Another NFCU CD deal [Navy Federal Credit Union]

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friar1610
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Another NFCU CD deal [Navy Federal Credit Union]

Post by friar1610 » Mon Jul 08, 2019 3:44 pm

Noticed that NFCU just posted (today) a 3.5% APY 5 year certificate with a $1,000 minimum. 12 month EWP. Somewhat stringent membership requirements.

https://www.navyfederal.org/products-se ... -rates.php
Last edited by friar1610 on Mon Jul 08, 2019 4:41 pm, edited 1 time in total.
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Re: Another NFCU CD deal

Post by corn18 » Mon Jul 08, 2019 4:04 pm

friar1610 wrote:
Mon Jul 08, 2019 3:44 pm
Noticed that NFCU just posted (today) a 3.5% APY 5 year certificate with a $1,000 minimum. 12 month ERP. Somewhat stringent membership requirements.

https://www.navyfederal.org/products-se ... -rates.php
Thanks for the heads up. Also noted that there is no maximum.
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Re: Another NFCU CD deal

Post by tfb » Tue Jul 09, 2019 9:51 am

Bumping for better visibility. Back in Jan. 2014 when 5-year Treasury yield was about 1.7%, the PenFed 3.0% CD was hailed as a great deal. Today when 5-year Treasury yield is about 1.9%, the NavyFed CD at 3.5% is just even better.
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Re: Another NFCU CD deal

Post by BogleMelon » Tue Jul 09, 2019 9:53 am

Is this exclusive for military and their families? Is there a way a civilian could join?
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Re: Another NFCU CD deal

Post by friar1610 » Tue Jul 09, 2019 10:03 am

BogleMelon wrote:
Tue Jul 09, 2019 9:53 am
Is this exclusive for military and their families? Is there a way a civilian could join?
Yes. Check and see if you meet any of the criteria:

https://www.navyfederal.org/membership/ ... 10/19/2017|||
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Re: Another NFCU CD deal

Post by dm200 » Tue Jul 09, 2019 10:08 am

I have been a Navy federal member for almost 50 years - when I was an enlisted man in the Navy. Membership was once quite limited, but now it is very, very expanded.

Civilian employees (and family) of the defense department can join. Immediate family of any NFCU member can also join.

So, for example, if your brother was a NFCU member, you could join.

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Re: Another NFCU CD deal

Post by JDDS » Wed Jul 10, 2019 3:45 am

I spotted this earlier today on depositaccounts.com and I was shocked. Previously it was 3.00% for sub $50k, then 3.15% up to $100k then 3.25% going up. I wanted to qualify for a higher tier so I was pulling money to meet that minimum, but one of the transfers was not due to complete until today. I was hoping they would not lower the rate, the rate increasing never entered my mind. I think this is the first time I thank ACH for being slow. Granted, I could have likely waited the required 7 days to cancel my CD then immediately buy in at the higher rate, assuming they would not just apply the new rate, but not going through the hastle/not needing to know to do it is great.

I also had a bit of liquidity concern with the higher minimum. Since the tiers are now equal, I will likely split into something like 3 CDs: two large ones and one a bit smaller. If circumstances required it I could break the small one or even one of the larger ones without breaking the whole deal.

Thanks to both of my grandpas for their service to our country! I doubt they ever thought credit union membership was a perk their grandson would ever get/appreciate LOL

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Re: Another NFCU CD deal

Post by HenryPorter » Wed Jul 10, 2019 9:56 am

BogleMelon wrote:
Tue Jul 09, 2019 9:53 am
Is this exclusive for military and their families? Is there a way a civilian could join?
Does that include veterans' family members? My wife's brother is a veteran. I will try to get her to sign up if she is eligible.

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Re: Another NFCU CD deal

Post by tomd37 » Wed Jul 10, 2019 10:44 am

Membership eligibility? Why not find out for yourself rather than asking others? :oops: Search the subject "NFCU Membership Eligibility" and you will get the answer straight from NFCU. Don't depend on information from others that may not be correct. I've been a member for fifty-eight years. They are a great credit union, but do not always have the best certificate rates.
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Re: Another NFCU CD deal

Post by dm200 » Wed Jul 10, 2019 10:54 am

tomd37 wrote:
Wed Jul 10, 2019 10:44 am
Membership eligibility? Why not find out for yourself rather than asking others? :oops: Search the subject "NFCU Membership Eligibility" and you will get the answer straight from NFCU. Don't depend on information from others that may not be correct. I've been a member for fifty-nine years. They are a great credit union, but do not always have the best certificate rates.
Yes - membership requirements at NFCU have expanded a lot in recent years - both from the actual field of membership (all of DOD, both civilian amd military - as well as general credit union rules allowing immediate family and household members of both current members and those in the field of membership.

if the online rules are not fully clear to you, suggest calling them.

