Navy Federal Credit Union is offering two good deals as part of its 80th anniversary special. The first is a $100 bonus for direct deposit into a checking account. The second is a $50 refer-a-friend bonus. These specials are listed in this Navy Federal promotions page as of 8/5/2013.
To qualify for the $100 direct deposit bonus, the following is required:
- Join Navy Federal in August
- Open a checking account in August
- Set up direct deposit
- Navy Federal will deposit $100 into your account
Below is the important small print. Note, it requires a “minimum direct deposit of Net Pay of $300.”:
Members who join via RTC or Parris Island are not eligible. A minimum Direct Deposit of Net Pay of $300 must be posted to the checking account by 10/31/13. Please allow up to six to eight weeks for the $100 to be posted to your primary checking account. Limit one per member. If Direct Deposit of Net Pay stops within one year, Navy Federal reserves the right to reclaim the incentive. No minimum balance to open account, earn advertised APY, or obtain the $100.
Navy Federal members can earn $50 for each person they refer. The person being referred will also receive $50. They will need the member’s full name and zip code when they apply for membership, and of course they will need to be eligible for membership. Below is the important small print of this offer:
Limited-time offer. This offer may not be combined with any other new-member offers at the time of account opening. Eligible members include Coast Guard, all Department of Defense uniformed personnel, reservists, Active Duty, retired, Army and Air National Guard, DoD civilian employees, contractors, and family members. Recruiters are not eligible to refer recruits. $5 minimum balance to open and maintain savings account and to obtain bonus. Annual Percentage Yield 0.25%, effective 7/15/2013. Bonus deposited within seven business days of account opening. Referrals may only be made by members in good standing. Program must be mentioned at time of joining for accounts to be credited. Fees may reduce earnings, and rates may change. Limit 5 referrals per member.
Past Navy Federal Promotions and Deals
One reason you may want to join Navy Federal is due to its competitive CD and IRA CD rates. They have a long history of competitive rates with the occasional CD special. The last nice CD special was almost a year ago when they offered a 4% 1-year CD for a maximum deposit of $4,000. Their current CD rates are a little low compared what you can get at internet banks. The highest yield is 1.80% for a 7-year term as of 8/5/2013.
Unlike PenFed, Navy Federal doesn’t list any associations that can be joined to qualify for Navy Federal membership. To be eligible to join Navy Federal online, 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.
I’ve seen some reports that there may be associations that people can join to be eligible for Navy Federal membership. This information isn’t listed on Navy Federal’s website. You’ll have to visit a Navy Federal branch and ask a supervisor. This is probably a “your miles may vary” (YMMV) type of case. If you have any luck in joining Navy Federal at a branch via an association, please leave a comment.
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 $54 billion in assets and $39 billion in deposits. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 5.45% (excellent) based on March 2013 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).