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Special CD Rate and Other Deals for Navy Federal's Members Appreciation Week


Navy Federal Credit Union is holding its first Member Appreciation Week. I first heard news about this promotion earlier this month. The details are finally available. There aren't any hot deals, but there are a couple decent deals.

First, there's a Celebration Special Certificate with a 4.00% APY for a term of 12 months. Maximum balance is $4,000. Minimum deposit is $25. Additional deposits are allowed. It is not available for purchase online. If you deposit $4,000, you'll earn about $160 in 12 months. That's about $120 more than you can earn with a 1% savings account.

Second, there's a $40 refer-a-friend bonus. When you get your eligible friends and family to join, and you'll each get $40. There's a limit of 10 referrals per member.

There's also an auto loan refinance special. If you bring your auto loan to Navy Federal, you'll receive $400. I don't know how its auto loan rates compare with other credit unions and banks.

Full details of these specials are listed in Navy Federal Members Appreciation Week page. Offers are only available from September 17-23, 2012. Thanks to DA member pearlbrown who posted on this promotion in this forum thread.

The rates of Navy Federal's standard CDs remain the same. Some are still competitive. The best standard rates include a 2.15% APY 7-year CD and a 2.00% APY 6-year CD. These are the Jumbo rates that require a $100K minimum deposit. These rates are listed at the credit union's rates page as of 9/17/2012.

I have more details about Navy Federal and its CDs in my recent Navy Federal CD review.


Unlike PenFed, there's no association that can be joined to qualify for Navy Federal membership. To be eligible to join Navy Federal, you must have some connection with the military. This includes Navy, Army, Marine Corps and Air Force. Please refer to their Eligibility Checklist for the full details.

Navy Federal Overview

Navy Federal Credit Union branches are located around the US and the world.

Navy Federal is the largest credit union in the nation with $48.02 billion in assets and $35.63 billion in deposits. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 7.67% (excellent) based on March 2012 data. Please refer to our financial overview of Navy Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 5536).

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Related Pages: Navy Federal Credit Union, CD rates

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pearlbrown   |     |   Comment #1
Thanks for the hat tip Ken!  It took less than 60 seconds to open the celebration special certificate on the phone this morning. 

Kudos to the CSRs at NavyFed, too.  I have been a member of the credit union for two years.  From the beginning, they have been unfailingly pleasant, polite and helpful whenever I have contacted them.  Even today when they were being inundated with calls on that CD special, the wait time was surprisingly brief and the quality of the service I received from the CSR was as usual. 
Anonymous   |     |   Comment #2
Thanks for posting this, I would not have known about these promotions if I didn't check this site. Opening the certificate special over the phone was simple using the pay by check option to fund from an external checking account.

I'm planning to refer someone to NFCU for the $40 referral promotion. Does anyone know if they would also be able to open the celebration certificate at the same time or soon after they become a member?
Anonymous   |     |   Comment #7
#2 here again. I also confirmed that a new member being referred could open the celebration certificate at the same time. Apparently, there are two different departments to talk to (membership dept, certificate dept), but it seems like everything went smoothly from what I was told. When doing the funding, the person from the certficate dept just did a pay by check withdrawal of $4005 ($4000 for the certificate, $5 to fund the member savings account).
Anonymous   |     |   Comment #3
I was told that new members must have a funded ($5) share savings account BEFORE they can open this cd special.  That would take a few days and they are FIRM about closing this special offer at the end of this week.


Also, any referred new member must meet the regular member requirements like having a armed service connection.
Anonymous   |     |   Comment #4


Dear Mr Tumin,
Thanks for posting this special promotion.
Yours Truly,


Anonymous   |     |   Comment #5


Dear #2,


I referred a close relative.  In fact we did it over the phone with conference call among Navy FCU Rep, my relative and myself.  We both got $40 each, and my relative was able to open the "Celebration Special Certificate" in the same conference phone call! 

NAVY FCU is able to use "e-Check" for funding the certificate, where member needs to give the ABA number and Checking Account # from the account where the funds are expected to come.  Very easy process.

My experience with all of the Navy FCU phone reps is very positive.  They were/are polite/helpful/efficient.

