Navy FCU new 5% 15 Month CD

[friar1610]

Thanks for saying this ... I just called NFCU and moved all my non-IRA CDs to the new 5% rate. And I moved my IRA CDs to a 4.35% 1 year rate. No early withdrawal penalty on anything. The person on the phone (Ann) was easy to talk with and handled everything quickly and easily. NFCU is awesome.

Earl E.,

Could you just clarify something? Did the maturities for the original IRA CDs extend beyond a year? In other words, after you moved to the 4.35% one-year rate, were your maturities shorter than they originally had been?

Thank you.

 

[Earl E Retyre]

Earl E.,

Could you just clarify something? Did the maturities for the original IRA CDs extend beyond a year? In other words, after you moved to the 4.35% one-year rate, were your maturities shorter than they originally had been?

Thank you.

Yes. I had one CD that was maturing in a couple weeks but another CD that was not maturing for 18 months. She combined both CDs into one CD for a year. I think she said that they would waive the penalty and she could move the CDs to a higher rate as long as the maturity date was longer ... But then she told me the best rate was the 1 year CD (which was shorter than the amount remaining on my second CD) and she went ahead and did it. I am not sure if she was supposed to but she did it.

 

[friar1610]

Yes. I had one CD that was maturing in a couple weeks but another CD that was not maturing for 18 months. She combined both CDs into one CD for a year. I think she said that they would waive the penalty and she could move the CDs to a higher rate as long as the maturity date was longer ... But then she told me the best rate was the 1 year CD (which was shorter than the amount remaining on my second CD) and she went ahead and did it. I am not sure if she was supposed to but she did it.

Thank you. That mirrors my experience (related further upthread). My wife and I each converted several non-IRA CDs to 15 month/5% CDs. Like you, I thought they would only do that if the old CDs were going to mature before the 15 months were up. But the rep seemed willing to include 2 lower-interest CDs that were scheduled to mature after the 15 months. So I just kept my mouth shut and let her do it. Think I’ll try the same wit the IRA CDs like you did.

Thanks again.

 

[aldo]

I was just able to convert an older CD by logging into my NFCU account and using their "Live chat" feature. Took less than a minute to begin the chat, and completed in short order. Beats waiting on the phone to speak to someone

 

[friar1610]

Thank you. That mirrors my experience (related further upthread). My wife and I each converted several non-IRA CDs to 15 month/5% CDs. Like you, I thought they would only do that if the old CDs were going to mature before the 15 months were up. But the rep seemed willing to include 2 lower-interest CDs that were scheduled to mature after the 15 months. So I just kept my mouth shut and let her do it. Think I’ll try the same wit the IRA CDs like you did.

Thanks again.

Tried it. Wanted to convert one with 14 months remaining to a 12 month cert at 4.4% and one with 28 months remaining to a 24 monther at 4.2%. They said the best they could do was combine the 2 and give me 4.2% for 36 months. Since this is sorta-laddered future RMD money, I wasn’t in a position to do it. And 4.2%, while better than what I’m getting now, isn’t worth the disruption it would cause.

 

[Accidental Retiree]

I have 2 IRA CDs at NFCU. One was to have matured in May 2023 (2.86%) and the other in July 2024 (3.44%).

Via their internal email system, I was able to roll the May IRA, along with all the interest to date from the 2024 IRA, into a new, one-year CD at a rate of 4.31%, with an APY OF 4.4%.

 

[REWahoo]

Via chat, NFCU just allowed me to convert a 33 mo cert. with 28 months remaining at 3.25% to a new 15 mo, 5% certificate without penalty. Not an IRA.

 

[jazz4cash]

I was just able to convert an older CD by logging into my NFCU account and using their "Live chat" feature. Took less than a minute to begin the chat, and completed in short order. Beats waiting on the phone to speak to someone

Thanks! I did not even realize they have live chat. I've been going back and forth via secure messaging to fix an error they made on an IRA certificate distribution. Secure messaging has worked well for me in the past, but not this time. I found the live chat link and they picked up instantly.

