Grab A 3.00% APY on 1 Yr CD with Navy Federal Credit Union

Navy Federal Credit Union does it again. Right now, they are offering an extremely high 1 year CD rate with a 3.00% APY. This rate is by far one of the highest available among banks and other credit unions considering the term.

The Promotion

The special certificated of deposit is called the Special Easy Start Certificate with a low minimum deposit of only $50. This CD has a term of 1 year with a whopping rate of 3.00% APY. The deposit is also compounded either daily or monthly.

How The Rate Compares

Right now, the highest 1 year CD nationally available from banks is from CIT Bank at only 1.15% APY. Credit Unions, being known for giving higher rates do offer much better rates but almost none as good as what Navy Federal is giving. Other 1 year CD’s from credit unions are at 1.26% from First Credit Union, 1.20% from Alliant Credit Union, and 1.15% from Melrose Credit Union. The only other credit union that beats this rate is from Patelco Credit Union at a promotional rate of 5.00%.

Other Rates From Navy Federal Credit Union

Other interesting rates from Navy Federal Credit Union includes their 7 year CD with a 2.80% APY. Most of the rates from the credit union aren’t as competitive as some banks and other credit unions, but they are still higher than the national average.

About Navy Federal Credit Union

This institution has been known for giving great interest rates and mortgages to their members. Membership is exclusive to some criteria such as being part of the Armed Forces, employed in the Department of Defense, relatives of qualified persons, and extended family. More details on membership can be found on their website. They also provide an eligibility wizard for you to easily determine if you are qualified to be a member or not.

Navy Federal Credit Union is one of the most established credit unions in the nation. It is also insured by the NCUA and it has its roots since 1933.

Navy Federal Credit Union Offers Highest CD Rate at 3.5%

With the best CD rates banks are offering at 1.35%, finding a certificate of deposit with an annual interest rate of 3.5% can be startling. But indeed it can be done. The Navy Federal Credit Union is offering a chunky interest rate of 3.5% in their 12-year certificate of deposit.

If this already sounds too good to be true, it gets even better. The Navy Federal Credit Union is only imposing a minimum deposit of $50. Plus your money will be compounded daily. That means more earnings for the depositor. The only tricky thing to this is, whether who can open an account.

The Navy Federal Credit Union does have some requirements when it comes to membership. Only those who have served in the Army, Air force, Department of Defense and of course, the Navy can be eligible. However, this membership also extends to family members. And once these family members have joined, or opened an account, they too will be able to extend the membership opportunity to their family members as well.

Since 1933, Navy Federal has grown from having seven members to three million. It’s vision statement clearly reflects that they are friendly to their depositors, holding close to their saying: “You can leave the military, change employers, move, retire, get married—and never have to leave Navy Federal. “Once a member, always a member.”

The Navy Federal Credit Union also offers different certificate of deposit packages which depositors can choose from. It offers the special, standard, low minimum, jumbo and IRA packages. The IRA certificate aims to help members plan for their retirement, and to help them reach their financial goals. Aside from certificates, the Navy Federal offers a wide range of services, ranging from mortgages, money markets, credit cards, retirement and insurance, and even gift cards.

Considering the slight exclusivity of membership, those who are eligible are lucky to be able to take advantage of the 3.5% CD. Having a rate that high at this time is certainly a feat, one that only Navy Federal can accomplish.