Yours Truly,


Anonymous   |     |   Comment #8
#5........ did your relative have an armed service connection?
Anonymous   |     |   Comment #6
Thank you and also thanks to Pearl.  Hubby and I (separate account holders) were each able to take advantage of the Celebration CD special, and easily completed the transactions via phone.  The CSRs at Navy Fed are always professional and efficient.
Anonymous   |     |   Comment #9


Dear # 8,

My relative has no connection to armed service, however my close relatives qualify because of my existing membership of Navy FCU.

See the details at link below under heading "Family Member":


Yours Truly,


Anonymous   |     |   Comment #10



It is interesting that Navy FCU includes members of Navy, USMC, USAF and Army for membership elgibility, however they exclude Cost Guard. I wonder why?

Yours Truly,


BillyBob   |     |   Comment #13

NFCU is a credit union. When they set up their by-laws and field of membership, they started as Navy and Marine Corps. Later, they updated their by-laws to include all within DOD, including DOD civilians/contractors. (Note, the field of membership is affliated only with DOD - maybe it should be called DODFCU!!).

As for the Coast Guard. Even though they are one of the 5 armed services of the US, they are not in DOD specifically because of their law enforcement mission & regulatory responsibilities. Partially due to the Posse Comitatus Act, the Coast Guard is not in DOD.  Since 1790, the Coast Guard has been in the Treasury Dept, Dept of Transportation, and now the Dept. of Homeland Security.

Coast Guard personnel are allowed into NFCU under certain conditions.

If they are stationed on/near a Navy base (ex. San Diego, Hawaii), at a facility that has a NFCU branch (certain federal bldgs), and the Coast Guard Academy.  I also believe that any person stationed onboard a Coast Guard cutter is also allowed to join NFCU.  NFCU is not that tough to get into for Coasties...sometimes it just takes calling back to another CSR and one will eventually send you the paperwork and sign up a Coastie over the phone.


US Army Retired
US Army Retired   |     |   Comment #11
Opened 2 of these - one for me and one for spouse. Stupid me I made two calls. Both went flawlessly. One took 4 minutes on hold second one was 1 minute. I have been a member of NFCU for a long time having joined when it was all Navy - had to get a referral from my son (USN Retired). Great organization as is Pentagon FCU which is where the money came from to fund the two Navy CD's.
lou   |     |   Comment #12
I am a little confused about the "accepting additional deposits" language. I am assuming that it means you can open the certificate for less than $4,000 and add money to the certificate as long as you do not go above $4,000. Is that a correct assumtion?

Sherry   |     |   Comment #14
Opened the 4% Celebration Special Certificate 5 minutes ago on the phone. What is nice is the agent said that it is already collecting interest as of today. ‹(•¿•)› Thanks Ken! 
Anonymous   |     |   Comment #15
The auto loan is not totally free of charges.  Having just applied I found out that I have to pay for the transfer of car registration lien name change.  In California that is $15.
Le Saver
Le Saver   |     |   Comment #16
(1) Thanks Ken for the tip (and whoever helped bring it to Ken's attention too). I opened up one of the 4% specials today, even though it has a $4,000 max

(2) I did it over the phone (1-888-842-6328, hit Button #5 I think [CDs/IRAs]). Even though I have a branch 5 mins away, the branch personnel -- while nice -- never seem to know how to do things properly. I opened it over the phone with the CSR (what I recommend people do if they have the funds in Navy already) and it was fast and painless.

(3) Even though adding funds to the account are allowed, you cannot add over $4,000 (so if you open the account with $4,000 you can't add anymore. If you open the account with $3,000 say, then you can add up to $1,000 more). The max allowed in the account is only $4,000 interest given by the bank.

(4) You can only have one account per customer

(5) You need to specify when you make the account if you want the interest to be available during the life of the account (ie, sent to another account monthly). If not, the default is just to have the interest add to the account itself, which is what I did.

