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Navy Federal CU Offers 30-month CD Special and 20-Month IRA


Availability: Nationwide, but with membership requirements (military relationship)

Over the weekend Navy Federal Credit Union (Navy Fed) added a 30-month Certificate Special (2.50% APY). Update: This special has expired.

The minimum deposit is $5K and there is no balance cap.

As stated in Navy Fed’s Certificate Brochure, the Early Withdrawal Penalty reads as follows:

If the term to maturity is greater than one year, the amount forfeited is equal to the lesser of:

(1) all dividends for 180 days on the amount withdrawn, or

(2) all dividends on the amount withdrawn since the date of issuance or renewal.

IRA Special and Bonuses

Navy Fed is also offering a 20-month IRA Special Certificate (2.00% APY). This IRA (Traditional, Roth, and SEP) can be opened with as little as $20, with a $20K balance cap. Additional deposits are allowed at any time, but are subject to IRS contribution limits.

A $100 bonus is available when you open your first IRA at Navy Fed.

Offer only available to members who open their first IRA plan and deposit a minimum of $100 in their new IRA account no later than 45 days after account opening.
Once funds have been deposited to the IRA, Navy Federal will credit the bonus directly into your new IRA account within 30 days.

A transfer or rollover from another financial institution or qualified retirement plan into a new Navy Fed IRA will receive a 0.50% bonus increase to the prevailing rate. A minimum of $5K rollover or direct transfer is required to qualify for the 50 basis point bonus.

Many thanks to DA reader, muniman, who posted these deals in the Forum.


Not to be confused with PenFed's almost universal membership eligibility, Navy Fed’s membership is strictly for individuals who are connected to the military.

Navy Fed’s "How to Become a Member" page very clearly qualifies individuals through a series of questions.

You must be able to answer "Yes" to one of the following questions to qualify for Navy Federal membership.

  • Are you currently serving as an Active Duty or reservist personnel for the DoD, Coast Guard, or National Guard?
  • Are you a Military Officer Candidate?
  • Are you a Military Recruit and/or part of the Delayed Entry Program (DEP)?
  • Are you a Department of Defense Civilian?
  • Are you a retiree receiving an annuity from the DoD, Coast Guard, or National Guard?
  • Are you a U.S. government Civilian (including Coast Guard) assigned to a DoD installation?
  • Are you a DoD contractor assigned to a U.S. government installation or facility?
  • Are you a family member of one of the previously mentioned individuals?

Joining Navy Fed and/or opening a CD can be done online or at any of 274 branches located in 30 different states, the District of Columbia, and Guam.

Navy Fed has a new "Quick Application" for current members to use when opening a new certificate or IRA.

Credit Union Overview

Navy Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.67% (excellent) based on September 30, 2015 data. In the past year, Navy Fed has increased its total deposits by $4.39 Billion, an excellent annual growth rate of 10.09%. Please refer to our financial overview of Navy Federal Credit Union for more details.

Navy Federal Credit Union (NCUA Charter # 5536) is considered to be the largest credit union in the world. Headquartered in Vienna, Virginia, Navy Federal has grown from its initial seven members in 1933, to over 5.9 million members and assets in excess of $71 Billion.

How the CD/IRA Compares

When compared to the 134 similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, Navy Federal Credit Union's 30-month CD Special currently ranks first.

When compared to the 67 similar length-of-term IRAs tracked by DepositAccounts.com that are available nationwide, Navy Federal Credit Union's 20-month IRA Certificate Special currently ranks first.

The above rates are accurate as of 12/7/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Related Pages: Navy Federal Credit Union

Related Posts

Anonymous   |     |   Comment #1
"Many thanks to DA reader, muniman, who posted these deals in the Forum."

