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Old 01-16-2020, 09:57 AM   #21
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It looks like Navy Federal is offering the add-on feature to existing IRA CDs for a limited time (4/15/20). Some details at depositaccounts.com
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Old 01-16-2020, 11:04 AM   #22
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It looks like Navy Federal is offering the add-on feature to existing IRA CDs for a limited time (4/15/20). Some details at depositaccounts.com
.
Quote:
... This offer is only for new contributions and does not apply to transfers/rollovers.
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Old 01-16-2020, 11:37 AM   #23
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Any info on that one? Rate? Etc? All I am seeing is the 3% / 37 month, https://www.depositaccounts.com/banks/navy-fcu/offers/
thats been going on for a while now.
And must have missed the "4/15/20" end date...

Thanks!
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Old 01-16-2020, 11:44 AM   #24
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.


Thanks for that clarification. The announcement seemed a bit rushed.

Iíve been on the website everyday and never saw anything about this until I noticed an email. Fortunately all my NFCU CDs already include the add-on feature but you canít really tell by looking at them and you have to call or message them to add funds.
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Old 01-16-2020, 12:03 PM   #25
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I called Navy, and they said they did not have any info this?
Am lost here...........lol ..Many of their CD's offer the add on feature....
Is this something new?

"It looks like Navy Federal is offering the add-on feature to existing IRA CDs for a limited time (4/15/20). Some details at depositaccounts.com"

" Quote:
... This offer is only for new contributions and does not apply to transfers/rollovers."
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Old 01-16-2020, 02:54 PM   #26
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Here are the specific instructions from the email (which is pasted onto the depositaccounts.com site:


1.Sign in to online banking
2.Navigate to the "Transfers" tab
3.Select the account to pull the money from
4.Select the certificate to apply the money to
5.Choose which year to apply the funds
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Old 01-16-2020, 02:58 PM   #27
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The last part... "Chose which year to apply the funds" suggests that it applies to contributions only.
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Old 01-16-2020, 03:29 PM   #28
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Understand, no change...
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Old 01-16-2020, 03:44 PM   #29
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Originally Posted by jazz4cash View Post
Here are the specific instructions from the email (which is pasted onto the depositaccounts.com site:


1.Sign in to online banking
2.Navigate to the "Transfers" tab
3.Select the account to pull the money from
4.Select the certificate to apply the money to
5.Choose which year to apply the funds
These instructions do seem to work but there is nothing on the website to inform members of this feature.
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Old 01-16-2020, 05:16 PM   #30
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Ok. After hearing so much about NFCU, I finally called today to see if I qualify for membership (Dad served in WWII, but I have NO documents to prove that). Took my info, and said to call back next Wednesday to check on it. No questions about dad, except which branch he served in. Hope it goes through. 3% for 37 months looks awfully good right about now.
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Old 01-16-2020, 05:56 PM   #31
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Ok. After hearing so much about NFCU, I finally called today to see if I qualify for membership (Dad served in WWII, but I have NO documents to prove that). Took my info, and said to call back next Wednesday to check on it. No questions about dad, except which branch he served in. Hope it goes through. 3% for 37 months looks awfully good right about now.
That is what I did, same for me Dad Served in the UK at a US Airbase in WWII. They never asked any questions just signed me up. I gave them the now decommissioned airbase he was at and that is all they needed.
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Navy Federal IRA Certificate
Old 01-18-2020, 03:47 PM   #32
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Navy Federal IRA Certificate

For us baby boomers that did not serve in the military, we can become a member of the Navy Federal Credit Union if either of our parents (likely deceased), served in the military. At this moment, 3% looks pretty good, although I have also been considering MYGA (Multi-year Guaranty Annuities) that return up to 3.6% and will allow you to withdraw interest without penalty.

