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.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
Earn Cash Back while you shop - just 3 simple steps.
1. Sign Up so we know who to pay! (It's FREE.)
2. Shop through FatWallet for deals from your favorite stores. Your online purchases earn Cash Back that builds in your FatWallet account.
3. Get Paid by requesting a payment via check or PayPal.
FatWallet coupons help you save more when shopping online. Use our Coupons Search to browse coupons and offers from thousands of stores, gathered into one convenient location.
As part of our FatWallet Community, you can share deals with almost a million shoppers in our forums. Forum content is generated by consumers for consumers. Share deals, money-saving tips, and more. It's FREE, fun, and addicting.
Our customer experience team is here around the clock - real people ready to assist.