Navy Federal CD rates
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- 1-year APY
- 4.40%
- 3-year APY
- 4.20%
- 5-year APY
- 4.20%
Summary
Competitive interest rates and a 0.05% APY boost if you deposit at least $100,000.
Navy Federal Credit Union offers an assortment of CD terms from three months to seven years. While its short-term CDs have mediocre 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.
Overview of Navy Federal CD CD rates
Navy Federal CD’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 CD standard CD rates depending on your balance.
| CD Term | APY with $100,000 minimum deposit | APY with $1,000 minimum deposit |
|---|---|---|
| 3 months | 1.25% | 0.80% |
| 6 months | 0.5% | 0.45% |
| 12 months | 4.4% | 3.75% |
| 18 months | 3.9% | 3.85% |
| 24 months | 4.2% | 3.25% |
| 3 years | 4.2% | 4% |
| 5 years | 4.2% | 3.40% |
| 7 years | 4.2% | 3.45% |
Other types of CDs
Navy Federal CD Credit Union also offers two additional types of CDs that let you add money to your CD at any time and has a low minimum deposit of $50.
- EasyStart CDs. Choose from four terms ranging from six months to two years with no account maximum.
- Special EasyStart CDs. CDs with a 12-month term and a maximum balance of $3,000, but you need a checking account with direct deposit to open.
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 fairly standard for CD accounts, although some banks offer $0 or $500 minimum deposits. |
| Term range | 3 months to 7 years | Navy Federal CD offers more CD terms than competitors. Most typically offer CDs up to 5 years. |
| 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. And unlike other banks that charge a flat fee, Navy Federal CD’s early withdrawal penalty is equal to the amount of interest you’ve earned to date, so you’ll never lose your principal. |
| Grace period | 0 days | This is extremely severe. Most banks give you at least 10 days after the maturity date to cash out. But at Navy Federal CD, you must contact customer service on or before your maturity date to withdraw your funds before it automatically rolls over. |
| 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 CD automatically renews into a new CD account unless you contact Navy Federal CD on or before the maturity date. You’ll receive a notice at least 20 days before maturity via mail or email, depending on whether you opt for electronic statements. | 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.
Keep in mind that you’ll need to give notice that you want to withdraw your funds before your maturity date, or it’ll automatically rollover into a new CD.
Compare Navy Federal CD to competitor rates
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