Navy Federal Credit Union Variable Rate Certificate

Navy Federal Credit Union Variable Rate Certificate Review

Navy Federal Credit Union Variable Rate Certificate are offered by Navy Federal Credit Union, a credit union founded in 1933 and based in Vienna, VA. Navy Federal Credit Union Variable Rate Certificate are available in 50 states (and Washington, DC).

Key Takeaways

• Only one share certificate type available. Navy Federal CD only offers traditional share certificate accounts.
• Low APY. The maximum annual percentage yield for this account is only 0.38%.
• $500 minimum deposit. This is a typical minimum initial deposit for the certificates we track.
• Limited selection of share certificate terms. Navy Federal CD only offers one share certificate term. This limits your options when trying to set up a certificate ladder.

Pros & Cons of Navy Federal Credit Union Variable Rate Certificate

Navy Federal Credit Union Variable Rate Certificate FAQ

Are share certificates from Navy Federal Credit Union federally insured?

Yes, your share certificates are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

What is the difference between CDs and Share Certificates?

Certificates of Deposit (CDs) and Share Certificates are both deposit accounts where your money can grow at a fixed rate for a predetermined period of time. Both are low-risk and federally insured products designed to give you a better rate on your deposits than typical savings accounts. The main difference between them is that CDs are offered by for-profit banks, whereas Share Certificates are offered by member-owned, not-for-profit credit unions.

What types of share certificates does Navy Federal Credit Union offer?

• Traditional share certificates. These share certificates pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the share certificate for another term.

What rates does Navy Federal Credit Union offer on its share certificates?

The share certificate rates for this account have an APY of0.38% (APY stands for annual percentage yield, rates may change).

What is the minimum deposit to open a share certificate account with Navy Federal Credit Union?

Navy Federal CD require a minimum deposit of $500 to open an account.

What is the grace period for Navy Federal CD?

There is a 21-day grace period for Navy Federal CD. A grace period is a period of time during which you can withdraw the money in your share certificate without paying an early withdrawal penalty. A grace period starts the day after a share certificate’s maturity date, or the final day a share certificate is opened. Standard share certificates renew automatically at the same term if you don't withdraw your money after the 21-day grace period. Note that the new share certificate rates probably won’t be the same as the original.

What types of fees, such as early withdrawal penalties, does Navy Federal Credit Union charge?

Financial institutions don't typically charge many fees on share certificates. However, most charge a fee if you choose to withdraw your money before the term ends.

Navy Federal Credit Union does not charge an early withdrawal fee.