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 20-month Certificate Special per member.

The 20-month Certificate Special was added just as the 33-month Special Certificate (3.30% APY, $1k/$100k deposit) was removed from Navy Fed’s product line. While the 20-month Certificate Special offers a rate 30 bps lower, the balance cap has been increased by $150k.

In the past few days, there were three Forum posts about the 20-month Certificate Special by DA readers, CTM, cando, and MY2CENTSWORTH, with a variety of comments added by about 15 DA readers. A recurring theme in the comments is disappointment in the 3.00% APY, but I think an insightful comment by DA reader, carolynwo, is worth considering.

While not a great rate, it does provide another $1K placeholder. Interesting that this is only available for 2 weeks. Begs the question: what/when will NFCU up their MM rates and long term CD rates, both of which have lagged miserably?

The 20-month Certificate Special is definitely a useful placeholder that can be considered a low-rate insurance policy. Let’s say rates keep rising and during the 20 month term you could have averaged 5% on that $1k instead of 3%. That’s only a loss of about $33. As one of my colleagues said in a somewhat oddball metaphor, “focusing on the 3% is not seeing the forest for the trees.”

Many thanks to all the DA readers who posted/commented on this latest NavyFed promotion.

Early Withdrawal Penalty

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Certificates with a term greater than one year: Forfeiture of all dividends on the amount withdrawn for 180 days or since the date of purchase or renewal (whichever is less).

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 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 also 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. To designate beneficiaries, refer to Navy Fed’s Payable on Death (POD) and Deposit Trust Accounts Form. This form can also be used to open accounts under a legal trust; Navy Fed calls that type of account 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.

Navy Fed’s "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 2.96% (excellent) based on March 31, 2022 data. In the past year, Navy Fed has increased its total non-brokered deposits by $15.23 billion, an excellent annual growth rate of 12.67%. 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 11,700,000 members and assets in excess of $160 billion.

How the 20-Month Certificate Special Compares

When compared to the Add On CDs tracked by, which require a similar minimum deposit ($5k or less) and are not limited by a low balance cap, the NavyFed 20-Month Certificate Special APY currently ranks second.

The above information and rates are accurate as of 8/30/2022.

To look for the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.

Related Pages: 1-year CD rates, nationwide deals

  |     |   Comment #1
Surprisingly unexciting deal from Navy.
  |     |   Comment #2
Yes, nothing to see here. 1 yr. treas. are at 3.42% and 2yr. at 3.46% and those are tax free at the state level so effective rate higher by about another .2%. Navy is far behind on their rates. They are so big they have too much money on deposit. Heck, govt. agency bonds are over 3.5%!!
  |     |   Comment #3
Okay it's an add-on. But I already have this period covered with a better add-on from the last round of rate increases. I would have expected around 3.3% APY on this deal from Navy. I have several CDs with them but this one is a pass for me.
  |     |   Comment #4
Will we see advocates for guns and butter next, ie lower inflation with higher rates? Possible with this crowd but unlikely to happen.  However, just think if one managed what they can control, ie expenses, maybe the real guns and butter will be in hand, ie buy/focus on non-inflated goods, have higher inflation, with higher CD rates. And according to WSJ today the price of fuel has tanked and Russia is earning more $ on fuel sales now than before the war started! Have to do something different rather than wishing!
  |     |   Comment #6
Wait until this fall and see what happens with the skyrocketing natural gas prices, ...potential serious economic shock on top of the record inflation. Has the potential to make the record high gasoline prices look like kid's stuff.
  |     |   Comment #9
as well as heating oil as reserves are depleted...hopefully a "spike" during the next month to assist in '2023 Federal COLA increase (double digit?? It's gonna be close IF we have another energy spike in Sept...)
  |     |   Comment #5
Bleh deal. They're playing it safe by making it only 20mos. Ironically, for those who opened up a GTE 3% add on (or other similar add-ons offered around the same time) this Navy will mature around the same time as the GTE, so no need for it. If it was a 5yr then it'd be worth just opening w/the mininum in case rates tank later... but 20mos at only 3%... pass. Especially when they just had a 33mo one at 3.3%!!
  |     |   Comment #8
"Especially when they just had a 33mo one at 3.3%!!"

