I just re-read the terms and thought of something that might be useful for those that haven't opened yet...If you were planning to open an IRA CD at EasyStart 1.5% rate to avoid the requirements of having a checking account and a DD, you might want to open the Special EasyStart CD at 3.5% despite the requirements. The terms state that if you do not have a checking account and a DD 90 days after Special EasyStart CD opening, the CD rate will go down to the standard EasyStart rate, which is 1.5% anyway. So you'll get at least 3 months at 3.5% before the rate goes down to 1.5%. Granted, even on a max yearly IRA contribution extra 2 percent for 3 months isn't that much, but still.
So I did just that. Today I received a letter confirming terms with a disclosure statement. I find one section troubling (and I don't believe it was listed in any of the online disclosures): ADDITIONAL DEPOSITS: Additional deposits of at least $15 per month are required (applies to members 18 and older). You may make additional deposits to an EasyStart Certificate at any time. Additional deposits can be made by direct deposit, allotment, or periodic transfer(s) from a Navy Federal savings, checking or MMSA account.This appears to be separate from the $300 direct deposit requirement and doesn't say anything about affecting the interest rate, it's just a flat-out requirement.
I opened Roths for myself and my wife at the local branch and was told that the monthly deposits were not tracked. Of course that is probably not worth a whole lot. Since I am considering these Roths to be another mechanism to chase a higher interest rate, I'll max them out and won't need to worry about the $15 a month.
But I will admit that the subject never came up until I was glancing through the disclosure she had printed and asked. It might not be a big deal as she suggested.
My $100 bonus posted today as a DIVIDEND ADJUSTMENT, account was opened 2/25. It's a traditional IRA earning .25%. When I called b/c of a problem with funding the account, the CSR said ANY type of new IRA will get the bonus.
Yep, mine posted too. A ROTH earning .25% Seems like I should transfer the account to a brokerage at some point, but I guess I should leave it at Navy for a while.
The terms seem to point to contributions. I planned to fund some IRA CDs with rollover dollars. I just sent them a message. It will be interesting to see if I can get the extra $100.
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