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frontpageJoeS6345 posted Jan 12, 2023 03:05 AM
frontpageJoeS6345 posted Jan 12, 2023 03:05 AM

Navy Federal Credit Union Members: 15-Month Share Certificate

($50 minimum deposit)

5% APY

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Deal Details
Navy Federal Credit Union is offering its Members: 15-Month Share Certificate at 5% APY with minimum $50 deposit.

Thanks to Community Member JoeS6345 for posting this deal.

Note: You must be a Navy Federal Credit Union member to participate in this deal. Click here for membership eligibility info and here for membership application. See Deal Editor's Notes for additional terms & conditions.

Editor's Notes

Written by StrawMan86 | Staff
  • About this deal:
    • Limit one Special 15-Month Certificate (Share Only) per member.
    • This offer, including the stated Annual Percentage Yield (APY), is effective as of January 9, 2023.
    • Navy Federal reserves the right to end or modify this offer at any time. Excludes IRA and ESA certificates.
    • The Special 15-Month Certificate (Share Only) has a $50 minimum balance and a $250,000 maximum balance. Additional deposits are allowed at any time, subject to the maximum balance.
    • Dividends earned are not included in the maximum balance allowed. Once the promotional rate is applied to a purchased certificate, it will remain in effect for the length of the product term. Penalties apply for early withdrawals from certificate accounts. Other restrictions may apply.
  • About this product:
    • A share certificate is similar to a certificate of deposit (CD) but is issued by a credit union rather than a bank. Like a CD, they're issued for a fixed period of time—generally between 3 months and 7 years. They also earn slightly higher dividends than other savings options. Another advantage of certificates is they provide a safe and secure way to grow your money, regardless of market fluctuations.
  • About this Credit Union:
    • Navy Federal Credit Union is federally insured by the NCUA. More info here.
  • Please refer to the forum thread for additional details & discussion. -StrawMan86

Original Post

Written by JoeS6345
Community Notes
About the Poster
Deal Details
Community Notes
About the Poster
Navy Federal Credit Union is offering its Members: 15-Month Share Certificate at 5% APY with minimum $50 deposit.

Thanks to Community Member JoeS6345 for posting this deal.

Note: You must be a Navy Federal Credit Union member to participate in this deal. Click here for membership eligibility info and here for membership application. See Deal Editor's Notes for additional terms & conditions.

Editor's Notes

Written by StrawMan86 | Staff
  • About this deal:
    • Limit one Special 15-Month Certificate (Share Only) per member.
    • This offer, including the stated Annual Percentage Yield (APY), is effective as of January 9, 2023.
    • Navy Federal reserves the right to end or modify this offer at any time. Excludes IRA and ESA certificates.
    • The Special 15-Month Certificate (Share Only) has a $50 minimum balance and a $250,000 maximum balance. Additional deposits are allowed at any time, subject to the maximum balance.
    • Dividends earned are not included in the maximum balance allowed. Once the promotional rate is applied to a purchased certificate, it will remain in effect for the length of the product term. Penalties apply for early withdrawals from certificate accounts. Other restrictions may apply.
  • About this product:
    • A share certificate is similar to a certificate of deposit (CD) but is issued by a credit union rather than a bank. Like a CD, they're issued for a fixed period of time—generally between 3 months and 7 years. They also earn slightly higher dividends than other savings options. Another advantage of certificates is they provide a safe and secure way to grow your money, regardless of market fluctuations.
  • About this Credit Union:
    • Navy Federal Credit Union is federally insured by the NCUA. More info here.
  • Please refer to the forum thread for additional details & discussion. -StrawMan86

Original Post

Written by JoeS6345

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Top Comments

caligurl29
173 Posts
30 Reputation
they have a calculator on their information page: https://www.navyfederal.org/makin...lator.html

$10,000 gets you $10,644 at maturity.

the sick part, if you click the show details tab.... the effing government is going to take aprox $205 of that in taxes when you file....
BluFalcon
564 Posts
476 Reputation
It's all members of the military and DoD + their families. Not just Navy.
chuck4rooke
1905 Posts
1380 Reputation
I was told there would be no math.

258 Comments

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Jan 12, 2023 04:42 PM
3,914 Posts
Joined Dec 2006
gabrielhJan 12, 2023 04:42 PM
3,914 Posts
Quote from BluFalcon :
It's all members of the military and DoD + their families. Not just Navy.
And employees and their families.
Pro
Jan 12, 2023 04:45 PM
14,366 Posts
Joined Dec 2015
Spaceman6969
Pro
Jan 12, 2023 04:45 PM
14,366 Posts
Quote from gabrielh :
What do you mean month from now? It's annual percent yield locked for 15 months. So your $1000 will get you $63 profit
You said it best. Sorry for not being clear.

That $63 in profit is so small idk if it worth doing so.

Obviously if someone do $10,000 for example then I can see the appeals.