Thanks again muniman. Both are good offerings to ladder one's portfolio considering some small Fed rate hikes coming soon.
Anonymous   |     |   Comment #4
Thanks for the news. I've been waiting for the announced fed hike to see what would be offered but this to me is a bird in the hand. Got some money to burn so I'm going to jump. Being a veteran I did say a prayer for those lost.
Anonymous   |     |   Comment #2
I remember when Ken put out an article saying that Navy Federal was buying a credit union, can't remember the name of the credit union, maybe U.S. something but can't remember..... when I read it I quick joined that credit union and when Navy Federal finalized the deal I was made a member of Navy Federal....one of the best things I got from this blog. In fact I just got took out a 3 year car loan from them for 1.49%..... thanks for that one Ken
Anonymous   |     |   Comment #3
Did you ?
Fly a Flag today or honor veterans in any way.
Anonymous   |     |   Comment #19
That was USA Fed in San Diego, California.
Anonymous   |     |   Comment #5
too bad I already put money in lower yielding investments.  this one is a good one 
Hoody   |     |   Comment #6
called my local branch, I asked how long this was in effect, was told it was up till Saturday on their sheet, but didn't know if it was still going to show up Monday morning. ....Just FYI

I'm debating myself, problem is I'm  already over the insurance limit, and don;t really want to be in any deeper. but its tempting, yet who knows what a .25 rate increase by the fed would really do or be worth, and how the banks would deal with it.

Thing is NFCU is the biggest one on the block, so I assume if any go down this would be the last one standing.
Anonymous   |     |   Comment #7
Want to list me as a joint owner in order to have more ins coverage?  :-)
Hoody   |     |   Comment #12
Na!, smirk :)
Anonymous   |     |   Comment #8
Not a big fan of Navy and their terrible policies and outdated ways of banking, but I decided to go for this specific deal, the only reason (occasional specials like this one) I still even have $5 in Navy (thanks Ken, and the person who originally posted it, for the heads up). I also have the 3% Tobyhanna/Valor foot in the door, but with their 730-day EWP (which can even cut into the principal) I don't have much there. On the other hand, Navy at least only has a 180-day EWP (that will never eat into the principal) and it's only 30 months, so I decided to go in for this. I was told by a Navy rep that "usually these specials last until tax time, so I have plenty of time, until April, to open one of these.. and I can always open more later on." Typical mis-information from Navy reps. Don't believe it, folks, this will be long gone by January.

Interestingly, no one at Navy seems to know if you can have more than one per person. The OTHER specials running specifically state "one per member" where this one doesn't... but both on the phone and in the branch I was told usually these are just one per member. I was going to take the sum I had and break it into 2 separate CDs (for my own reasons), but knowing Navy's history of incompetence and never honoring what they say, I suspect had I tried to do this, even though no where does it specifically state "one per member" for this one, they'd probably reject my 2nd one at some point and tell me "too bad, and no, you can't add on to the first one you opened", so I just went ahead and put it all into one CD. I bring this up to once again show you not to always believe what the Navy folk tell you. If you're interested, jump in while you have the chance, and don't take any chances by hoping Navy won't suddenly tell you restrictions that were never disclosed (typical). Technically this one doesn't speficially state "one per member" -- but other reps questioned that, and if you have $XXX to spend, I'd put it all into one of these instead of trying to split them up. Since the EWP terms are pretty decent (ie, you don't have to close the CD, you can just take out a certain amount early if you want, and pay the 6 month penalty on what you take out) there's not as much of a need to split, but this post is just another warning to those wanting to get the CD: Navy occasionally runs good CD specials (like this one) but are TERRIBLE in doing what you ask them to do, so just be careful.

One final note (good news) is that now, Navy has a somewhat new form (POD 250 form) where you can indicate a bunch of dependents for any current AND (if you want) ALL FUTURE accounts at Navy. In the past, you only could indicate for any CURRENT accounts (meaning each time you opened a new CD or account you had to do the beneficiary paperwork again). The form's on their website (you can download it -- do a search for POD in the search bar and click on POD 250). Fill it out, email, FAX, or leave off at a branch (and then be sure to call to make sure it not only was received, but was processed a week or so later, because with Navy's record there's only about a 50/50 chance anything you submit to them will actually get put in).

