Membership In Navy Federal Credit Union - Continue?

mur44 | Aug 26, 2018 | 5 posts since 2016

I had a CD at Navy FCU that matured recently and I now just have Savings Account with a balance of $7.00.

Is it worth keeping the account active? I like to keep my life simple by limiting to the number of accounts to a

minimum.

In the future, if Navy offers attractive CD's, I would be interested. Any tips would be appreciated.

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Answers

alan1 | Aug 26, 2018 | 877 posts since 2015

I'd suggest you keep the account open, and do what's required to avoid inactivity/dormancy fees. Navy FCU periodically offers good deals on CDs, and you write that you would be interested in such offers. By maintaining your savings account in good standing, you would be able to quickly take advantage of such offers, rather than having to go through the process of again joining Navy.

Anon456 | Aug 27, 2018 | 249 posts since 2011

If you have to pick and choose what accounts to keep open, choose this one. I agree with Alan1's point .... Navy has some of the best CD specials year after year.

Ally6770 | Aug 26, 2018 | 4,294 posts since 2010

Unless you are a member or were a member of the military or have a relative that is a member you will not be able to join again. Also Navy has a great advantage over other credit unions with IRA's.
Not sure if it is age related or not but for quite a few years you have been able to add money to an existing IRA if you desired during the first 2-3 months of the year. It has been a great benefit for a retiree who is in CD's when interest rates have been so low. In all the years I have been a member they have been wonderful and only did one mistake but did rectify it before it was too late. With IRA's there are usually no do-overs.

Anon456 | Aug 26, 2018 | 249 posts since 2011

up to you, but chasing yield is not that simple, is it? IF they were to run another CD special, it could close before you BOTH file again for membership, and then get the money into that account for the CD ..... way worse for an iRA. So i would keep it open, and just do the minimum to avoid Dormancy charges. FYI - ALLY BANK makes it very easy to ACH into or out of another firms accounts without fees. Just take the small amount of time to register the account at ALLY, and the transfers to avoid dormancy are a snap.

Ricochet | Aug 26, 2018 | 522 posts since 2010

If you were able to join thru some "backdoor" method I would advise not closing account. It might not be possible to regain admission by present qualification requirements.

mur44 | Aug 31, 2018 | 5 posts since 2016

Thank you all for your replies. I will keep the Navy FCU account open for a few years and watch for CD specials.

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