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4.00% 15-Month CD at Navy Federal Credit Union


Navy Federal Credit Union has started a special 4.00% APY 15-month certificate. The minimum deposit is $15,000. It's available as both a regular, ESA and IRA certificate.

I had heard this CD special was going to have a term of only 7 months, so I'm disappointed to see the 15-month term which makes it not quite as competitive. Navy Federal and most other credit unions haven't been as competitive with their certificate rates as compared to banks in the last few months. Perhaps banks have the greater need for deposits. If you look at the situation last year, you can see the difference. In February of 2007, Navy Federal was offering a 6% 15-month CD. As you can see from this February 2007 weekly rate summary, the top 12-month CD yield from a bank was 5.46% APY at AmTrustDirect. Now, the top 12-month CD yield from a bank is 4.35% APY at BankUnited.

Navy Federal has recently expanded their field of membership. You can now be eligible if you have some connection with not just the Navy but also with the Army, Marine Corps and Air Force. Refer to their Eligibility Checklist for the full details. Unlike Pentagon Federal Credit Union, there isn't an easy way for people without a military connection to join.

For more details about joining Navy Federal and opening and closing Navy Federal certificates, please refer to this May post.

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 $35.3 billion in assets and 3,050,981 members.

Thanks to the reader who emailed me info on this new CD special.
Related Pages: Navy Federal Credit Union, CD rates, IRA rates

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Anonymous   |     |   Comment #1
Like you, Banking Guy, I have been waiting for Navy FCU's special for this year. Poo, this is not what I was expecting. I got in on last year's 6% 15mo CD, big time win, as I placed 2 large $K CD's. I talked to Navy earlier and they too were waiting for the special for this year. If this is it, I will wait for something else from some other establishment. Heard earlier that we should see some good bargains around October.
CD Rates Blog
CD Rates Blog   |     |   Comment #2
Historically, credit unions are slower than banks to respond, because in their nature they aren't fixated on profits like banks.

A credit unions missions is to return the lowest loan rates and highest savings rates it can.

So generally, in a falling rate environment their rates are more competitive. They lower rates much slower. Conversely, in a rising rate environment, they raise them slower, thus are often left behind a bit.

So in a rising rate environment, they will have much better loan deals then the banks.