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Re: Another NFCU CD deal

Post by texas_archer » Wed Jul 10, 2019 3:23 pm

Im only seeing their 5 year CDs at those rates available to me.

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Re: Another NFCU CD deal

Post by tomd37 » Wed Jul 10, 2019 3:48 pm

It is offered only on the five-year certificate.
Tom D.

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Re: Another NFCU CD deal

Post by snowman » Wed Jul 10, 2019 4:11 pm

Got this offer today. Just sharing here if people are interested. 3.0% for 7 or 25 months.

https://www.ent.com/3percent

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Re: Another NFCU CD deal [Navy Federal Credit Union]

Post by LadyGeek » Wed Jul 10, 2019 7:40 pm

This thread is now in the Personal Finance (Not Investing) forum (CD). This forum covers banks, savings accounts, and personal finance. CDs are issued by banks or credit unions.
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Re: Another NFCU CD deal

Post by tj » Wed Jul 10, 2019 7:46 pm

tfb wrote:
Tue Jul 09, 2019 9:51 am
Bumping for better visibility. Back in Jan. 2014 when 5-year Treasury yield was about 1.7%, the PenFed 3.0% CD was hailed as a great deal. Today when 5-year Treasury yield is about 1.9%, the NavyFed CD at 3.5% is just even better.
It is interesting. Arguments against long term CDs is that rates can go up! Wonder what the rate will be in Jan 2024.

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Re: Another NFCU CD deal [Navy Federal Credit Union]

Post by nalor511 » Wed Jul 10, 2019 11:44 pm

Would not mind getting in on this, but with the stringent membership requirements (I'm not military), and the fact that it's not that much higher a rate than my existing CUs, will probably pass. Easy win for those who already have membership tho

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Re: Another NFCU CD deal [Navy Federal Credit Union]

Post by tj » Thu Jul 11, 2019 12:16 am

nalor511 wrote:
Wed Jul 10, 2019 11:44 pm
Would not mind getting in on this, but with the stringent membership requirements (I'm not military), and the fact that it's not that much higher a rate than my existing CUs, will probably pass. Easy win for those who already have membership tho
What is "easy"? How do you know how much $$$ to put in a CD? Do you do it in an IRA?

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Re: Another NFCU CD deal [Navy Federal Credit Union]

Post by bltn » Thu Jul 11, 2019 4:42 am

A 12 month ewp is too much to attract my interest.

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Re: Another NFCU CD deal

Post by OAG » Thu Jul 11, 2019 3:31 pm

snowman wrote:
Wed Jul 10, 2019 4:11 pm
Got this offer today. Just sharing here if people are interested. 3.0% for 7 or 25 months.

https://www.ent.com/3percent
FDIC/NCUA Insured? I did not find that information at that site.
OAG=Old Army Guy. Retired CW4 USA (US Army) in 1979.

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Re: Another NFCU CD deal

Post by friar1610 » Thu Jul 11, 2019 3:51 pm

OAG wrote:
Thu Jul 11, 2019 3:31 pm
snowman wrote:
Wed Jul 10, 2019 4:11 pm
Got this offer today. Just sharing here if people are interested. 3.0% for 7 or 25 months.

https://www.ent.com/3percent
FDIC/NCUA Insured? I did not find that information at that site.
I clicked on the link and it says "NCUA Insured" at the bottom of the page.
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Re: Another NFCU CD deal

Post by dodecahedron » Thu Jul 11, 2019 5:44 pm

HenryPorter wrote:
Wed Jul 10, 2019 9:56 am
BogleMelon wrote:
Tue Jul 09, 2019 9:53 am
Is this exclusive for military and their families? Is there a way a civilian could join?
Does that include veterans' family members? My wife's brother is a veteran. I will try to get her to sign up if she is eligible.
My brother is a veteran. He joined three years ago (for a token $5 in a simple savings account), even though he had no interest in a CD for himself. His reason for joining is that I told him that our mother (not a veteran herself) and other non-veteran relatives would be also able to join if he joined.

Edited: rules have changed--see below.
Last edited by dodecahedron on Fri Jul 12, 2019 8:18 am, edited 1 time in total.

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Re: Another NFCU CD deal [Navy Federal Credit Union]

Post by cashmoney » Thu Jul 11, 2019 6:48 pm

nalor511 wrote:
Wed Jul 10, 2019 11:44 pm
Would not mind getting in on this, but with the stringent membership requirements (I'm not military), and the fact that it's not that much higher a rate than my existing CUs, will probably pass. Easy win for those who already have membership tho




I don't think they are that stringent. I called them tonight thinking it was a long shot that I would qualify because of my long deceased father being a veteran.I ask them right off the bat if I would qualify and she said yes and without asking any verifying information not even his name I have an account.I have a feeling she wasn't even going to ask me about qualifying at all.

