Navy Federal Credit Union is offering two nice promotions. First, Navy Fed has a promotion for new members. Join Navy Fed online by January 31, 2014, and you’ll receive $50 within 7 days of account opening. Make sure to enter 2014 in the promotional code field on the second page of the Online Membership Application. It only requires a $5 minimum balance to open and maintain savings account to obtain bonus. Full details of this promotion is listed at this Navy Fed promo page.
The other promotion is for IRAs. You can get up to $200 when you open your first Navy Fed IRA. Open your first IRA plan with as little as $100, and Navy Fed will reward you with $100. Get an additional $100 when you fund your first IRA Plan with a rollover or IRA transfer for a minimum deposit of $5,000. The IRA bonuses will be credited to your new IRA account in the form of a dividend and will not be reported as a contribution. Please refer to the Navy Fed IRA page for the full details.
As I mentioned last week, Navy Fed’s IRA CDs have some nice features. However, Navy Fed’s current IRA CD rates are low compared to PenFed’s. Navy Fed does have a long history of competitive CD rates. Hopefully, we’ll see better rates later this year.
Unlike PenFed, there's no association that can be joined to qualify for Navy Federal membership. To be eligible to join Navy Fed, 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 $55 billion in assets and $40 billion in deposits. It has an overall health grade at DepositAccounts.com of an A+ with a Texas Ratio of 5.43% (excellent) based on September 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).