Navy Federal CD Rates Review
Navy Federal Standard CDs isn't available on Finder right now.
- 1-year APY
- 3.70%
- 36-month APY
- 3.50%
- 5-year APY
- 3.50%
Summary
Navy Federal is a credit union for service members, and there are a variety of CDs to choose from.
Navy Federal Credit Union offers an assortment of CD terms from three months to seven years. While its short-term CDs have so-so APYs, its interest rates jump significantly when you lock away your cash for at least one year. Keep in mind that Navy Federal Credit Union membership is reserved for service members of the armed forces, including active duty and retired members, veterans, their families and Department of Defense personnel. If you qualify, you must sign up for its Membership Savings account before opening a CD.
Best for: Service members who want a digital CD option.
Pros
-
Flexible minimum deposits
-
High APYs
-
Variety of term options
Cons
-
Best APYs require high deposit
-
Must become credit union member
Overview of Navy Federal CD rates
Navy Federal’s standard CDs offer a variety of terms from three months to seven years.
All come with a $1,000 minimum deposit requirement and compound on a daily basis. Its CD rates are the most competitive when you lock away your money for at least one year. And if you deposit at least $100,000, you’ll get a 0.05% interest rate boost.
Here’s a breakdown of Navy Federal’s standard CD rates based on your opening deposit.
| CD Term | APY with $1,000 minimum deposit | APY with $20,000 minimum deposit | APY with $100,000 minimum deposit |
|---|---|---|---|
| 3 months | 1.25% | 1.25% | 1.25% |
| 12 months | 3.7% | 3.7% | 3.75% |
| 18 months | 3.6% | 3.6% | 3.66% |
| 24 months | 3.5% | 3.5% | 3.5% |
| 36 months | 3.5% | 3.5% | 3.55% |
| 60 months | 3.5% | 3.5% | 3.55% |
| 84 months | 3.5% | 3.5% | 3.55% |
Other types of Navy Federal CDs
Navy Federal CD Credit Union also has CD offerings called EasyStart, which are a type of CD with lower deposit requirements than its typical offerings.
For example, there’s an EasyStart 12-month CD with a $50 minimum deposit offering up to 3.66% APY. There are two other EasyStart terms (18 and 24 months) with similar APY offerings and the same $50 deposit.
Navy Federal also offers its Special EasyStart CDs, like the current offer of a 12-month CD with a $50 deposit and a very high 4% APY. However, the Special EasyStart CDs have a maximum contribution limit of $3,000, and you must have direct deposit set up with a Navy Federal checking account within 90 days of the certificate issue date.
But overall, these are great offerings for existing Navy customers.
More about Navy Federal CD CDs: Deposits, fees and details
| What it is | Details | Does it matter |
|---|---|---|
| Minimum deposit |
| A $1,000 opening deposit is typical for a CD, although some banks offer $0 or $500 minimum deposits for standard CDs. |
| Term range | 3 months to 7 years | In line with most banks and credit unions. |
| Early withdrawal penalties | While you can withdraw your earned interest without penalty, cashing out your principal will incur an early withdrawal penalty of:
| This is more lenient than competitors. Most banks and credit unions start early withdrawal penalties at least 180 days of earned interest. |
| Grace period | 21 days | Long grace period. Most banks give you around 7 to 10 days after the maturity date to cash out or renew. |
| Cashout | Withdraw your funds to a checking or savings account or request a check. | While some banks may charge a fee for a check cashout, Navy Federal CD lets you withdraw your cash for free via check or ACH transfer. |
| Rollover | Your Navy CD can be rolled over up to 21 days after maturity. | Rolling over into a new CD is standard practice for CD accounts. |
How Navy Federal CD’s CDs and rates compare
Navy Federal CD offers highly competitive interest rates for 1-year terms and longer — even if you don’t get the 0.05% APY bump for balances $100,000 and up. But you might want to skip its 3-month and 6-month CDs. While its rates are greater than the national average, they pale in comparison to other banks.
But where Navy Federal CD stands out is its early withdrawal penalties, which are kinder than its competitors. You’ll only pay the interest you’ve accrued to date, which is also capped. That means the fee will never come out of your principal.
Compare Navy Federal CD to competitor rates
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How we picked theseWhat is the Finder Score?
The Finder Score analyzes hundreds of CDs from more than 100 institutions. It takes into account the product's interest rate for available terms and opening deposit requirements - this gives you a simple score out of 10.
Different banks and credit unions offer CDs for various lengths of time, ranging from as short as seven days to as long as 20 years. For our ratings, we consider the term lengths that the FDIC uses in its monthly updates on national rates.
If a bank or credit union doesn’t offer a CD for a specific term used by the FDIC, we don’t penalize it: Instead, we simply don’t rate it. Each of the standard term lengths has its own APY rating based on the FDIC’s average rates.
Your reviews
Bethany Finder
Banking editor
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