised to $50, but the balance cap is now $50k (as opposed to the $20k for the 20-month), with additional deposits "allowed at any time subject to the maximum balance." There is a limit of one 17-month Special Certificate per member.
The 17-month Special Certificate is also available as an IRA/ESA, earning the same APY with the same funding requirements.
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Certificates with a term greater than one year: Forfeiture of all dividends on the amount withdrawn for 180 days or since the date of purchase or renewal (whichever is less).
Many thanks to DA reader, CTRX, for mentioning this Special Certificate in the Forum.
Not to be confused with PenFed's almost universal membership eligibility, Navy Fed’s membership is strictly for individuals who are connected to the military, regardless of where they reside.
Navy Fed’s "How to Become a Member" page very clearly qualifies individuals through a series of questions.
You must be able to answer "Yes" to one of the following questions to qualify for Navy Federal Credit Union membership.
- Are you currently serving as an Active Duty or reservist personnel for the DoD, Coast Guard, or National Guard?
- Are you a Military Officer Candidate?
- Are you a Military Recruit and/or part of the Delayed Entry Program (DEP)?
- Are you a Department of Defense Civilian?
- Are you a retiree receiving an annuity from the DoD, Coast Guard, or National Guard?
- Are you a U.S. government Civilian (including Coast Guard) assigned to a DoD installation?
- Are you a DoD contractor assigned to a U.S. government installation or facility?
- Are you a family member of one of the previously mentioned individuals?
Credit Union Overview
Navy Federal Credit Union (NCUA Charter # 5536) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.59% (excellent) based on September 30, 2016 data. In the past year, Navy Fed has increased its total deposits by $6.74 billion, an excellent annual growth rate of 14.09%. Please refer to our financial overview of Navy Federal Credit Union for more details.
Navy Federal Credit Union is considered to be the largest credit union in the world. Headquartered in Vienna, Virginia, Navy Federal has grown from its initial seven members in 1933, to over 6.7 million members and assets in excess of $78 billion.
How the Special Certificate Compares
When compared to the 140 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available to nationwide, Navy Federal Credit Union’s 17-Month Special Certificate APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.00% APY||17-Month Special Certificate ($50k max)||Navy Federal Credit Union|
|1.60% APY||16-Month CD (no max)||Consumers Credit Union|
|1.51% APY||15-Month Certificate Special ($100k max)||USAlliance Financial|
The above rates are accurate as of 12/6/2016.