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6.00% 10-Month CD Starts Monday at Navy FCU


Navy Federal Credit Union is starting a special 10-month share certificate on Monday with a yield of 6.00% APY and a rate of 5.83%. The minimum deposit is $10,000. It's available as both a regular and IRA certificate. It's not yet listed on Navy FCU's website. A reader mentioned hearing about it, and I called and confirmed it. It'll likely be listed at the website on Monday.

Navy FCU has maintained very competitive standard CD rates this year. However, rates have recently dropped. The best rates require a minimum $20K deposit. Yields range from 5.20% APY for a 1-year term to 5.60% APY for a 7-year term. Navy FCU also has a competitive money market account that pays 5.25% APY on balances over $50K. See rate table for the full details.

Eligibility into Navy FCU requires some type of connection with the Navy. See Navy FCU's eligibility page for the full details. Unfortunately, there's no easy way to join for those without a Navy connection.

I was fortunate to be able to join Navy FCU in April via my dad who was able to join since he receives disability from the Navy. In this Navy FCU post I describe my experiences joining Navy FCU and opening a CD. I also include several details about CDs. It took almost 3 weeks from the initial online application to when I was able to open the CD. So if you're interested in this 6% CD and are eligible to join, make sure you don't delay starting the membership process.

Branches are located around the US and the world. Navy Federal is federally insured by the NCUA (Charter # 5536). It's the largest US credit union. It has over $28.7 billion in assets and over 2.8 million members.

Thanks to the reader who emailed me info on this new CD.

[Update 7/2/07: The CD is now listed at the website. Here's the link.]
Related Pages: Navy Federal Credit Union, CD rates

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Anonymous   |     |   Comment #1
Banking Guy, any idea how long this CD will last? I also joined last April and also have funds in FNBO. 6% is a good rate, and I would leave the funds liquid,as is, if the Navy holds this rate open for a longer period. It seems like the rate Navy offered in April was good for a couple months. What do you think? Or what are the possibilities of a shorter 6% rate coming along before 9/28?
Banking Guy
Banking Guy   |     |   Comment #2
The CSR didn't know, but my guess is at least 2 months. The last 6% CD started in February and lasted through April. According to the CSR it was originally planned to end at the end of March, but it was extended for another month. So there's a chance that this new CD could last through September which would be perfect timing for the end of FNBO Direct's promo.

About other 6% rates coming around the end of September, it's hard to say. Perhaps another online bank will do their own new promo.
Nabil   |     |   Comment #3
For those of us who obviously will be using our FNBO direct account to fund the CD, does anyone know the routing number FNBO uses so that we can have the money withdrawn from that account and put into the NavyFCU account? Last time I opened a CD with NavyFCU they used a method in which they issued a check on my behalf from the account/routing number I provided them and even back dated the CD to account for the time it took for them to receive the funds. Is this even possible with an FNBO account?
Anonymous   |     |   Comment #4
The aba I was given by FNBO is 104000016. I haven't used it to transfer funds, yet. It was used by GMAC to send trial deposits to add FNBO to my GMAC external account list.
Anonymous   |     |   Comment #5
Is it possible to initiate a transfer or check from outside fnbo direct?
Anonymous   |     |   Comment #6
CSR told me August 31st for the end of the promotion, but that it wasn't set in stone. Might be worth checking back with them mid-August to see what they say then to maximize time in FNBO.
Banking Guy
Banking Guy   |     |   Comment #7
Thanks for the info. Glad to see it'll last at least through next month. They did extend the last CD special for an extra month so maybe there's a chance that they'll do it again.
Anonymous   |     |   Comment #8
This special ended on 8/14/07 and I missed the boat! Too bad the CSR told me it would end on 8/31, but I guess NFCU changed their mind.