Navy Federal $100 IRA bonus

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tbradnc
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Joined: Wed Apr 02, 2008 8:30 am

Navy Federal $100 IRA bonus

Post by tbradnc »

I check in with Navy Federal to see what there CD rates are and today I noticed they have an offer whereby you get a $100 bonus for opening an IRA with a minimum deposit of $100.

Details to my inquiry for more information: Thank you for using Navy Federal's eMessaging Service. To receive the $100.00 Individual Retirement Arrangement (IRA) bonus, a member must open their first IRA Plan with Navy Federal during the promotional period (December 1st 2014 through April 30th 2015) and deposit a minimum of $100.00 into their first IRA within 45 days after the account is opened. Please be advised, all IRA types are eligible (Traditional, ROTH, or SEP IRA) and all IRA products are eligible (IRA Certificates, IRA Savings & IRA Money Market Savings Account). The $100.00 IRA bonus will be deposited into the IRA account within 30 days of the initial deposit. If you have further questions, please let us know.

I was just getting ready to make my 2014 Roth contribution with Vanguard and was thinking of allocating $1000 of it to Navy Federal for an instant 10% return + whatever rate the certificate I chose paid.

What do you think? Would you consider this too much trouble for $100?

Note: If I invested these funds with Vanguard it would be in Intermediate Bond Index.
Topic Author
tbradnc
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Joined: Wed Apr 02, 2008 8:30 am

Re: Navy Federal $100 IRA bonus

Post by tbradnc »

Also.. The $100 bonus is contributed to the IRA in the form of a dividend, not a contribution.
Ron Ronnerson
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Location: Bay Area

Re: Navy Federal $100 IRA bonus

Post by Ron Ronnerson »

A couple of things:

1) if it is $100 in a Roth, you'd have to earn more than that from your job just to be able to put $100 into a Roth yourself. So, at least in a sense, it is worth more than $100.
2) If you are young and have little saved so far, this $100 may be more important to you than if you are close to or in retirement and have a large sum saved. Age would be a factor I'd consider due to compounding over time.

I bet you'd not do it for $10 and would very likely do it for a $1000. Only you can truly know if $100 is worth it for you.
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Ketawa
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Re: Navy Federal $100 IRA bonus

Post by Ketawa »

It will take me about an hour to contribute $100 to an EasyStart certificate, get the bonus, and complete paperwork next year to roll the IRA over somewhere else. My time is worth a lot less than $100/hr, so I'll probably do it. Thanks for the pointer.
campy2010
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Re: Navy Federal $100 IRA bonus

Post by campy2010 »

Thanks! That was easy.
Topic Author
tbradnc
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Joined: Wed Apr 02, 2008 8:30 am

Re: Navy Federal $100 IRA bonus

Post by tbradnc »

I had $20 in my share account so I opened a Roth using a 20 month, 2% CD. I'll beam a portion of the rest of my Roth contribution into it next week to meet the $100 minimum.

2% on a 20 month certificate is pretty good at the moment.
Last edited by tbradnc on Sat Feb 14, 2015 6:08 pm, edited 1 time in total.
Topic Author
tbradnc
Posts: 1532
Joined: Wed Apr 02, 2008 8:30 am

Re: Navy Federal $100 IRA bonus

Post by tbradnc »

Ketawa wrote:It will take me about an hour to contribute $100 to an EasyStart certificate, get the bonus, and complete paperwork next year to roll the IRA over somewhere else. My time is worth a lot less than $100/hr, so I'll probably do it. Thanks for the pointer.
With an EasyStart you have to sign up for direct deposit and meet some other requirements - way more than I want to deal with. I went with the $20 minimum, 2%, 20 month certificate.
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tarnation
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Re: Navy Federal $100 IRA bonus

Post by tarnation »

It seems you can't do ACH "pulls" with them (except to open account). How are you folks getting money in?
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Topic Author
tbradnc
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Joined: Wed Apr 02, 2008 8:30 am

Re: Navy Federal $100 IRA bonus

Post by tbradnc »

tarnation wrote:It seems you can't do ACH "pulls" with them (except to open account). How are you folks getting money in?
Push from Ally here.
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