Still, a nice special. With the short 30 month term, good EWP, and decent rate, worth it to have to put up with Navy for. I went in. Thanks, Ken
Cat Chance
Cat Chance   |     |   Comment #9
Why is this 30month, 2.5% such a good deal? If it was 3% APY ok awesome but just 2.5? Am not pleased

The Fed is raising rates soon anyway right? Maybe? .. I dunno... seems to me that this could be a NavyFed trap to catch more money at lower rates before they have to raise their CD rates (possibly). After all just earlier this year I got two different NavyFed CD promos at 3.5%. Now it's Xmas time and only 2.5... ****
lou   |     |   Comment #10
Cat, can you elaborate about these two Navy Fed CD promos at 3.5%? When this year and at what maturities? Don't remember seeing anything at this rate.
Cat Chance
Cat Chance   |     |   Comment #11
Sure thing... it was June 2015 monthly special, military only got 3.50% for a 15mo term max $7500 (have to have direct deposit from DFAS) and and the other one was max $3500 Easy Start for 3.52% that I picked up in Aug (got two, me and my son).  

Very restrictive I know but the rate is what it is... only 2.5, I am gonna hold out for 3% for the chunk I am sitting on
Anonymous   |     |   Comment #14
Darn, too bad this is not for an IRA on the special 2.5% rate, the plus a .5 for a IRA transfer.
Anonymous   |     |   Comment #16
I did not have the funds in my NFCU accounts to open the 30 month certificate with. The funds are at a different bank and I was concerned that by the time the transfer of funds is completed, the promo might be over. I called in and the customer rep told me I could do something called "speedpay" to fund the certificate from an external institution. It's like write a check over the phone and I had to provide routing #/account #/check # of the external bank. Apparently after the speedpay transfer is done, they will open the certificate right after that. Hopefully, this all goes smoothly.

