Navy Federal Credit Union (Navy Fed) started August by offering a 20-month Special Certificate (2.00% APY). The minimum opening deposit is $20, with a balance cap of $20k, but additional deposits are "allowed at any time subject to the maximum balance." There is a limit of one 20-month Special Certificate per member.
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Certificates with a term greater than one year: Forfeiture of all dividends on the amount withdrawn for 180 days or since the date of purchase or renewal (whichever is less).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, vjrampello, 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 5.30% (excellent) based on March 31, 2016 data. In the past year, Navy Fed has increased its total deposits by $5.58 billion, an excellent annual growth rate of 11.97%. 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 6.3 million members and assets in excess of $75 billion.
How the CD Compares
When compared to the 110 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available to nationwide, Navy Federal Credit Union’s 20-Month Special Certificate APY currently ranks first.
The above rates are accurate as of 8/3/2016.