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Navy Federal Credit Union CD rates are well above the national average, with its highest rates being 4.85%. And members can take advantage of several kinds of CDs, or share certificates, with terms ranging from three months to seven years, depending on their savings goals. Compare Navy Federal CDs to some of the best high-yield CDs on the market.
| General Certificate Rates Overview | |||
|---|---|---|---|
| CD Term | $1K Minimum APY | $20K Minimum APY | $100K Minimum APY |
| 3 months | 2.75% | 2.75% | 2.80% |
| 12 months | 4.80% | 4.80% | 4.85% |
| 18 months | 4.50% | 4.50% | 4.55% |
| 24 months | 4.20% | 4.20% | 4.25% |
| 3 years | 4.00% | 4.00% | 4.05% |
| 5 years | 3.80% | 3.80% | 3.85% |
| 7 years | 3.80% | 3.80% | 3.85% |
| SaveFirst Certificate Account Rates Overview | |||
|---|---|---|---|
| Term | Minimum Deposit | Dividend Rate | APY |
| 3–60 months | $5.00 | 0.40% | 0.40% |
| EasyStart Certificate Rates Overview | |||
|---|---|---|---|
| CD Term | Minimum Deposit | Dividend Rates | APY |
| 12 months | $50.00 | 5.16% | 5.30% |
While Navy Federal does offer competitive rates on some of its CDs, some online banks may offer higher CD rates. But there are other benefits to banking with the not-for-profit credit union that are worth considering.
Navy Federal’s CD rates are above average. Yet the interest rate you could earn on your savings isn’t the only factor that matters when choosing a CD. It’s important to research other key features that Navy Federal’s share certificates offer.
All of Navy Federal’s share certificates have a minimum deposit requirement that ranges from $50 to $100,000, depending on the type of CD (and the annual percentage yield you hope to earn from the credit union in return for your deposit). With the credit union’s short-term and long-term certificates, making a deposit of $100,000 or more may help you earn a slightly higher APY on your savings (depending on current rates).
As with traditional CDs, when you deposit money into a share certificate with Navy Federal Credit Union you agree to leave your cash in the account for a fixed amount of time. If you decide to withdraw your cash before your share certificate matures, you’ll have to pay an early withdrawal penalty. However, Navy Federal’s early withdrawal penalties are not as steep as others.
Here are the early redemption penalties Navy Federal charges its members.
Navy Federal Credit Union, established in 1933, is a full-service credit union that serves military members, veterans, and their families. Founded during the Great Depression, the not-for-profit federal credit union has grown from humble beginnings to become the largest credit union in the world with over 12 million members.
Because Navy Federal is a credit union and not a bank, you must become a member before you can open a share certificate or other financial accounts. Members of this federal credit union have access to many financial products and services, including share certificates similar to the certificates of deposit (CDs) available from traditional and online banks. Navy Federal has stricter membership requirements than some other credit unions.
To be eligible for membership, you must fit into one of the following categories:
It’s also worth noting that NFCU has a small branch network. Despite its large membership numbers, Navy Federal only has around 350 branches worldwide.
The federal credit union is known for offering competitive interest rates to its members. Not only can you get above-average APYs on CDs from Navy Federal Credit Union, qualified members can enjoy attractive interest rates on loans, credit cards, and other financing products.
You must be a member of Navy Federal Credit Union to open a share certificate. Membership in the federal credit union is open to those who have ties to the armed forces, Department of Defense, or National Guard—either themselves or through a family or household member. See the best CD rates available today for a list of more accessible CDs.
Navy Federal Credit Union CD rates don’t usually quite measure up to the top interest rates you can find at some online banks. Nonetheless, the rates are well above the national average (and the federal credit union offers numerous other perks to its members as well).
Members of Navy Federal Credit Union can apply to establish a new share certificate in a few different ways. You can submit your certificate application online, via mail, e-message, or fax, or in person at a local branch.
In addition to your application, you will need to submit the deposit you wish to use to open your certificate. The Special EasyStart certificate from Navy Federal requires at least a $50 minimum deposit. All other share certificates require a minimum deposit of $1,000 or more.
When you open a share certificate at Navy Federal Credit Union, it’s backed by the National Credit Union Administration (NCUA). Like the FDIC, one of the NCUA’s primary jobs is to insure the deposits that credit union members make at participating federal credit unions. The NCUA insures the combined balances of any savings, checking, share certificate, and money market deposits of Navy Federal Credit Union members for up to $250,000.
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A jumbo certificate of deposit (CD) is a type of savings account with higher balance requirements than a traditional CD. It generally pays a higher interest rate.
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