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New CD Rates at Navy Federal Credit Union


Navy Federal Credit Union has reduced their certificate rates for January, but they're still competitive. The special 6-month CD APY is now 3.75% (down from 4%). Minimum deposit is $10,000. The standard long-term CD rates are also down, but there is still a 5.10% APY. However, the rate table only shows this to be available for the 7-year term. The 5-year APY is now 4.40%. Minimum deposit is $20,000. The rates are 0.15% lower for a $1,000 minimum. These certificates are also available in an IRA. These rates are listed in the credit union's rate table as of 1/1/2009.

Note, the special certificate rate table shows this 5.10% APY also available for the 5-year term as of the morning of 1/1/09. I'm assuming this is a mistake, and the correct rates are in the standard rate table which shows a 4.40% APY 5-year CD for $20K minimum.

Navy Federal continues to offer a special EasyStart Certificate with a 4.25% APY for a 1-year term. However, the maximum deposit is $10,000. It also has several requirements that include checking and direct deposit. Here's the small print:
Only one Special EasyStart Certificate per member is allowed. For members age 18 years or older, a Navy Federal checking account and minimum direct deposit of $500 must be established within 90 days from the date of certificate purchase or the APY will revert to 3.10% (dividend rate of 3.05%); in addition, a $15 minimum monthly deposit is required.

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 $35.8 billion in assets and 3,142,637 members.
Related Pages: Navy Federal Credit Union, CD rates, IRA rates

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Anonymous   |     |   Comment #1
The rate is no longer that high for a 7 year CD.  The 3.75 you listed this weekend is not available that I can see.
Anonymous   |     |   Comment #2
best people in town to deal with  cd rates generally higher then any bank or credit union