With the best CD rates banks are offering at 1.35%, finding a certificate of deposit with an annual interest rate of 3.5% can be startling. But indeed it can be done. The Navy Federal Credit Union is offering a chunky interest rate of 3.5% in their 12-year certificate of deposit.
If this already sounds too good to be true, it gets even better. The Navy Federal Credit Union is only imposing a minimum deposit of $50. Plus your money will be compounded daily. That means more earnings for the depositor. The only tricky thing to this is, whether who can open an account.
The Navy Federal Credit Union does have some requirements when it comes to membership. Only those who have served in the Army, Air force, Department of Defense and of course, the Navy can be eligible. However, this membership also extends to family members. And once these family members have joined, or opened an account, they too will be able to extend the membership opportunity to their family members as well.
Since 1933, Navy Federal has grown from having seven members to three million. It’s vision statement clearly reflects that they are friendly to their depositors, holding close to their saying: “You can leave the military, change employers, move, retire, get married—and never have to leave Navy Federal. “Once a member, always a member.”
The Navy Federal Credit Union also offers different certificate of deposit packages which depositors can choose from. It offers the special, standard, low minimum, jumbo and IRA packages. The IRA certificate aims to help members plan for their retirement, and to help them reach their financial goals. Aside from certificates, the Navy Federal offers a wide range of services, ranging from mortgages, money markets, credit cards, retirement and insurance, and even gift cards.
Considering the slight exclusivity of membership, those who are eligible are lucky to be able to take advantage of the 3.5% CD. Having a rate that high at this time is certainly a feat, one that only Navy Federal can accomplish.