Navy Federal Credit Union has a great promotional offer for those looking to start a savings account. It’s called the “Easy Start” certificate and it’s a 12 month CD yielding an incredible 3.0% APY.
To put this special offer from NFCU in perspective, the current national average for 1 year CD rates sits at a measly 0.80% APY.
There are, however, a few strings attached to this account. First, you must be a member of NFCU. We covered the membership requirements in an earlier post this week when discussing NFCU’s promotional mortgage offer and rates. In a nut shell, either you or someone in your family must have served in the military or worked in certain governmental agencies to make you eligible for membership. Second, you’ll need to set up a Direct Deposit of Net Pay (minimum $300 per direct deposit), a Navy Federal checking account, and a monthly automatic transfer of at least $15 into your Special EasyStart Certificate within 90 days of the certificate issue date for you to obtain the advertised 3.0% APY.
Because the interest rate they’re offering on this CD is so much higher than today’s current savings rates and national averages, they’ve put a ceiling on the amount of money you can invest into it at $3,000. So, if you’re able to max out the account you’ll have garnered $90 from your investment after 12 months.
Additional details of Navy Federal Credit Union’s “Easy Start” 12 month Deposit Offer:
- Minimum Deposit required $50 (Maximum deposit allowed $3,000).
- Only one Special EasyStart Certificate per member is allowed.
- You must be at least 18 years old to obtain it.
- You must be a member of NFCU.
- Federally insured by the NCUA (FDIC equivalent for credit unions).
Navy Federal Credit Union usually offers this promotion every Spring (this year it started on March 28, 2011). And when they issued it in 2010 it was providing an APY of 3.25%.