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 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.