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"Lock in Sky-High Rates"

MY2CENTSWORTH
  |     |   431 posts since 2016

Well, I'm not sure that this qualifies as a "sky-high" rate but I just checked out the current certificate rates as I have an IRA certificate that matures early next month and wanted to review the options that are available at Navy as well as others. As we all know it is a royal pain in the butt and time consuming to transfer IRA's from one trustee to another and my last experience transferring IRA funds from Navy FCU was extremely difficult and took them forever, while all the time getting a paltry interest rate in an IRA savings account.I find it interesting that this site no longer has any rate information on Navy FCU as well as many others. Pretty sad skeleton of what remains of the old DA site!!  

However, Navy FCU currently has a 10 month certificate that is paying 4.35APY that allows deposits at any time during that 10 month term up to the maximum of $250K. I realize that there are a few other FI's paying a higher interest rate, but this may be of interest to some of what's left of the DA readers/contributors. Here is the fine print: Limit one 10 Month Special Certificate per product type per member. Product types include Share, IRA (either Traditional, Roth or SEP), and ESA. This offer, including the stated Annual Percentage Yield (APY), is effective January 6, 2025. Navy Federal reserves the right to end or modify this offer at any time. The 10 Month Special Certificate (Share/IRA/ESA) has a $50 minimum balance and a $250K maximum balance. Additional deposits are allowed at any time, subject to the maximum balance. Dividends earned are not included in the maximum balance allowed. Once the promotional rate is applied to a purchased certificate, it will remain in effect for the length of the product term. IRA/ESA certificates are subject to IRS contribution limits. Penalties apply for early withdrawals from certificate accounts. Other restrictions may apply. ?

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13
Robb
  |     |   316 posts since 2018
Some years back I moved an IRA out of Navy by a wire transfer and it went through quickly after they received the paperwork. The big issue is finding another FI that accepts IRA wire transfers that has better rates.  I still have a small IRA at Navy but a couple of months back checked around and was not able to find a good match at that time so kept it there as I had a 4.75% add-on from a while back. Good luck I know it’s not an easy process!

And agree this site has fallen way behind in terms of keeping rates updated in a timely manner.  You pretty much have to go to the FI websites themselves to get current data on rates.
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8
Ally6770
  |     |   4,156 posts since 2010
A few years back they overnighted an IRA check to another institution for $5. Now we don't even have overnight delivery. I think most places send them UPS and it 2-3 days delivery. Just make sure it is made out to the receiving institution as - - (the type of IRA) for the benefit of -- (your name).
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7
choice1
  |     |   343 posts since 2023
This offering is almost 2 months old!
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4
belko
  |     |   128 posts since 2021
Thanks for the post. My Navy add-on CDs are well-covered on the “taxable side”, with 4.70% APY until early 2026, so I didn't open one of these 10-month CDs for that. But on the IRA side, I bought one to hold funds from maturing Navy IRA CDs in April. I moved the $50 from funds I keep in my IRA MMSA for basically that purpose.

And yes, the lists of banks and CUs that DA.com provides rates for seems to be shrinking daily. Sad.
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4
choice1
  |     |   343 posts since 2023
belko....In the past NFCU has allowed add-on to existing IRA accounts within the first 3 1/2 months of the year. Ergo, have IRAs mature then! Otherwise no need for a 10 month IRA CD
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1
belko
  |     |   128 posts since 2021
choice1 - That's quite true. But as many of us long-timers here know, that is not a standard or "guaranteed-for-every-year" IRA CD policy of Navy's. It's a year-by-year thing. So.... I saw an opportunity to fill a small potential rate-gap by spending $50 for a rate-insurance add-on CD @ 4.35% that took me 5 minutes to buy, and in the case of an unforeseen emergency, has only a 90-day EWP.
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MY2CENTSWORTH
  |     |   431 posts since 2016
choice1, so it's almost 2 months old, did you post about it? I didn't see anything current about Navy, so what's your point?? It's a fair rate some may be interested in based on timing and what else is available out there. Also, my Navy IRA is maturing during the first three and half months of the current year, "ergo," I need a place for those IRA funds and gee it just so happens that there is a 10 month certificate paying 4.35% available at Navy FCU! Works for me!!
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3
choice1
  |     |   343 posts since 2023
I "bought" one Jan 12, 2025
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Ally6770
  |     |   4,156 posts since 2010
At times Navy like other credit union will and did match. If you have a long time relationship  with some credit unions and banks they will match or close to it. Navy had a problem with mtgs, and checking accounts and needed to cut things to make up their income to pay for their fines. READ publications and sites that STATE FACTS AND NOT OPINIONS. It pays off.
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8
moneysaver
  |     |   51 posts since 2011
Re Ally6770's post above, wasn't aware of this issue until your oblique reference. Here's the full details:

Navy Federal Credit Union agrees to pay $95 million to resolve CFPB’s illegal overdraft fee allegations
December 2, 2024

Case Summary: Navy Federal agreed to pay $95 million to resolve CFPB allegations claiming it illegally charged its customers unanticipated overdraft fees.

https://bankingjournal.aba.com/2024/12/navy-federal-credit-union-agrees-to-pay-95-million-to-resolve-cfpbs-illegal-overdraft-fee-allegations/
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