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rated:
NFCU has gone up with a decent, short, CD deal which might appeal to many, regardless your economic means.

It's a 17 month CD with APY of 2%.  Fifty bucks will get you started, and you can add on any time up to the maximum of $50k.  All in all not a bad deal for short money:

More details here 

One strategy with these add-on deals is to get started with a small amount of money;  that locks your maturity date.  Then you can come along later and toss in much more dough to good advantage.  For example, suppose you open up for the fifty bucks and then sit tight for the next five months, doing nothing.  When only a year remains until maturity you kick in much larger money and have (effectively) a sweet one year CD at 2% APY for your larger deposit.    

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Full disclosure:  Until being reminded by PattyB's post today, I had forgotten about this thread . . even though I'm the... (more)

shinobi1 (Jan. 12, 2017 @ 3:20p) |

This week Navy Federal Credit Union made a nice change to their field of membership. Veterans of the Armed Forces who we... (more)

turtlebug (Feb. 10, 2017 @ 10:12a) |

Also note the 2% 17-month add-on certificate is still available.

psychoslowmatic (Feb. 10, 2017 @ 10:03p) |

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rated:
Great strategy. I was just looking at this deal and was wondering if I should go in with $50k

The IRA certificate offer is good as well. 17 month 2% and $100 bonus for adding $50/month for 6 months.

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DPG said:   Great strategy. I was just looking at this deal and was wondering if I should go in with $50k

The IRA certificate offer is good as well. 17 month 2% and $100 bonus for adding $50/month for 6 months.

I dunno.  As you're aware, the FOMC meets a week from today and is likely to hike rates.  This is quite a short CD, and any Fed action will have more impact on shorter CD's like this than on, for example, five year stuff.

On the plus side, many believe moving forward we are entering into a rising interest rate environment.  Under such circumstances one does not want to lock up funds for an extended length of time, e.g., five or seven years (depending of course on EWP).  2% APY for a commitment of less than one and one half years might represent an attractive compromise in this situation.    

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typical cd rates for 18 months are around 1.35% from bankrate, so this is definitely a good deal compared to them.

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Might be good for credit card funding? I put 7k on Chase SP for the 7.7% CD without fees back in May. Easily met the 3k min spend for bonus points.

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matrix5k said:   Might be good for credit card funding? I put 7k on Chase SP for the 7.7% CD without fees back in May. Easily met the 3k min spend for bonus points.
  
Confirmed CC?  I would think they learnt their lesson

If not can we rollover that CD into this over phone?

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This is a very good deal!
How difficult is it to become a member of the Navy FCU?
I am a member of the NASA FCU and have a couple CDs there (the best they have now is the 15-month @ 1.34%)

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Opened up two. One for wife, one for me. $50 each. At month 5, will dump in $$$.

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katnrica said:   This is a very good deal!
How difficult is it to become a member of the Navy FCU?
I am a member of the NASA FCU and have a couple CDs there (the best they have now is the 15-month @ 1.34%)

  Looks like there may not be any backdoor methods. My grandpa was military, but when I went through their questions, they asked me stop in or call.Service Members 

  • Active Duty members of the Army, Marine Corps, Navy, Air Force and Coast Guard
  • Army and Air National Guard
  • Delayed Entry Program
  • DoD Officer Candidate/ROTC
  • DoD Reservists
  • Retirees and annuitants

Civilians 

  • DoD Civilian Employees
  • U.S. Government Employees Assigned to DoD Installations
  • DoD Contractors Assigned to U.S. Government Installations
  • DoD Civilian retirees and annuitants

 

  • Family Members 

If you have an immediate family member who has joined or one who is eligible to join, you can become a Navy Federal member. Immediate family members include grandparents, parents, spouses, siblings, grandchildren, children (including adopted and stepchildren) and household members. In the application process, family and household members are referred to as "sponsors" (the person through whom you're eligible for membership).

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...a further update.

Called to ask about verification. If I produce the retirement papers for my Grandpa, I can join.

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Guys

Anyone can join NFCU.  Not at my main computer.  Will be back with details ASAP.

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....

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Gonna take just one step back.  Can tell you there is no US Navy affiliation anywhere in my family.  It's all US Army and insufficient to qualify.  I joined NFCU using the method I'm about to mention at the end of September of this year.  I had zero problems at that time.  While I am quite confident this method will work now, two plus months later, I did not join NFCU yesterday or today.  This is merely by way of making full disclosure.  Here is how I joined:

Go here

Navy League membership link 

spend your $25, and join the Navy League.  It's painless and the Navy League is a good, patriotic, organization.  You will only have to pay the Navy League one time, because once you become an NFCU member you are a member for life.

There is one wrinkle, and this is important:

On the Navy League membership form, where it says "Preferred Council, if you have one", you must enter "San Diego Council".  There is no additional cost.  But if you do not request membership in the San Diego Council, your Navy League membership will not admit you to NFCU.

After you join the Navy League, on the NFCU application, in the appropriate place, indicate "member of Navy League, San Diego Council".  It has been a while.  But I'm pretty sure I did not use the on-line application.  Instead I printed out an NFCU application on paper and snail mailed it in to them.

