12 month CD Rate Promotion – Earn twice the national average!
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A phenomenal 12 month CD rate promotion was forwarded to us this week by BankVibe.com reader Justin. It comes from Navy Federal Credit Union, based out of Virginia. As of last month they are offering their members 12 month “Easy Start” IRA CDs (certificate of deposits) yielding a whopping 3.25% APY! The current national average for 1 year CD rates sits at roughly 1.20% APY (to put this offer in perspective).
There is somewhat of a catch, however, that comes with this promotional CD. First, before investing in any of Navy Federal Credit Union’s CD’s you must be a member of their institution. Although NFCU is one of the largest credit unions in the country (both by asset size and membership), they still have fairly strict eligibility requirements. To learn more about eligibility, visit their website @ www.navyfcu.org. Second, their 12 month CD promotion is only available to deposits ranging from $50 (min) to $3,000 (max), you must have a NFCU checking account to supplement this account AND it’s only available to those starting an IRA.
12 month CD Promotion Terms and Conditions:
- This offer is effective February 1, 2010, Navy Federal reserves the right to end or modify this offer at anytime.
- $3,000 maximum balance.
- Only one Special IRA EasyStart Certificate per member is allowed.
- Certificate owner(s) age 18 and older must have Direct Deposit of Net Pay (minimum $300 per direct deposit), a Navy Federal checking account, and a monthly automatic deposit of at least $15 within 90 days of the certificate issue date.
- If these requirements are not met your Special IRA EasyStart Certificate dividend rate will be reduced to the prevailing dividend rate of a standard IRA EasyStart Certificate for the remainder of the certificate’s term.
- At maturity the Special IRA EasyStart Certificate will automatically renew to a $100 minimum, standard IRA EasyStart Certificate at the prevailing dividend rate unless member specifies otherwise.
