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Navy Federal Credit Union

Update: See Navy Federal Credit Union’s CD rates in 2012 here.

It is the largest credit union in the United States (both by members and by assets). Navy Federal Credit Union has 3.1 million members and controls over $36 billion in assets. What makes their size even more remarkable is that they have achieved those numbers relatively quickly. In 1993 Navy Federal Credit Union only consisted of 7 members.

They strive to perform with such excellence that all present and potential members will choose Navy Federal as the preferred source for their primary lifetime financial services. “You can leave the military, change employers, move, retire, get married—and never have to leave Navy Federal. Once a member, always a member.”

Its deposit accounts offer dividends with great interest rates. You can open a certificate of deposit account ranging from 6 months to 7 years and earn the following interest rates:

- 6 month Certificate earns you 1.00% interest, 1.01% APY.

- 9 month Certificate earns you 1.49% interest, 1.50% APY.

- 18 month Certificate earns you 1.98% interest, 2.00% APY.

- 1 Year Certificate earns you 1.68% interest, 1.70% APY.

- 2 Years Certificate earns you 1.88% interest, 1.90% APY.

- 3 Years Certificate earns you 2.27% interest, 2.30% APY.

- 4 Years Certificate earns you 2.57% interest, 2.60% APY

- 5 Years Certificate earns you 2.91% interest, 2.95% APY

- 7 Years Certificate earns you 3.78% interest, 3.85% APY

Features:
@ The above rates have been noted as on 19 Novemeber, 2009.
@ Penalties apply for early withdrawals.
@ Your funds are insured by NCUA up to $250,000.

Navy Federal’s field of membership is determined by the National Credit Union Administration. If you are in any of these categories, you are eligible to join:

  • All Department of Defense (DoD) uniformed personnel—Army, Marine Corps, Navy and Air Force, retirees and annuitants
  • All Department of Defense Reservists—Army, Marine Corps, Navy and Air Force retirees and annuitants
  • All Army and Air National Guard Personnel—civilian employees, retirees and annuitants
  • All DoD Officer Candidate programs: Midshipmen and cadets at the United States Naval Academy, United States Military Academy, United States Air Force Academy, United States Coast Guard Academy and the United States Merchant Marine Academy
  • U.S. Government employees assigned to DoD installations (including Coast Guard)
  • All DoD civilian employees – including retirees and annuitants
  • DoD contractors assigned to U.S. Government installations
  • Family Members, including grandparents, parents, spouses, siblings, grandchildren, children (including adopted and stepchildren) and household members

Once your family members have joined, they can extend the membership opportunity to their family members, too.

For additional information you may call 1-888-842-6328 or visit their website at NavyFederal.org.