This is how I joined NFCU with no other qualification.  And there is nothing whatsoever special about me.

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Hard pull for joining?

rated:
gremln007 said:   Hard pull for joining?
  I honestly have no idea.  I hope another FWF participant will be able to answer you.

NFCU constantly is offering "special" CDs.  Back when I joined I managed to get in on another one of their deals, on the last day.  But I would have joined anyway, just to be eligible for whatever next deal they offered.  Now we actually know what that "next deal" is.  When this deal goes away, I'm confident there will be another one waiting in the wings, just around the next corner.  

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Every credit union I have joined or contemplated joining does a hard pull. I have been a member of a couple dozen.

rated:
EWP = 180 days

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shinobi1 said:   
gremln007 said:   Hard pull for joining?
  I honestly have no idea.  I hope another FWF participant will be able to answer you.

NFCU constantly is offering "special" CDs.  Back when I joined I managed to get in on another one of their deals, on the last day.  But I would have joined anyway, just to be eligible for whatever next deal they offered.  Now we actually know what that "next deal" is.  When this deal goes away, I'm confident there will be another one waiting in the wings, just around the next corner.  

  bump for HP question

rated:
Here is my data point:

I opened the account for $50 a few minutes ago, after moving money into NFCU from Alliant via ACH.  At least I think I opened the account.  Couple of wrinkles:

Today is an OK day to open the account . . . not that I was thoughtful enough to check in advance!  

Sometimes it is better to be lucky than smart.  Turns out that May 8, 2018 is a Tuesday, which is fine.  Pure luck.

After opening the account at the NFCU website, I went back to my accounts page expecting to see my new CD account.  Fuggetaboutid!  I reloaded the page and even signed out and then signed back in.  Nothing.  The fifty bucks was still showing as being in my checking.  I do think the account is open because I received a message promising to send paperwork.  But apparently for NFCU, real time is a real problem.  Now I'm guessing the new account will not show up until tomorrow.  If not I will have to telephone them.

Aside from the above issues, opening the account was easy and painless, and I have locked my maturity date (fortunately not on a weekend) which was a key objective.

I guess like most financial institutions, NFCU has its own special peculiarities.  For example, early on in my membership I learned the hard way NFCU does not permit ACH withdrawals from savings.  ACH deposits are fine, but ACH withdrawals from savings are forbidden.  This rule is documented in a booklet they send you.  The booklet arrived three or four days after I messed up.  NFCU is a good, and very large, credit union.  But when dealing with them early on it is best to keep your eyes wide open.  

rated:
Sorry, the above was too harsh.  It's my first time doing this with NFCU and I just reported what I was seeing.

Update:

Went back about an hour later and my new CD account is now clearly visible, with the money having exited my checking.  I've no way to know why this did not happen instantly, but it is certainly not important.

I also checked out the "transfer" function at the NFCU website.  My new CD account lights up as being an available recipient for transfers from, for example, checking.

So all in all a good experience, and no complaints, as I go about learning the NFCU ropes.

Bottom line was able to open and fund the new CD account without need to telephone them.  I like that.

rated:
The two I opened appeared online immediately after logging out/in.

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tennis8363 said:   ...a further update.

Called to ask about verification. If I produce the retirement papers for my Grandpa, I can join.


Is that like a discharge paper? My grandpa was also in the Navy but has passed away. Would be cool to be able to join now.

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GenericName said:   
tennis8363 said:   ...a further update.

Called to ask about verification. If I produce the retirement papers for my Grandpa, I can join.


Is that like a discharge paper? My grandpa was also in the Navy but has passed away. Would be cool to be able to join now.

  
Anyone can join.  See above.

rated:
This post is intended for, and aimed at, those persons with no other way into NFCU:

Yeah, this is turning out to be pretty much a no-brainer provided you're willing to spend the twenty-five bucks.  For whatever help it might be:

Here is a link to the Navy League membership form.  Join there first.  DO NOT forget to request membership in the San Diego Council!!

Navy League membership form 

After joining the Navy League, San Diego council, download this membership application for NFCU, fill it out, and mail it in:

NFCU application 

In section "B" of the application, check nothing.  Instead write  "Member Navy League, San Diego council" in the space just beneath the word "contractor"

I also left section "C" blank.

Working from memory now, since I did this several months ago:

When you join the Navy League they will send you, by e-mail, some sort of documentation indicative of your membership.  It might be just a receipt for your payment or it might be more than that;  cannot recall.  But you must include a copy of this documentation with the application you mail in to NFCU.  It serves as proof of your Navy League, San Diego council, membership.  I sort of remember circling "San Diego council" on mine, since Navy League membership alone, if you join a different council, does not suffice to get you into NFCU.

Final note:

Those joining NFCU based solely on Navy League membership are counseled to avoid the on-line NFCU application, which does not provide well for such individuals and does not provide a way readily to submit your proof of Navy League membership.

rated:
For those who are still looking for a decent rate on a 15-month CD (higher than NASA FCU) but cannot (eligibility reasons)join the Navy FCU, here's another offer which may be of interest:
15 month CD for 1.50% at Golden1 FCU (only for accounts opened online; certificates opened at a branch location only get 1.25%)

https: slash slash www.golden1.com slash golden1certificate slash default

Minimum deposit is $1000

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I couldn't find the early withdrawal penalty on the NFCU CD, anyone know?

rated:
talonesi said:   I couldn't find the early withdrawal penalty on the NFCU CD, anyone know?
 Posted a couple spots above yours by castaline. 