(6) NOTE that if you want PODs (beneficiaries) assigned to your accounts (beneficiaries in case you pass away), you'll HAVE to fill out a NEW FORM for this new account. Because no matter what they tell you in the branches, NavyFed will NOT assign PODs to all accounts (even if you have checked "good for all savings accounts") UNLESS SOMEONE HAS PHYSICALLY WRITTEN ALL OF THE ACCOUNT NUMBERS on the form. Before today, I had two savings accounts, but even though "all savings accounts" was checked, NavyFed only assigned the beneficiaries on the form I filled out a while back to ONE of the two accounts. And then with the addition today of this new account (a CD), you will (as I did) have to fill out new paperwork for PODs/beneficaries since you'll have a new account number now to deal with. Again, no matter what they tell you in the branches, even if you have "all <savings> accounts" box checked, they won't honor it. You MUST HAVE ALL ACCOUNT NUMBERS WRITTEN on whatever your most RECENT POD/BENEFICIARY FORM you submit, and they will honor all the accounts that the full account numbers have been written on the most recent form. A hassle, but that's NavyFed for you.

Anonymous   |     |   Comment #17
Thanks for letting us know about that.  Went there today - got 3 $4,000 CD's one for me, and one for each of my children.  Got $160 in bonuses...  They also had gifts, refreshments!  Great atmosphere!  Highly appreciate an entity like this after the bad experience with American Airlines C U
Anonymous   |     |   Comment #18
Ken, Thanks I opened two accounts. The rep said they opened 5000 accounts yesterday. They have check pay where they can take funds from an outside bank account for no fee. Keep it up Thx agaib
Anonymous   |     |   Comment #19
Joined for the referral to get the $40 and opened the 4% cd. Did both over the phone, was told there would be no hard pull.

Checked and saw that a hard pull WAS done on TU.
Warning on NavyFed
Warning on NavyFed   |     |   Comment #20
Just in case anyone is still reading this thread (probably not) -- especially if you're new to NavyFed.

BEWARE: Take this advice if you want to save a LOT of headaches in the future. Do NOT make NavyFed your main banking institution (ie, checking, daily banking, etc). They are among the most inept and frustrating banking institutions I've ever come across (and I've come across a LOT). I'm saying this only as a warning to save people headaches in the future, having just seen the post that apparently they've opened up thousands of new accounts for people this week. I have NavyFed accounts myself -- but they are ALL simply regular CDs and IRA CDs. Even THAT they **** up all the time (something as simple as opening a CD account). They occasionally have good CD rate specials (like now) so I do bank there -- but every single time has been a mishap, mishandled, bungled, told the wrong information, etc. It's night-and-day between the credit union I do my everyday banking with (NOT NavyFed) and NavyFed. The ONLY reason I'm with them is just to have occasional CDs with them because, again, they offer occasional good CD rates. But trust me, you do NOT want them as your everyday bank. Their CSRs are generally friendly but are NOT trained at all in what to do, their policies are from the dark ages, everything must be OKed from their HQ office, it can be a nightmare for the simplest task (ie, Le Saver's post #16 here).

One example I had: when opening up an account a while back, to verify my identity, I was asked a bunch of security questions. One of them was: "Of the following 3 addresses, which address have you lived at in the past?" And it gives 3 addresses (two of them supposed to be fake, one supposed to be real). Except I had never lived at any of the 3 addresses, but there was no option to enter that in their system -- I HAD to choose one of the false answers. I told the rep in the branch that, he said "well, why don't you pick one you think is the least false?" (huh?) and of course it flagged it as being incorrect, and completely froze the account opening process... it had to then be put in queue for someone from the Head Office to look at it, sending it back to the local branch for re-doing, etc. Took days to clear. THEY ARE A HEADACHE IN DEALING WITH. Even accounts such as CDs (which normally shouldn't require any work after a quick opening of them) can turn nightmarish. I certainly will NEVER make them my main banking branch (if I had them for my checking or loans, I'd probably be spending 24hrs a day on the phone with them trying to get their mistakes resolved). But again, for CDs with good rates, I'm willing to put up with their ineptitute for a few hours or a few days.

I'm just trying to be helpful for their new customers. They need to spend MAJOR time righting their ship. Until they do, use them just for occasional good CD specials, and that's it... if you can even stand that...