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Re: Another NFCU CD deal [Navy Federal Credit Union]

Post by TropikThunder » Thu Jul 11, 2019 7:01 pm

cashmoney wrote:
Thu Jul 11, 2019 6:48 pm
nalor511 wrote:
Wed Jul 10, 2019 11:44 pm
Would not mind getting in on this, but with the stringent membership requirements (I'm not military), and the fact that it's not that much higher a rate than my existing CUs, will probably pass. Easy win for those who already have membership tho




I don't think they are that stringent. I called them tonight thinking it was a long shot that I would qualify because of my long deceased father being a veteran.I ask them right off the bat if I would qualify and she said yes and without asking any verifying information not even his name I have an account.I have a feeling she wasn't even going to ask me about qualifying at all.
I haven't tried NFCU, but I was denied for USAA insurance years ago because I didn't know my dad's SS#. :(

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Re: Another NFCU CD deal [Navy Federal Credit Union]

Post by hudson » Thu Jul 11, 2019 7:02 pm

Just my thoughts....
This is a good deal if you won't need the cash for 5 years. If you might need some of it, you could get multiple CDs. Then you could break a smaller CD.
NFCU is the largest Credit Union in the US: https://www.creditunionsonline.com/larg ... nions.html
This is a safe "bond"...maybe the equivalent of a treasury bond....but no tax breaks. Expense Ratio = 0.00.
For my situation, one of these CDs would pay way more than say Vang. Intermediate Muni (VWIUX), but after taxes VWIUX would pay out more....but the CD is safer than VWIUX. As you know, it depends on your individual situation, your tax bracket, and the state you live in.
After saying all that, I believe that I'll at least join NFCU and think about buying.
Many thanks to the OP for posting!
Last edited by hudson on Thu Jul 11, 2019 9:00 pm, edited 2 times in total.

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Re: Another NFCU CD deal

Post by tj » Thu Jul 11, 2019 7:23 pm

friar1610 wrote:
Thu Jul 11, 2019 3:51 pm
OAG wrote:
Thu Jul 11, 2019 3:31 pm
snowman wrote:
Wed Jul 10, 2019 4:11 pm
Got this offer today. Just sharing here if people are interested. 3.0% for 7 or 25 months.

https://www.ent.com/3percent
FDIC/NCUA Insured? I did not find that information at that site.
I clicked on the link and it says "NCUA Insured" at the bottom of the page.
Tiny field of membership eligibility though.

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Re: Another NFCU CD deal

Post by tj » Thu Jul 11, 2019 7:23 pm

dodecahedron wrote:
Thu Jul 11, 2019 5:44 pm
HenryPorter wrote:
Wed Jul 10, 2019 9:56 am
BogleMelon wrote:
Tue Jul 09, 2019 9:53 am
Is this exclusive for military and their families? Is there a way a civilian could join?
Does that include veterans' family members? My wife's brother is a veteran. I will try to get her to sign up if she is eligible.
My brother is a veteran. He joined three years ago (for a token $5 in a simple savings account), even though he had no interest in a CD for himself. His reason for joining is that I told him that our mother (not a veteran herself) and other non-veteran relatives would be also able to join if he joined.

If the rules are still the same as they were back then, your wife´s brother would have to become a NFCU member in order to qualify for your wife to join.

Being a relative of a member was enough. Being a relative of veteran was not enough unless aforesaid veteran was also a NFCU member.

Not sure if the rules have changed since then.
They did change.

See https://www.navyfederal.org/membership/ ... bility.php

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Re: Another NFCU CD deal

Post by dodecahedron » Fri Jul 12, 2019 8:16 am

tj wrote:
Thu Jul 11, 2019 7:23 pm
dodecahedron wrote:
Thu Jul 11, 2019 5:44 pm
If the rules are still the same as they were back then, your wife´s brother would have to become a NFCU member in order to qualify for your wife to join.

Being a relative of a member was enough. Being a relative of veteran was not enough unless aforesaid veteran was also a NFCU member.

Not sure if the rules have changed since then.
They did change.