As most of the peeps on this board, I do not like annuities, but MYGA are fixed income annuities that have no hidden fees. The downside is that you do have insurance company risk (some MYGAs have state guarantees) along with penalties if you withdraw the money early.
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Old 01-18-2020, 03:59 PM   #33
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^^^^ And the surrender charges can be very high.... commonly starting at 10% in the first year and grading down to zero over 10 years so much higher than a CD. However, most annuities allow you to take out up to 10% penalty free once a year. YMMV and you d to look at the specifics of the product.

In some cases these fixed annuities can be a sensible CD substitute, particularly for those who want tax-deferred income because of ACA or to make more headroom for higher Roth conversions.
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Old 01-18-2020, 04:13 PM   #34
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At this moment, 3% looks pretty good, although I have also been considering MYGA (Multi-year Guaranty Annuities) that return up to 3.6% and will allow you to withdraw interest without penalty.
Rating of the Insurance company that offer this? Years needed to get this rate?
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Old 01-18-2020, 04:20 PM   #35
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For us baby boomers that did not serve in the military, we can become a member of the Navy Federal Credit Union if either of our parents (likely deceased), served in the military.
That is exactly what I did. My father was a pilot in the RAF (UK Royal Air Force) and worked for a time on a USA UK Airbase on loan as a Pilot for the US Air Force. He did that for 2 years.

NFCU accepted that with very little proof, other than the historical information that the Base was in fact a US base (Now De-Commissioned). I got that information from the WEB, it was good enough for them. The fact he was awarded a Medal for his services probably helped, but it was a UK Medal not a USA Medal.
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Old 01-18-2020, 05:48 PM   #36
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Side note on the Navy 37 month ira/roth 3% CD.
One per account holder. I have one as a Roth, tried for a 2nd one
as a Trad IRA. No dice....
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Old 01-18-2020, 08:23 PM   #37
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Side note on the Navy 37 month ira/roth 3% CD.
One per account holder. I have one as a Roth, tried for a 2nd one
as a Trad IRA. No dice....


I wondered about that. Nice try and thanks for the info.
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MYGA term and company rating for 3.6%
Old 01-18-2020, 11:42 PM   #38
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MYGA term and company rating for 3.6%

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Originally Posted by ShokWaveRider View Post
Rating of the Insurance company that offer this? Years needed to get this rate?
To get 3.6%, the term is 5 years with a company that is rated BBB+. If your state guarantees the annuity amount, this may be a good alternative to a CD. Once again, you are allowed to withdraw the interest on an annual basis with no penalty. I am reluctant to purchase any annuity (fixed income or not), but with CD rates so low, there may be no other viable option.
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Old 01-19-2020, 05:58 AM   #39
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To get 3.6%, the term is 5 years with a company that is rated BBB+. If your state guarantees the annuity amount, this may be a good alternative to a CD. Once again, you are allowed to withdraw the interest on an annual basis with no penalty. I am reluctant to purchase any annuity (fixed income or not), but with CD rates so low, there may be no other viable option.
Do not begin to think that way, as there is always an alternative. It's simply a matter of whether you will accept that alternative, which likely provides a lower return, but will also have less risk.

This is typical of this market in general today, and folks need to be extremely careful in chasing yield and settling for lesser quality to get that yield. Low interest rates are pushing folks to do this, and a soaring stock market is once again enticing many to think they can/should move (some of) their fixed income allocation elsewhere. Retirees and folks who primarily rely on fixed income are very susceptible to this line of thinking.

There are folks here who wouldn't consider purchasing life insurance with an insurer with a rating as low as A, now we're looking at CD alternatives with a BBB+ company?

Buyer beware.
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Old 01-19-2020, 08:13 AM   #40
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There are folks here who wouldn't consider purchasing life insurance with an insurer with a rating as low as A, now we're looking at CD alternatives with a BBB+ company?

Buyer beware.
If the state you live in has a healthy reserve to cover insurance companies who default on life insurance and annuities, isn't that effectively as good as having FDIC insurance on a CD?
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