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2.60% 30-Month CD at Navy Federal Credit Union - Nationwide but Limited Membership


Navy Federal Credit Union has a new certificate special that is fairly competitive. It's a 30-month certificate with a 2.60% APY. Minimum deposit is $18,000. They still have an 18-month special, but the rate has recently dropped to 2% APY. This has a $10,000 minimum. They had been offering a 9-month special, but this is no longer listed.

In addition to these special certificates, Navy Federal continues to offer a 4.00% APY 7-year share and IRA certificate. Minimum deposit is $20,000. The rate is 3.85% APY for a $1,000 minimum. An important note regarding the 7-year CD is that it has an early withdrawal penalty of 365 days of interest. The penalty is only 180 days of interest for CD terms of over 1 year to 5 years.

Navy Federal also has a special called the EasyStart Certificate with a 2.90% APY and a 1-year term. One big downside is a maximum balance of $3,000 with only one allowed per member. Also, if you're 18 and older, you must have Direct Deposit of Net Pay (minimum $300 per direct deposit), a Navy Federal checking account, and a monthly automatic deposit of at least $15 within 90 days of the certificate issue date.

These rates are listed at Navy Federal's certificate specials page as of 10/26/09.

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 2008 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 $38.7 billion in assets and 3,258,521 members.

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Related Pages: CD rates, IRA rates

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High CD Rates   |     |   Comment #1
This is a good offer, but i would still prefer to go for 4.00% APY 7-year share and IRA certificate. In my calculation, this is more beneficial in comparison to all. Even i can ignore the penalty issue related to it.