If you have some money to save and want the best CD rates today, Navy Federal Credit Union, the largest Credit Union in the world offers a wide range of CDs with very competitive rates. We have provided below our guide to Navy Federal Credit Union CD Rates in 2021. They include Fixed-Term CDs, EarlyStart Certificates, SaveFirst, and Variable Rate Certificates.
First, we will explain what CDs are about and how they work.
Next, we will explain the reasons why you may want to consider putting your money in a CD.
Finally, we will review Navy Federal Credit Union CD Rates and how to open an account.
This post will cover:
- What is a Certificate of Deposit?
- Why Put Your Money in a CD?
- Types of CDs offered by Navy Federal Credit Union
- Navy Federal Credit Union CD Rates
- Compare Navy Federal Credit Union CD Rates to Savings Account
- How to Open a CD at Navy Federal
What is a Certificate of Deposit?
A Certificate of deposit (CD) is a type of deposit account that often pays a higher interest rate than a standard savings account in exchange for restricting access to your funds during the CD term.
CD terms often vary, depending on the financial institution but are between three months and five years. As long as you keep the money in CD during the entire term, you will earn the APY you were promised.
However, if you should take your money out before maturity or term, and you will most likely incur a penalty.
In addition, if you take your money out early, you also might have to forfeit a portion of the interest you earned, depending on the bank’s policy.
Why Put Your Money in a CD?
If you have some cash to save and want to earn more than you would with a standard savings account, certificates of deposit can be a good option.
Furthermore, many CDs with terms of at least 12 months offer rates that are higher than the best savings accounts.
For example, if you put $5,000 in a CD that earns 2.6% APY for a one-year term, your balance would increase by more than $130.
You should consider a CD if you are certain you won’t need to access your cash for several months or years, depending on the goal you have for that money.
Smaller, local banks or credit unions often offer better rates than the big national institutions.
Also, online-only banks can offer great CD rates because of their lower expenses.
Finally, putting your money in a CD is risk-free in the sense that you can put up to $250,000 in CDs and will never lose that money as long as your account is with an FDIC bank insured NCUA insured credit union.
Types of CDs offered by Navy Federal Credit Union
Navy Federal Credit Union offers five types of CDs, each with a different purpose:
Standard (Share) Certificates
Share Certificates are the Navy Federal Credit Union’s standard CDs. You can open an account for terms ranging from three months to seven years with a minimum deposit of $1,000
The Standard Certificate is best for:
- Individuals who want to earn at a higher dividend rate
- Those individuals who don’t need flexible access to savings
- Individuals who are interested in making a single deposit
EasyStart Certificates are an easy way to start building savings quickly with a low minimum purchase and flexible term lengths.
The EasyStart Certificates is best for:
- Individuals who want to save for a specific goal
- Those individuals who want to build good savings habits
- Individuals who want the flexibility to add money at any time
Special EasyStart Certificate
Special EasyStart Certificates let members who have direct deposit and a checking account take advantage of saving at a special rate with a low minimum purchase.
The Special EasyStart Certificate is best for:
- Individuals who want to start saving quickly
- Those individuals who want to take advantage of a special rate up to $3,000
- Individuals who are interested in adding money at any time
The SaveFirst Account helps you save more at a higher rate than a traditional savings account.
The SaveFirst Account Certificate is best for:
- Individuals who want to save for a purpose
- Those individuals who want to choose their term
- Individuals who want to add money at any time
3-Year Variable Rate Certificate
The 3-year variable rate certificate keeps up with market changes by adjusting your rate on the 12- and 24-month anniversaries of your purchase.
The 3-year variable rate certificate is best for:
- Individuals who want to leverage changes in the market
- Those individuals who are able to commit to a longer-term
- Individuals who want to add money annually
Here are the five types of CDs offered by Navy Federal Credit Union at the moment and their associated rates.
Navy Federal Credit Union CD Rates
Here are Navy Federal Credit Union CD rates – which range from 3 months to 84 months (7 years). You have the
freedom to choose the length of time you like.
You can choose to put your money in a 6-Months CD for short term savings, a 12 month CD for medium
term savings and a 36 month or 84 month CD for long term savings.
|Shared Certificate||Annual Percentage Yield (APY) With Balance $1,000-$49,999||APY With Balance $50,000-$99,999||APY with Balance of $100,000+|
Here are the other Certificates of Deposit offered by Navy Federal.
|Certificate Type||Minimum To Open||Term||APY|
|SaveFirst Account||$5||3 Months to 5 Years||0.40%|
|Special EasyStart||$50||12 months||3.00%|
|Variable Rate||$500||3 Years||0.39%|
Compare Navy Federal Credit Union CD Rates to Savings Account
If you do not want to have your money locked down in a CD and face a penalty when you take it out early, you may consider a regular Savings Account.
Here are Savings Account offered by Navy Federal Credit Union and their associated rates.
Basic Savings Account
This account comes with your Navy Federal membership and is a great account to use for emergency savings.
- Can name multiple accounts to tell them apart
- Allows access to your money at any time
Minimum to Open: $5.00
Money Market Savings Account
With an MMSA, you can still access your money anytime, all while building your reserves more quickly through higher dividends.
- Has no term limits
- Allows access to your money at any time
Minimum to Open: $2,500
How to Open a CD at Navy Federal
Opening a CD account is fairly simple at Navy Federal. If you already have an account, follow the process below to open a CD account.
You can open a certificate through the mobile app or online.
First, Sign in to mobile banking.
Next, tap the “More” button in the lower right of the screen.
On the “More Features” screen, tap “Products & Rates” and select “Certificates and IRAs”.
Under “Certificates and IRAs”, tap “Certificates” and select your certificate product.
Follow the on-screen instructions to complete your purchase.
First, Sign in to online banking.
Next, select “Open a New Account”, located in the top right corner of the page.
Under the “Certificates and IRAs” heading, select “Certificate” and follow the prompts to select and open your product.
Also, you can also open a Certificate by visiting a branch or calling Navy Federal at 1-888-842-6328.
Navy Federal Credit Union CD Rates Summary
We hope this post on Navy Federal Credit Union CD Rates was helpful.
If you have further questions about CDs, Banking, or personal finance in general, please let us know in the comments section below.
Be sure to check out our other popular articles, including:
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