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Just noticed this on the Navy Federal page..looks like they bumped up their CD rates, and also added an IRA deposit bonus. FWIW, when they had a CD promotion about 6 months ago, they waived the requirement for having a checking account with them, though their webpage did not reflect it. From the wording of the T&C it looks like an IRA CD might need to be opened at a non-promotional rate in order to receive the $100 IRA deposit bonus.


EasyStart Certificate (IRA & ESA Only)1 $100 12 mos. 1.50%
Special EasyStartSM Certificate (Share/IRA/ESA)2 $50 12 mos. 3.50%


T&C:
1Offer effective February 25, 2013. Only one IRA bonus per member. Offer only available to members who open their first IRA account at Navy Federal during the promotional period. After opening your first IRA account with Navy Federal and making a qualified deposit ($50 minimum), you will receive a $100 bonus. To receive this $100 bonus, funds must be deposited into the new IRA account no later than 45 days after account opening. Once funds have been deposited to the IRA, Navy Federal will credit the bonus directly into your new IRA account within 30 days. The IRA bonus will be credited to your IRA in the form of a dividend and will not be reported as a contribution. Members should consult with their own tax or legal advisor about the appropriate tax treatment of this bonus and any tax implications associated with it. Any taxes related to the IRA bonus are the member's responsibility. Navy Federal does not provide tax advice. Other restrictions may apply.
2APY=Annual Percentage Yield. Limit one Special EasyStart Certificate per member. This offer, including the stated APY, is effective February 25, 2013. $3,000 maximum balance. Certificate owner(s) age 18 and older must have Direct Deposit of Net Pay (minimum $300 per Direct Deposit) and a Navy Federal checking account within 90 days of the certificate issue date. If these requirements are not met, your Special EasyStart Certificate dividend rate will be reduced to the prevailing divided rate of a standard EasyStart Certificate for the remainder of the certificate's term. At maturity, the Special EasyStart Certificate will automatically renew to a $100 minimum, standard EasyStart Certificate at the prevailing dividend rate unless member specifies otherwise.


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Dividend Adjustment applied this week.

KYBOSH (Mar. 24, 2013 @ 11:45p) |

The terms seem to point to contributions. I planned to fund some IRA CDs with rollover dollars. I just sent them a mes... (more)

dandan50 (Apr. 09, 2013 @ 2:50p) |

Though the link still works, the promotion is over according to the CSR I spoke with today.

mactv (Apr. 09, 2013 @ 5:40p) |

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I just opened a roth for me and the wife there the other day. Called up to see if I could still get the promotion, the rep said to send them a message online, I'll report back with what they say.

Thank you, OP! Easy $200 (spouse & moi).

mastroadam: I think you might be out of luck. It says effective date is today.

Does ACH transfers (or bank to bank) transfers count for the direct deposit requirement?

Is it me, or is it ambiguous how long you'd have to maintain the DD requirement?

Also, I assume if someone were to have a joint checking account, one type of DD would qualify both individual IRA owners?

I don't see any IRA transfer or IRA account closing fee.

Bummer that they have so many restrictions on the EasyStart certificate- Max of $3k, must have DD and checking...

I got in on their special Member Appreciation certificate last fall for 4% APY up to $4k. Don't think I'll jump through the hoops for this one.

teammjs said:   Is it me, or is it ambiguous how long you'd have to maintain the DD requirement?

Also, I assume if someone were to have a joint checking account, one type of DD would qualify both individual IRA owners?

My wife was is on my joint acct, she had to open her own savings acct/get her own membership number to open a roth.

mastroadam said:   teammjs said:   Is it me, or is it ambiguous how long you'd have to maintain the DD requirement?

Also, I assume if someone were to have a joint checking account, one type of DD would qualify both individual IRA owners?

My wife was is on my joint acct, she had to open her own savings acct/get her own membership number to open a roth.


That part does make sense to me. It's how they count the DD I'm wondering about. In our case, we have a joint checking. I'm just wondering if one DD to a single joint checking would "count" for both members, or they expect the member listed as secondary on the joint checking to have their own primary checking and DD.

I can't find anything to do with a bonus at that link or on their site...
EDIT: odd, now it comes up. Probably a Cache issue.


I have Penfed and USAA, wonder if I should join navyfed as well. Hard credit pull for any of the above?? CC funding?

can i rollover 100 ira money into this account to qualify? this is rollover money not new ira contribution.

Any easy ways for non DOD to join?

Is there any way to qualify for membership? I ran the wizard and it says that I am not eligible. :/

What sort of fees do the checking and IRA accounts have?

vickh said:   I have Penfed and USAA, wonder if I should join navyfed as well. Hard credit pull for any of the above?? CC funding?