See https://www.navyfederal.org/membership/ ... bility.php
I followed your link and found that the rules have indeed changed. It does sound like it is simplest if the veteran or service member joins first, but this is no longer required. However, the non veteran prospective member may have to provide some evidence of their relative´s service, which could be difficult in some cases. (E.g., my dad was a veteran but he died in 2006 and I have no idea on how to find any of the documents listed below for him. Fortunately, as noted above, my retired Army brother joined Navy Fed three years ago, and once he was a member, it was easy for other relatives, e.g., my mom and me, to join.)
Once your family member joins Navy Federal, you'll be eligible as well. If they can't or don't want to become a member right now, you can still join. You may need one of the following documents from your family member:

Driver's License with Veteran's designation
State-issued Veteran ID Card
Military orders
Leave orders
Earning statement (LES)
Enlistment papers
Proof of direct deposit from DoD
Pension papers from DoD
DD 214
NGB 22
Source: Navy Fed website

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Re: Another NFCU CD deal

Post by protagonist » Fri Jul 12, 2019 8:32 am

tj wrote:
Wed Jul 10, 2019 7:46 pm



It is interesting. Arguments against long term CDs is that rates can go up! Wonder what the rate will be in Jan 2024.
I tend to agree, given the 12 month EWP....especially because these days there are 1-3 year CD options close to 3%, and occasionally higher.
A couple of years ago there was a much bigger "bump" in 5 year APYs compared with shorter ones, and more institutions offered EWPs of 6 months or less. 5 year CDs were more desirable then. Also, nowadays there has been more talk of the Fed raising interest rates as the economy has heated up.

I think I would opt for a shorter term if I were buying one today. Or if I bought a 5 year, I would want a more generous EWP (or an interest rate around 4% with an EWP of 12 months).

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Re: Another NFCU CD deal

Post by mapleosb » Fri Jul 12, 2019 9:03 am

HenryPorter wrote:
Wed Jul 10, 2019 9:56 am
BogleMelon wrote:
Tue Jul 09, 2019 9:53 am
Is this exclusive for military and their families? Is there a way a civilian could join?
Does that include veterans' family members? My wife's brother is a veteran. I will try to get her to sign up if she is eligible.
Since 2017 or so:

https://www.navyfederal.org/membership/ ... bility.php

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Re: Another NFCU CD deal

Post by cashmoney » Fri Jul 12, 2019 10:12 am

dodecahedron wrote:
Fri Jul 12, 2019 8:16 am
tj wrote:
Thu Jul 11, 2019 7:23 pm
dodecahedron wrote:
Thu Jul 11, 2019 5:44 pm
If the rules are still the same as they were back then, your wife´s brother would have to become a NFCU member in order to qualify for your wife to join.

Being a relative of a member was enough. Being a relative of veteran was not enough unless aforesaid veteran was also a NFCU member.

Not sure if the rules have changed since then.
They did change.

See https://www.navyfederal.org/membership/ ... bility.php
I followed your link and found that the rules have indeed changed. It does sound like it is simplest if the veteran or service member joins first, but this is no longer required. However, the non veteran prospective member may have to provide some evidence of their relative´s service, which could be difficult in some cases. (E.g., my dad was a veteran but he died in 2006 and I have no idea on how to find any of the documents listed below for him. Fortunately, as noted above, my retired Army brother joined Navy Fed three years ago, and once he was a member, it was easy for other relatives, e.g., my mom and me, to join.)
Once your family member joins Navy Federal, you'll be eligible as well. If they can't or don't want to become a member right now, you can still join. You may need one of the following documents from your family member:

Driver's License with Veteran's designation
State-issued Veteran ID Card
Military orders
Leave orders
Earning statement (LES)
Enlistment papers
Proof of direct deposit from DoD
Pension papers from DoD
DD 214
NGB 22
Source: Navy Fed website



After getting a definite maybe drilling down the qualification criteria on their website I simply called as they suggested and told them my father who died 30 years ago was a veteran and they said i am qualified and gave me a membership.They didnt even ask my fathers' name.Nobody in my family has ever been a member of NFCD that I know of.

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Re: Another NFCU CD deal

Post by furwut » Fri Jul 12, 2019 10:31 am

cashmoney wrote:
Fri Jul 12, 2019 10:12 am
Once your family member joins Navy Federal, you'll be eligible as well. If they can't or don't want to become a member right now, you can still join. You may need one of the following documents from your family member:

Driver's License with Veteran's designation
State-issued Veteran ID Card
Military orders
Leave orders
Earning statement (LES)
Enlistment papers
Proof of direct deposit from DoD
Pension papers from DoD
DD 214
NGB 22
I was able to join PenFed on the basis on my deceased father having been in the Navy during WW2. They did n to ask for any proof.

Source: Navy Fed website
[/quote]




After getting a definite maybe drilling down the qualification criteria on their website I simply called as they suggested and told them my father who died 30 years ago was a veteran and they said i am qualified and gave me a membership.They didnt even ask my fathers' name.Nobody in my family has ever been a member of NFCD that I know of.
[/quote]

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