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NFCU: 6% APY for a 10-month term, $10K minimum
Old 07-09-2007, 03:38 PM   #1
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NFCU: 6% APY for a 10-month term, $10K minimum

Just got the e-mail offer this morning:
Navy Federal Member Specials

It's almost as if they've noticed that a bunch of money has leaked from our accounts to some other credit union…

For those who aren't able to get a Navy Federal membership, PenFed should be commencing counterbattery fire next week.
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Old 07-09-2007, 03:56 PM   #2
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Nice!

Then I'll be looking for a PenFed email... would not mind some more +6.xx% certificates to make a mini-ladder, especially if the emergency withdrawal provisions were as light as the last offering.
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Old 07-09-2007, 04:03 PM   #3
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Quote:
Originally Posted by Nords View Post
Just got the e-mail offer this morning:
Navy Federal Member Specials

It's almost as if they've noticed that a bunch of money has leaked from our accounts to some other credit union…

For those who aren't able to get a Navy Federal membership, PenFed should be commencing counterbattery fire next week.
Good deal - Hope Penfed does as you expect as 4 years enlisted time doesn't do it for NFCU membership - got into Penfed via joining the Gardening and Thread Bobbin Collecting club or some such...
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Old 07-09-2007, 04:04 PM   #4
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Thanks Nords

They need to edit the announcement. $10K minimum renews to a 1 year $1K minimum CD -- Looks like $9K goes away at the end of the 10 months.
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Old 07-09-2007, 05:54 PM   #5
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For those who aren't able to get a Navy Federal membership, PenFed should be commencing counterbattery fire next week.
PenFed's current rates are scheduled to be changed on the 1st or 2nd of August.
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Old 07-09-2007, 08:37 PM   #6
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PenFed's current rates are scheduled to be changed on the 1st or 2nd of August.
NFCU never admits that. Best I've ever been able to wheedle out of them was an admission that they look at interest rates on a Thursday and frequently change them on the last Wednesday of the month, but who knows how often that practice changes (if indeed that claim was even true).

How does one find out that info for PenFed? Because we have a CD maturing on 1 August and I could go either way...
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Old 07-10-2007, 09:47 AM   #7
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Nords: The date of change is 8/2/07 See the red box in the lower right of this page: https://www.penfed.org/productsAndRa...rtificates.asp

Don't remember but I think you have something like a 7 day grace period to decide what to do with the maturing CD.

NFCU has a bit of a convoluted system for sending money to them whereby they require you to deposit it into your share or checking account and then purchase the CD out of that account. Also PFCU does not do FREE ACH "push" transfers out of your account unless it is "pulled" by the gaining instituation. The time frame for transfers seems to be inordinate (on the scale of 4-7 calendar days) which can see a reduction in the yield. Guess I am spoiled by PFCU's "pull" transfers which actually allow you to purchase new CD's even BEFORE the money gets there.
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Old 07-10-2007, 10:52 AM   #8
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Nords: The date of change is 8/2/07 See the red box in the lower right of this page: https://www.penfed.org/productsAndRa...rtificates.asp
Don't remember but I think you have something like a 7 day grace period to decide what to do with the maturing CD.
Excellent, thanks, NFCU's maturing CD will be deposited into spouse's NFCU checking account so we'll be ready to go either way. I remember when the grace period was much longer-- at least NFCU does this on their website now instead of having to deal with their phone system or send letters back & forth.

When we ER'd we expected to be getting 2-3% APY on our two-year cash stash. 6% at NFCU, 5% in Fidelity's MM, the prospect of PenFed raising their rates... I feel like I'm shooting fish in a barrel with a shotgun!
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massive yield!
Old 07-10-2007, 11:02 AM   #9
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massive yield!

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Originally Posted by Nords View Post

<snip>

When we ER'd we expected to be getting 2-3% APY on our two-year cash stash. 6% at NFCU, 5% in Fidelity's MM, the prospect of PenFed raising their rates... I feel like I'm shooting fish in a barrel with a shotgun!
The CPI will be along shortly, to correct your situation.

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Old 08-02-2007, 06:55 PM   #10
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Spouse's $20K 3.5% three-year NFCU CD matured yesterday so I've been shopping around.

As of today, 2 Aug, NFCU has continued their $10K 10-month 6% APY deal but I don't know how much longer it's being offered. PenFed's highest rate is a three-year CD at 5% APY through the end of August, so I chose NFCU.

Spouse has been a NFCU member since 1979, and when she applied for their CD today she got a surprise that may be of interest to you 25-year members. On the third step of the website's CD application, where we normally confirm our choices, NFCU offered her a choice of an extra 0.25% interest on the CD (above & beyond the 6% APY) or a 0.25% reduction on a consumer loan for being a 25-year customer.

The real surprise is that she already got her 0.25% deal back in 2004 (on her 25th anniversary) for this same CD. I have no idea why NFCU has done it again, but it wasn't advertised on their website and I haven't heard about it anywhere else.

She was going to apply for two minimum $10K CDs but she backed up the browser, doubled down, and still got the 0.25% bonus. ($41.67-- woo hoo!) I've already had their 25-year bonus too, but I think I'm going to move a little money around to my checking account and see what happens when I apply for a CD in my own name... of course we'll see if this is for real when we get NFCU's confirmation in the mail.

If you're a NFCU member over 25 years, I'd appreciate reading whether or not you get the 0.25% bonus offer during the application process. (You can cancel the application anytime.) And if you're a NFCU member approaching 25 years, you might want to hold off buying any new CDs or taking out any new loans until after your anniversary date.

Between NFCU & PenFed's competitive rates, we now have our CD cash locked up for periods between 10-36 months at rates in excess of 6%. Unbelievable. Can't wait to see those 2007 CPI numbers...
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Old 08-02-2007, 08:23 PM   #11
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Bah! I've got seven years worth of penfed cd's at 6.25%.
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Old 08-02-2007, 08:41 PM   #12
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Bah! I've got seven years worth of penfed cd's at 6.25%.
I hope we're all as happy about this next year!
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Old 08-02-2007, 09:29 PM   #13
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I'm more concerned with how I feel about it in 4-6 years.

I'm saving up some of this years happy for next year. I have a funny feeling we're all gonna need some extra happy next year.

My cash investments have been giving me plenty of happy lately to store up...
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Old 08-02-2007, 09:38 PM   #14
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I've been a NFCU member since 1969 and recently got the .25% reduction on a car loan. 3% for 36 months. Not too shabby
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