NFCU is worth it. However, if neither you nor your family members are military, you're illegible for membership.

EndlessKnight said:   Any easy ways for non DOD to join?

Nope. USA Fed was the only ticket and that's been dead for ~2 years.

biomedica said:   Is there any way to qualify for membership? I ran the wizard and it says that I am not eligible. :/

Family members in the military looks like your last option. That or join the Coast Guard or Army/Navy/Air Force.

Looks like you can only fund through your share account (not an outside account) unless you have a checking account. I guess I'll have to drop by a branch and make a deposit.

Thanks OP, easy $100.

NFCU is known for generous credit limits and decent products and also know for being really strict on membership requirements. They will retroactively cancel memberships for people that get in but that they deem unworthy upon review, which can happen at any time- usually if someone opens too many products in a short period of time. It's not worth your time to try to join if you don't qualify.

A few years ago Navy Federal bought a smaller CU called USA Federal. USA Fed was military oriented, but had much more lenient membership requirements (anyone could join by donating to some charity if I remember correctly), so there were a bunch of people including myself who joined USA Federal right before the merger was official. It was a one time only backdoor into NFCU.

I'm not really on the up-and-up on how a product like this works.. Could someone break it down for me, in layman's terms?

Do these all count as a Traditional IRA and wont count towards my Roth max contributions? If so I am just gonna open a small to get the free quiche.

foeplay said:   Do these all count as a Traditional IRA and wont count towards my Roth max contributions? If so I am just gonna open a small to get the free quiche.

You have a maximium total limit for all IRA funding-- all Traditional and Roth are combined to this limit.

is the DD to the IRA account directly or to the checking account?

slc39 said:   Does ACH transfers (or bank to bank) transfers count for the direct deposit requirement?


___/\____

Awesome. Took me like 5 seconds. That's like $72,000 bucks an hour! Thanks OP!

I agree on the 5 seconds, but the best part about the whole thing is they put the $100 in the Roth IRA so if you follow Roth IRA rules, the $100 will be tax free and not even on your taxes next year since there will be no 1099-INT since it's like earnings on your Roth IRA....Best deal ever!

What's the process for closing a traditional IRA, after benefiting from this sign up bonus?

Kevo171 said:   NFCU is known for generous credit limits and decent products and also know for being really strict on membership requirements. They will retroactively cancel memberships for people that get in but that they deem unworthy upon review, which can happen at any time- usually if someone opens too many products in a short period of time. It's not worth your time to try to join if you don't qualify.

.


thx but what's "too many products".

Funded $250 max via BOA CC. I believe BOA treats as purchase. Hopefully they allow CC funding for the OP promos??

What are you guys doing with the $150 ROTH account? Just rolling over to some other institution after a certain time period? I can't decide if it's worth the hassle.

meh I'm just gonna let it sit there forever since I plan to stay with NFCU forever. It's already returned 150%.

tjguitar85 said:   What are you guys doing with the $150 ROTH account? Just rolling over to some other institution after a certain time period? I can't decide if it's worth the hassle.

It literally takes seconds to do. Certainly worth the "hassle." You can just sit on it forever if you want or do a quick rollover at some point.

How did you fund it? Did you already have cash in your share savings account? Guess I have to wait 2 days for my ACH to come in from Alliant.

Yea, NFCU and Chase are my two main banks so it sees a $100 weekly DD deposit with the majority going to my Chase. I won't qualify for the 3% certificate due to not a large enough DD, but its not worth the hassle to change my DD at work for an extra 1.5% apy on such small amount I'm gonna keep in it.

Already had the cash in my share savings acct, yes.

I opened my ezstart 3% CD in october last year> I wonder if 1.) I can open another at 3.5% inside an IRA? If not, should I withdrawl from my current CD and open another? I am guessing no on the 2nd one.

mastroadam said:   I just opened a roth for me and the wife there the other day. Called up to see if I could still get the promotion, the rep said to send them a message online, I'll report back with what they say.

"As a "one time courtesy" we can close the Special Roth Easy Start Certificate that was established on 02/17/13 without penalty and purchase a brand new Special Roth Easy Start Certificate, backdated it to 02/25/13, at 3.50% APY. However, since you've already established the first IRA plan on 02/17/13, we will not be able to give you the $100.00 bonus as the promo started on 02/25/13, 8 days after of establishing your first IRA. If you have any questions, please contact an IRA specialist at 1-888-842-NFCU (6328) between 7:30 a.m. and 11:00 p.m., Eastern Time, Monday through Saturday."

Skipping 20 Messages...
Though the link still works, the promotion is over according to the CSR I spoke with today.



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