The reason why I said $1000 is because the average American typically saves $400 according to sources. As we head to possible recession, I thought maybe the average American would put more $ in saving. Guess I'm wrong here.
4
Pro
Jan 12, 2023 04:48 PM
14,366 Posts
Joined Dec 2015
Spaceman6969
Pro
Jan 12, 2023 04:48 PM
14,366 Posts
Quote from luniz97 :
If you put in 100k, you will have 106,136.77 by the end of 15 months.
Exactly but let be realistic. How many folks that has kind of $ readily available? Us American aren't culturally known for savings.
6
Pro
Jan 12, 2023 04:53 PM
14,366 Posts
Joined Dec 2015
Spaceman6969
Pro
Jan 12, 2023 04:53 PM
14,366 Posts
Am I doing this formula correctly?

$10,000.00 (for example) * 0.05 = $500.00 in profits at month #15?
4
Jan 12, 2023 05:05 PM
896 Posts
Joined Nov 2010
luniz97Jan 12, 2023 05:05 PM
896 Posts
Quote from Defensivetackle99 :
Exactly but let be realistic. How many folks that has kind of $ readily available? Us American aren't culturally known for savings.
I know many people who do have it and its not a very attractive offer unless your super risk adverse. Vanguard is giving 4%+ with no tie up.

Also, if you are barely putting in any money, then iBonds...
1
Jan 12, 2023 05:13 PM
2,200 Posts
Joined Nov 2014
TurtlePerson2Jan 12, 2023 05:13 PM
2,200 Posts
This is the first time one of these CD threads has actually offered a better return than similar duration treasury bonds. If you live in a state that doesn't tax your income >10%, then you're better off with this CD than with a treasury bond.

It's too bad that the rate is only available for a limited group.
Jan 12, 2023 05:47 PM
4,010 Posts
Joined Jun 2009
LeviathanUltimaJan 12, 2023 05:47 PM
4,010 Posts
5% is nice, but I think in 6 months the t-bill yeilds will be around that or more. It is 4.5% APR for the 2 months already.
1

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Jan 12, 2023 06:35 PM
173 Posts
Joined Nov 2017
caligurl29Jan 12, 2023 06:35 PM
173 Posts
Quote from Defensivetackle99 :
Am I doing this formula correctly?

$10,000.00 (for example) * 0.05 = $500.00 in profits at month #15?
they have a calculator on their information page: https://www.navyfederal.org/makin...lator.html

$10,000 gets you $10,644 at maturity.

the sick part, if you click the show details tab.... the effing government is going to take aprox $205 of that in taxes when you file....
3
Jan 12, 2023 06:38 PM
173 Posts
Joined Nov 2017
caligurl29Jan 12, 2023 06:38 PM
173 Posts
i took advantage of this. i had some money that i was intending to put in a few CDs but when the fed said they were raising the rates again, i put it off.... then with the holidays i got busy..... then i got a heads up email from navfed about this certificate coming, so waited even longer. opened my new certificate (with an additional .25% bonus! YAY!) yesterday!
Jan 12, 2023 06:40 PM
239 Posts
Joined Mar 2006
spacecadet610Jan 12, 2023 06:40 PM
239 Posts
Quote from caligurl29 :
i took advantage of this. i had some money that i was intending to put in a few CDs but when the fed said they were raising the rates again, i put it off.... then with the holidays i got busy..... then i got a heads up email from navfed about this certificate coming, so waited even longer. opened my new certificate (with an additional .25% bonus! YAY!) yesterday!
how do you get a 0.25% bonus?
Jan 12, 2023 06:41 PM
1,905 Posts
Joined Apr 2009
chuck4rookeJan 12, 2023 06:41 PM
1,905 Posts
Quote from richiexluu :
if you borrow $100 with a 5% APR, you will pay $105 dollars back to the lender you borrowed from. The lender will make $5 in profit.

If Navy Federal borrows $100 from you with the percentage that's posted, how much do you think you'll get?
I was told there would be no math.
1
Pro
Jan 12, 2023 07:02 PM
14,366 Posts
Joined Dec 2015
Spaceman6969
Pro
Jan 12, 2023 07:02 PM
14,366 Posts
Quote from caligurl29 :
they have a calculator on their information page: https://www.navyfederal.org/makin...lator.html

$10,000 gets you $10,644 at maturity.

the sick part, if you click the show details tab.... the effing government is going to take aprox $205 of that in taxes when you file....
Ahh seriously? Man I forgot about that being taxable.

If $439 is what would left on the table to keep then probably not worth it especially if for example he or she constantly put $100 into the savings every paycheck. What do you think?
Jan 12, 2023 07:03 PM
120 Posts
Joined Feb 2006
ljames77Jan 12, 2023 07:03 PM
120 Posts
Does anyone know the early withdrawal penalty on this? I couldn't find it.
1
Jan 12, 2023 07:47 PM
485 Posts
Joined Jul 2004
owenowen41560Jan 12, 2023 07:47 PM
485 Posts
Good rate, sadly no military connections. I'm at around 4.75 on some of my 9-12 mo CD's. That would have been nice for that short term

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Jan 12, 2023 09:31 PM
8 Posts
Joined Nov 2020
CoralCreator9632Jan 12, 2023 09:31 PM
8 Posts
Quote from AJDemineh :
Ahh wish this was public, instead of just navy. 5% is the goal for me
Check Tbills. Almost 5% rate for 26 or 52 week. Best part is no need to pay state taxes.

https://www.treasurydirect.gov/au.../upcoming/

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