Anonymous   |     |   Comment #22
#20  Thank you for taking the time to share your experiences with Navy Fed.  I thought it was just "me".  I traveled the miles from my locality to do the CD "personally" to make sure it was done right and what a fiasco.  After I returned home it meant numerous phone calls and emails to them to get them to just do "one"  CD correctly!  It wasn't even that good of a rate but these are desperate times!  If they have too much business to hire and train people to know what they are doing, they should just do everyone a favor and CLOSE their doors!    After returning home they had to send us new forms because their rep had us fill out the wrong ones! I am sure others may have had good experiences but from my own, I could not recommend them and am sorry I wasted the gas going to their branch!
lou   |     |   Comment #21
If a credit union is willing to offer attractive rates for their CD's, I am willing to put up with some inconveniences. I much rather have it this way than have the most efficient credit union that is super nice, and yet has lousy rates. I'll take the former in a New York minute.
Anonymous   |     |   Comment #23
It is not just you.  Even though Navy Federal is the largest credit union in the nation, their business practices are in the dark ages.  I am in the midst of refinancing my auto loan and have experienced many problems.  Different representative tell different stories.  I am mad at myself for forgetting the other bad experiences I have had with them over the years. 
Warning on NavyFed
Warning on NavyFed   |     |   Comment #24
Exactly. They are terrible. As with what Lou said, I too am willing to put up with their ineptitude for a good CD rate -- but my long post was a warning to those NEW to NavyFed to BEWARE not to make it their PRIMARY banking institution (ie, checking, loans, etc), for doing so would be nothing but nightmares. CDs thankfully require little work or looking after (once it's opened -- which as so many people here knows, can be a huge hassle with NavyFed to have it done right) -- but at least once that hurdle is cleared it's not something you have to deal with on a daily basis. Imagine having to go through the same s**t with them on a daily basis with your checking account, or home loan or car loan.

It would be nice if NavyFed could improve themselves so I wouldn't have to write a warning post like that for others... but their problems seem so a part of their organization that I doubt they will ever change. I, like others who are able to become members, will take advantage of their CD rates when they have good specials (even with all the crap you have to go through with them) -- but not until they clean up their act will I EVER entrust them with my everyday banking.
Anonymous   |     |   Comment #25
For those of you who opened the certificate special and funded it with the pay by check option (to withdraw funds from an external checking account), do you see the certificate on your account on the web site yet? What I see in my account is that they deposited $4000 to my share savings account, and the 1 year certificate isn't listed at all. I'm going to call them tomorrow to see what's up with this, but just wondering if anyone sees the same with their account.
Anonymous   |     |   Comment #26
#25 here again. I found out my certificate was never opened! The funds for the certificate were simply deposited into my savings account. I cannot believe how something so simple was messed up. I suggest that anyone who opened the certificate earlier this week and funded it externally check their account to make sure that the certificate was really opened before this promotion expires. 
Anonymous   |     |   Comment #27
You can open this 4% CD account ONLINE now.  I did it last night at 9pm.  Today the new CD is already showing up in my accounts list.  SUPER EASY.  You can add a joint owner while applying, but I didn't see any way to add POD's.
CC in San Francisco
CC in San Francisco   |     |   Comment #28
To Anonymous #26:  GO ONLINE NOW AND OPEN THE CD.  You can now do it ONLINE.  Log-in to your account, go up to see the offers, click on the 4% CD and then apply for it, transferring over the money from your savings account.  This will work!  Good luck!
Anonymous   |     |   Comment #29
Thanks #28, I already sorted out the issue and had the certificate opened over the phone. I checked my account online and it shows up there now. (However, it was dated today and wasn't backdated to the 17th like I had requested and that the person said could be done. Another minus against NFCU!) I just wanted to alert everyone who opened the certificate over the phone and funded from an external account earlier in the week to check to make sure that the certificate was really opened. For sure, if I just found out about the certificate promotion today, I would rather open it online instead of doing it over the phone to minimize any human involvement because NFCU just seems to mess up too many things when their people get involved.
Anonymous   |     |   Comment #30
Thanks to everyone about this promotion and about this credit union.