 

[calmloki]

I was just able to convert an older CD by logging into my NFCU account and using their "Live chat" feature. Took less than a minute to begin the chat, and completed in short order. Beats waiting on the phone to speak to someone

Thankee kindly! We had 6 CDs ranging from 3 to 3.5% and maturing from 8/24 to 12/24. Had called several weeks ago trying to get a couple combined and was told the best they could do was 4.25% for a 5 year maturity to match the original CD maturities. Didn’t want to go that long at 4.25%, so waited but had little hope for higher interest at a shorter term.
Did a chat and the rep was able to combine all six of our CDs into one 15 month 5% CD. Easy, will make more than $1550 in the 15 months than we would in the original 19 months or so and we’ll have 4 months more to make even more. Awesome! Thanks Navy and Aldo too!

 

[RetiredAndLovingIt]

I called them this morning and they answered within 5 minutes. She was able to close without any penalties 3 savings CD's maturing August 24 and 1 maturing May 25 and moved all the funds into the 5% 15 month deal. The rep provided excellent and efficient customer service as usual, Navy always goes the extra step.

 

[ShokWaveRider]

Anyone know if one can ger a $500k joint CD? Or with a joint account 2 x $250k. I could call and ask I suppose.

 

[RetiredAndLovingIt]

If you're both members get one each.

1 Limit one Special 15-Month Certificate (Share Only) per member. This offer, including the stated Annual Percentage Yield (APY), is effective as of January 9, 2023. Navy Federal reserves the right to end or modify this offer at any time. Excludes IRA and ESA certificates. The Special 15-Month Certificate (Share Only) has a $50 minimum balance and a $250,000 maximum balance. Additional deposits are allowed at any time, subject to the maximum balance. Dividends earned are not included in the maximum balance allowed. Once the promotional rate is applied to a purchased certificate, it will remain in effect for the length of the product term. Penalties apply for early withdrawals from certificate accounts. Other restrictions may apply. ↵

 

[BruinBones]

Via chat, NFCU just allowed me to convert a 33 mo cert. with 28 months remaining at 3.25% to a new 15 mo, 5% certificate without penalty. Not an IRA.

I did the same thing under exactly the same circumstances!

 

[Earl E Retyre]

Does anyone know if other Credit Unions would do what NFCU does and allow you to cancel a current CD at no penalty and convert to a higher rate? In particular, Andrews Federal Credit Union? I thought I saw a post where someone said they were going to ask Andrews but cannot find the thread now. I am guessing it is highly unusual and no other banks would do this.

 

[Montecfo]

Does anyone know if other Credit Unions would do what NFCU does and allow you to cancel a current CD at no penalty and convert to a higher rate? In particular, Andrews Federal Credit Union? I thought I saw a post where someone said they were going to ask Andrews but cannot find the thread now. I am guessing it is highly unusual and no other banks would do this.

You know the answer if you do not ask .

I recall that Andrews (I think) had a CD that was only for new customers. I had an expiring CD there, so not a new customer, not new money. They allowed me to invest in the new CD.

I was in their lobby, that may have made it easier.

 

[freedomatlast]

Does anyone know if other Credit Unions would do what NFCU does and allow you to cancel a current CD at no penalty and convert to a higher rate? In particular, Andrews Federal Credit Union? I thought I saw a post where someone said they were going to ask Andrews but cannot find the thread now. I am guessing it is highly unusual and no other banks would do this.

I asked at NASA and they said no.

 

[audreyh1]

Does anyone know if other Credit Unions would do what NFCU does and allow you to cancel a current CD at no penalty and convert to a higher rate? In particular, Andrews Federal Credit Union? I thought I saw a post where someone said they were going to ask Andrews but cannot find the thread now. I am guessing it is highly unusual and no other banks would do this.

The answer from Andrews FCU was - no can do.