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  4. Will Navy Ever Raise Their CD Rates?

Will Navy Ever Raise Their CD Rates?

CDmanFL
  |     |   286 posts since 2019

I’m sure that I’m not the only one who is disappointed and perplexed by the insultingly low CD rates offered by Navy for months now. C’mon Navy, your members deserve better rates!

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7


Answers
Confused1
  |     |   87 posts since 2018
Me too, I had to move a ton of money out of there for better CD rates and not sure if I'll ever go back. Brokerage CD's are so much easier with so many choices of terms, institutions and rates all in the same place.
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9
Shareall
  |     |   1 posts since 2023
MMSA yields are so dismal it encourages me to look elsewhere. Time to go folks.
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3
rockies
  |     |   295 posts since 2018
My answer is "no". Here were my thoughts on this back in early September.

https://www.depositaccounts.com/community/ask/54764-nfcu-care-da-readers.html
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9
CDmanFL
  |     |   286 posts since 2019
Has anyone had any luck breaking their Navy CDs without penalty? Not talking about the time when they would let you break without penalty by rolling into a longer duration CD. I’m talking about them doing a favor or being nice guys and letting you take your money and leave. I have some 5 year CDs at 4.25% that I’d love to break penalty-free if they would allow it.
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2
EepOppOrkAhAh
  |     |   7 posts since 2023
Hah! Haven't laughed so hard all day. No, Navy's not going to allow that. But hey, I have a 5yr CD elsewhere at only 4%, at a place that still has decent rates. Never hurts to ask, so I did, but as expected, they wouldn't waive the penalty either.

Yes, Navy is the largest (by far) CU which means they're not going to be a rate leader unless they need to for their end, which right now they don't.

Funny thing about being so big, is that Navy keeps making a mistake in my favor every month. It's really really small, but even if I felt like pointing it out to them, it'd never get corrected anyway, with the way their customer service works (nothing can be done unless submitted to the central office -- where paperwork/submissions go to die). As for CDs, almost all of what I had there at one time has been moved elsewhere to better rates, with only a tiny amount to keep a foot in the door.

At least Navy's penalty, while not great, isn't terrible like PenFed's now is, and won't eat into the principal, as many other places will.
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1
Kaight
  |     |   1,192 posts since 2011
"I’m sure that I’m not the only one who is disappointed and perplexed by the insultingly low CD rates offered by Navy"

I believe Navy's steadily deteriorating health rating at Weiss Research could have something to do with that . . . . . might at least be a clue.
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Rickny
  |     |   1,296 posts since 2017
Penfed was the leader a while back. Navy is also the largest CU by assets @ 166 billion. https://www.depositaccounts.com/banks/assets.aspx

The second largest credit union has 49 billion in assets State Employees CU of NC. Penfed at 35 billion.
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