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Reminder, if you are going for the $100 bonus for auto transfers, make sure you set it up.
And some data-
I opened my IRA certificate on 12/17. I was credited with the $50 for opening my first IRA with NFCU on 12/29.
NFCU said: Receive a Bonus for Opening Your First IRA Plan
Get $50 when you open your first IRA with Navy Federal2
Get Rewarded for Saving Automatically
Earn $100 when you setup a recurring automatic transfer of at least $50 per month to your new IRA3


 

rated:
foxhopper said:   
talonesi said:   I couldn't find the early withdrawal penalty on the NFCU CD, anyone know?
 Posted a couple spots above yours by castaline. 

  But WHAT is the penalty? All interest if withdrawn before 180 days? A lot of CUs take back just the last month's interest, or the first 1/3 or something. 

rated:
taylor0987 said:   Reminder, if you are going for the $100 bonus for auto transfers, make sure you set it up.
And some data-
I opened my IRA certificate on 12/17. I was credited with the $50 for opening my first IRA with NFCU on 12/29.
NFCU said: Receive a Bonus for Opening Your First IRA Plan
Get $50 when you open your first IRA with Navy Federal2
Get Rewarded for Saving Automatically
Earn $100 when you setup a recurring automatic transfer of at least $50 per month to your new IRA3


  This was for a CD, not an IRA. Or am I missing something?

rated:
You can open the CD as part of an IRA if you have not already maxed your contribution for the year in order to get some additional bonuses.

rated:
kb2120 said:   You can open the CD as part of an IRA if you have not already maxed your contribution for the year in order to get some additional bonuses.
  Interesting. However, that caps your CD value, and thus your earning potential for this specific deal.

rated:
if I get the CD lets say for 30K, I understand my money would be blocked for 17 months, but lets say for some reasons if I need to withdraw money, would I have option to do it? or my money block for 17 months period?

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double post

rated:
Yummy, thanks for sharing.

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taylor0987 said:   Reminder, if you are going for the $100 bonus for auto transfers, make sure you set it up.
And some data-
I opened my IRA certificate on 12/17. I was credited with the $50 for opening my first IRA with NFCU on 12/29.
NFCU said: Receive a Bonus for Opening Your First IRA Plan
Get $50 when you open your first IRA with Navy Federal2
Get Rewarded for Saving Automatically
Earn $100 when you setup a recurring automatic transfer of at least $50 per month to your new IRA3


  
It sucks that you can't schedule automatic transfers that apply contributions to the prior year.
 

rated:
jaytrader said:   
kb2120 said:   You can open the CD as part of an IRA if you have not already maxed your contribution for the year in order to get some additional bonuses.
  Interesting. However, that caps your CD value, and thus your earning potential for this specific deal.

  Open one inside an IRA ( to collect the bonuses ) and a second normal CD to max the deposit value.

rated:
jaytrader said:   
taylor0987 said:   Reminder, if you are going for the $100 bonus for auto transfers, make sure you set it up.
And some data-
I opened my IRA certificate on 12/17. I was credited with the $50 for opening my first IRA with NFCU on 12/29.
NFCU said: Receive a Bonus for Opening Your First IRA Plan
Get $50 when you open your first IRA with Navy Federal2
Get Rewarded for Saving Automatically
Earn $100 when you setup a recurring automatic transfer of at least $50 per month to your new IRA3


  This was for a CD, not an IRA. Or am I missing something?

When I typed IRA certificate, that means the same thing to me as IRA Certificate of Deposit (CD). $150 free money

rated:
shinobi1 said:   NFCU has gone up with a decent, short, CD deal which might appeal to many, regardless your economic means.

It's a 17 month CD with APY of 2%.  Fifty bucks will get you started, and you can add on any time up to the maximum of $50k.  All in all not a bad deal for short money:

More details here 

One strategy with these add-on deals is to get started with a small amount of money;  that locks your maturity date.  Then you can come along later and toss in much more dough to good advantage.  For example, suppose you open up for the fifty bucks and then sit tight for the next five months, doing nothing.  When only a year remains until maturity you kick in much larger money and have (effectively) a sweet one year CD at 2% APY for your larger deposit.    

  Yes, I think this is a good deal.  I belong to Navy FCU & they advertised this on my last statement.  I ACH'ed $10K out of Alliant CU into my Checking acct at NFCU.  The funds should show up there tomorrow.
​I plan to open 2 of these short add-on CD's, one for my husband & one for me.  I have another CD that matures 1/24/17, when I have these funds I can go ahead make the final deposit for the $50K in each acct.
​To bad I didn't hear about this offer sooner.  My computer had been on the blink for 2 weeks & received no FatWallet updates.

Skipping 5 Messages...
rated:
Also note the 2% 17-month add-on certificate is still available.

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