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Still No CD Specials At Navy

CDmanFL
  |     |   286 posts since 2019

I remain perplexed and disappointed that Navy is still not offering any special CD rates. I was hoping that September 1 would bring something noteworthy. And sadly, the subpar rates continue.

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13


Answers
choice1
  |     |   370 posts since 2023
Good thread…I agree they don’t need the $s. I suspect this Tuesday or September 11 or first business Monday in October may provide some news. With the next CPI out September 13 it will be interesting and I think the November ibond reset will be better than May

They also have issues with updating forms, eg IRA gift charitable annuity…they don’t have one after 8 months! And they list member account as being inactive notwithstanding interest added to account, $s in IRAs and CDs. Have to keep on top of them in my perspective
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3
SailorBoy
  |     |   12 posts since 2020
"Perplexed and Disappointed" aren't the words us Sailor Boy's would use back in my Navy days, but hey, this is a public forum ;-) I'm now attempting to do a transfer of an IRA CD fund from another bank to Navy Federal. Crazy to me all the myriad of steps needed to do this. Often time, the bank with the funds being transferred out drag there heels to send funds to the new receiving bank; leaving you in limbo as to "Where is my dad-blasted money now" in this 'pipeline of oblivion'. COME ON Banking System. We've landed men on the moon in 1969, and brought them safely home. Git with the program! OR, pretty please, with a cheery on top; to be polite :-) Despite it all, still like NFCU, after all, this is banking system wide.
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2
Ally6770
  |     |   4,290 posts since 2010
I am not sure but if I remember correctly but a customer service person told me a while back that the decision to raise rates are made or announced on the 3rd Wed of the month. I am pretty sure it was at Navy.
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MineSweeper
  |     |   68 posts since 2021
They did add a 3-month CD @4.0% which is not great but probably competitive. I like the 24 month Easy Start CD with allow for additional deposits once opened as a back-up for falling rates. Their 7 Year CD at 4.0%APY is competitive when compared to the rate on Treasury Notes which do not allow additional deposits once open. I am not sure that NFCU needs additional deposits at this time, but they are remaining in the competitive range.
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1
Kaight
  |     |   1,192 posts since 2011
"I am not sure that NFCU needs additional deposits at this time"

Agreed. They locked in a ton of money back in 2019 with those 3.5%, 5 year CDs. It was a genius move on their part, as things have turned out. And their former "close CD with no penalty provided you extend maturity" policy also has aided in funds retention.
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w00d00w
  |     |   360 posts since 2012
They did add a 3-month CD @4.0% which is not great but probably competitive

that's about 1.50% lower than yield on the 3 month treasury...good for the CU if they can borrow at that rate, not so good for the customer
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