I agree but note that this one has a higher mazimum. (sorry, my __ key is not working so I used the z instead :)
  |     |   Comment #12
I like "mazimum." I may steal it from you.
  |     |   Comment #17
Yes, and with the FED pounding the table that rates will be at 4% all thru 2023 this is no way a good deal.
  |     |   Comment #7
Could be a good deal in the last few months before it matures, if online savings rates are lower. Nice 250k maximum too.
  |     |   Comment #10
It is completely crass that this “special” ends on September 11.
Military families spend decades sacrificing after that day…and this credit union runs a special for 11 days that ends on that day like it is a celebration or something.

The new CEO has n military experience and it shows. They crushed other military credit unions by offering great CD rates and now they are completely forgetting who their customers—were.
  |     |   Comment #11
The first business monday of the month is when rate changes have been made. The 11th is no different than the ending of the 33 month special...Sunday. BTW NFCU only recently posted the anticipated end date for specials...which is what this is. Want to go back to when they posted nothing on ending date! Look forward to the new rates on the 12th. Plan accordingly!!! Don't bite the ( ) horse in the mouth.
  |     |   Comment #13
Ah, why not? It's a low-minimum, add-on CD at 3% with an FCU I've been with a while and have confidence in. With a much higher max ($250K) than the last one. And who knows, if I buy they might even re-start those handy zero-percent, no-fee credit card balance transfers they used to offer me literally every year on my Navy credit cards! (lol)

Not to overemphasize, but it's an add-on CD.

For those pointing out that 1 Year+ Treasuries are currently 3.4+% - agreed! I've bought those also (sometimes even in tax-deferred accounts, where state/local tax issues really don't matter). But does a “full-fledged” investment like that really also preclude buying a “rate-insurance” add-on at a mere $1K minimum?
  |     |   Comment #14
Treasuries and CDs are two different assets. There is a place for both.
  |     |   Comment #15
"Treasuries and CDs are two different assets. There is a place for both." Agreed.
  |     |   Comment #16
What's sad about this rate is it's not for and IRA and their other IRA rates as far below the market. .
  |     |   Comment #18
I am a little confused. Why is NFCU considered easy membership? I don't see a work around like other credit unions. I.E. Join a non-profit. Am I missing something?
  |     |   Comment #19
Most people have someone in their family tree (parent, grandparent, sibling, spouse, children, grandchildren, etc) who is associated with the DOD in some capacity (active duty, reservist, retired, ROTC candidate, DOD civilian employee, contractor assigned to DOD facilities, etc). And of course, for those few who don't, well they could always join the military in some capacity themselves (sign up for the reserves, get a job with a DOD contractor, etc).
  |     |   Comment #20
They don't verify the military relationship, just tell them anything.
  |     |   Comment #21
Not recommended...reminds me of the underwriting for various insurance related is done at the time of a claim and if fraud, the canceled from the get-go.

We went into a branch with an unusual litany of events with paperwork to back it up.
  |     |   Comment #22
Looks like this special (if you can even call it that) has been extended now till the end of Sept. Ugh, was hoping they would come out with something a lot more attractive today than 3.0%. Treasuries are much more attractive at this time.
  |     |   Comment #23
Any rumors or…on what the new rates are?
  |     |   Comment #24
Rumor has it that Oct 3 NFCU will move some rates, e.g. 18/24 month term, 3.1% and 3.2% respectively up to $100k with .5% less for add-on privileges. 7 year CD will go to 3.4%. With slight increases for 12 month CDs. Enjoy!
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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Navy Federal Offers Very Competitive 5-Year CD
UPDATE 8/19/19: The 5-year Certificate Special rate has fallen to 3.25% APY.

Deal Summary: 5-Year Certificate, 3.50% APY, $1k minimum.

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

It’s another good news Monday at Navy Federal Credit Union (Navy Fed). The 5-year Share Certificate rate has been increased to 3.50% APY on all tiers. Minimum deposit is $1k. There is no maximum deposit. This is just a standard type of Certificate. There are no special features. For example, add-on deposits are not allowed until maturity.

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