Hope this helps others who might be in the same situation as I was where the funds to open the certificate with are currently at an external bank.
Anonymous   |     |   Comment #17
I was told the same thing. I don't trust Navy to handle an incoming wire (since they don't hold the CD open during the process) but was told for Speedpay, they will "hold" the CD open while they wait for funds. Something people should know, what I was told by a Navy Rep (whether it's actually true or not is anyone's guess): (1) Speedpay costs $1 per speedpay transaction. (2) Max is $99,000 for each Speedpay. (3) If you want to transfer more than $99k, you can do multiple speedpay transactions ($1 each). (4) Speedpay will only work if the institution you're pulling from is a CHECKING ACCOUNT or MONEY MARKET -- NOT a normal Savings account. If you don't have a checking or money market account where your funds are, you cannot use speedpay.
Anonymous   |     |   Comment #20
I simply posted what a NavyFed rep on the phone told me. As I warned, what a NavyFed rep says is most often not accurate in my experience, but I'd assume there's a fee now rather than not. If it is $1 at least that's not bad. Remember, NavyFed is incredibly backward in electronic transfers. They're the only institution I know of that will let you ACH funds INTO a savings account, but will REFUSE all ACH requests for pulling money out. Heck, when I tried to tie my NavyFed account to another institution's, and it came time for the "test deposit/withdrawls", usually such test deposit/withdrawls are something like 59c or 86c or 71c (always under $1), but my other institution must have known they would never get their test deposit back (becuase Navy refuses to allow any ACH pulls from their savings accounts, only deposits) so seeing that they were dealing with NavyFed, my other institution knew to make the test deposit only 1c (and then I received a letter from Navy in the mail a few weeks later telling me that they refused to pay the 1c requested back from the other institution because they only allow ACH deposits, not withdrawls). Navy's really a bad place to bank, and I only keep them around for these specials, that's it.
Anonymous   |     |   Comment #21
Try writing a check against NavyFed account and go to an institution that will immediately post to new account there.  
Anonymous   |     |   Comment #22
Thanks for the link to the Navy Fee schedule. Funny, over the last couple days I asked THREE different reps if they charged a fee for using an ATM NOT affiliated with either Navy or CoOp, for instance, when travelling overseas -- and other than the exchange fee (which they disclosed), all three reps said no other fees, even when I asked SPECIFICALLY "besides the conversion fee, do you add another fee, like $1, or $1.50 each time you use it?" They all said "no", but sure enough, their fee listing shows they do IN FACT charge $1 (on top of the exchange fee) when using your ATM on the Plus network -- "including overseas" (that would be the only network widely available overseas). Off topic I know, but yet another example why I can't stand Navy, and do nothing with them except take advantage of their CD specials when they have some. Anyway, thanks for posting the fee link for me. It reminded me NOT to ever believe a word a NavyFed rep says, and look for myself, and sure enough, once again, I'm reminded of that fact.
Anonymous   |     |   Comment #23
Opened the 30-month 2.50% special certificate today after I used Ally Bank to transfer funds into my Navy Federal CU savings account. Faxed the paperwork Tuesday to transfer a traditional IRA from another institution into the 20-month IRA certificate special at 2.00% APY with .5% bonus. If one does not already have a IRA savings account at Navy Federal CU you must open one also. That's done online or by fax. The whole process was relatively painless.
rebco   |     |   Comment #33
Can or would you be willing to sponsor me for membership?
Hoody   |     |   Comment #24
Looks like this special is still in effec, at least until next Monday (21st) dono after that.
Anonymous   |     |   Comment #25
Qualifying for membership:  I called them about their membership restrictions as I've had many family members who served in the military, some who have died in wars.  They said that, as my brother was killed serving in Vietnam, my parents and I would be eligible to join.  I have not yet called back with the required info. (date he died, service number, etc.) but assume they will honor this.
Anonymous   |     |   Comment #26
Somewhat similar situation...your post triggered me to call their centralized call center...person had to check into my scenario.  Reply was yes and had to bring dd214 form (don't have) but found dd1300.  May go by a branch next week and try to start a "placeholder account" for $5...earlier I had put a credit freeze in effect, not going to have that removed merely for NFCU!
Anonymous   |     |   Comment #27
This is #26  Went into a branch of Navy with documentation (more than necessary) today and opened a joint account for minimum with contingent benies.  Seamless but they were busy and an hour spent.  Will "really" read the documents in the next couple of days and then decide whether put in for a large CD...now have that placeholder!
Anonymous   |     |   Comment #28
I have a great Uncle that was POW.  Would this qualify me for membership also?
Anonymous   |     |   Comment #29
Today I called NavyFed to get started on one of the 30 month 2.5% CD's. Told me they could do a Speedpay for free and my money from Ally should be there Tomorrow(Monday) or the next day,Tuesday and CD would be dated the day money is credited to my share account. I have been a member since 2011 and have been patiently waiting until a time I had some $$$ looking for a better home and today was that day. I've cashed out a few years worth of I-Bonds and this is their new home. Phone rep was quite good. Hopefully it all goes as promised.
Anonymous   |     |   Comment #30
Just to update, NavyFed did the Speedpay for free, opened the certificate today and backdated it to Jan. 3 (Sunday) the day I called them. It was a sizable 5 figure sum, so happy to see it done correctly with little pain on my side.
eleanor   |     |   Comment #31
it is ending on SUnday.  there is still a little time
Anonymous   |     |   Comment #35
Just as comment #31 stated earlier, the 2.5% / 30 month rate at Navy Fed ended Sunday.  It was the best cd rate/term currently available, but it is gone now.  
rebco   |     |   Comment #32
Is there anyone out there that can say I'm a relative so I can join this credit union?
Anonymous   |     |   Comment #34
The question reminds me of a situation years ago where one spouse started a new job (with medical benefits) but did not apply for medical benefits for other (b/c s/he had them elsewhere).  Later the latter spouse terminated work and wanted to be covered by the other spouse...which would require underwriting, i.e. a questionnaire, not dissimilar from life insurance, etc.  The issue became "what to disclose?"  Advice then was, the provider may/normally accept at face value the answers but if later a big claim was asserted they would go back to see if there was a misrepresentation.  That's the rub!  Who knows what Navy FCU would do but we somewhat know which side of the line you are/may on.
Anon456   |     |   Comment #36
Watch that bonus .5% on the IRA transfer.  I had to call back in and get mine updated from them only posting the 2% on the IRA CD.

Navy is usually pretty good on details.  May just be some new people.