Navy Federal CD Special: 5-Year Share Certificate at 3.50% APY

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New offers. Navy Federal Credit Union is the nation’s largest credit union, but is primary limited to those with a military relationship. However, their membership now includes veterans and family members of veterans. Here are their current banking specials:

  • 5-Year Certificate at 3.50% APY. $1,000 minimum. No maximum. No add-ons. Available as a Share Certificate, IRA or ESA.
  • Special EasyStart Certificate at 3.50% APY. Open with as little as $50. Make additional deposits anytime (up to $3,000). 12-month term. Certificate owner(s) age 18 and older must have Direct Deposit of Net Pay or payroll allotment and a Navy Federal checking account within 90 days of the certificate issue date.

That 5-year certificate rate would be a top rate in my Best Interest Rates on Cash – July 2019 post. Note that there is an early withdrawal penalty of 1 full year of interest (or all of the interest earned if less than 1 year old). There is no firm expiration date, and the rate can change at any time.

Navy Federal Credit Union has solid bank and loan products, including checking accounts with ATM rebates, competitive mortgage rates, and limited-time 0% balance transfer promotions. Readers have commented on their excellent customer service and the fact that they often keep and service the mortgages and other loans they originate. I would consider joining if you are eligible.

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Comments

  1. Jonathan….I was about half way through their application process when I decided to check their reviews….which range from somewhat mixed to somewhat terrible especially on Yelp.
    And then when I got down to their terms and conditions I noticed that an e-Checking account carries a $5/month fee which seems to be required to open a CD.
    Looking beyond the 3.5% rate which sure looks attractive right now do you think the whole
    package is really worth the effort?
    Any predictions for the July 30th Fed meeting? It would seem with 224,000 new jobs this month there is no logical reason for another cut. But as soon as that number came out, Mass Media changed the entire narrative to an “insurance rate cut”. In my whole life I never heard of the Fed making an “insurance rate cut.
    Any thoughts on which way they will go?

    • I don’t use NavyFed as my primary checking account, so I don’t really have a lot of customer service interactions with them. For my purposes, they have been fine.

      I have the Free EveryDay Checking. No monthly fees, no minimum balance. No ATM rebates, but again I don’t use the ATM card. Just be sure to have some sort of activity (transfer in, out) once a year to avoid having a dormant account.

  2. I’ve seen some 5 year Fixed Annuities at 4%. And they allow you to take some withdrawals if you want to.

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