Navy Federal CD Rates: March 2024

Navy Federal CD Rates

Navy Federal Credit Union, established in 1933, is a not-for-profit credit union that’s open to current and retired servicemembers from all branches of the armed forces, their families, and their households. Members of this federal credit union have access to many financial products and services, including share certificates similar to the certificates of deposit (CDs) available from traditional and online banks.

Navy Federal CD rates are well above the national average. And members can take advantage of several kinds of share certificates with terms ranging from three months to seven years, depending on their savings goals; all of NFCU’s CDs come with the backing of the National Credit Union Administration (NCUA) for up to $250,000.

The APYs listed below are up to date as of the date of publication of this article. We review CD rates every two weeks and update the information below accordingly.

Short-Term Certificate Rates Overview
CD Term	$1K Minimum APY	$20K Minimum APY	$100K Minimum APY
3 months	2.75%	2.75%	2.80%
12 months	5.05%	5.05%	5.10%
18 months	4.50%	4.50%	4.55%
24 months	4.20%	4.20%	4.25%

Long-Term Certificate Rates Overview
CD Term	$1K Minimum APY	$20K Minimum APY	$100K Minimum APY
3 years	4.00%	4.00%	4.05%
5 years	3.80%	3.80%	3.85%
7 years	3.80%	3.80%	3.85%

See the best CD rates today before choosing the CD that is best for you.

SaveFirst Certificate Account Rates Overview
Product	Minimum Deposit	Term	Dividend Rate	APY
SaveFirst Account	$5.00	3–60 months	0.40%	0.40%

EasyStart Certificate Rates Overview
CD Term	Minimum Deposit	Dividend Rates	APY
12 months	$50	4.83%	4.95%
18 months	$50	4.35%	4.45%
24 months	$50	4.07%	4.15%

Navy Federal CDs: Key Features

Knowing that Navy Federal’s CD rates are above average is a good place to start if you’re considering a share certificate. Yet the interest rate you could earn on your savings isn’t the only detail that matters when choosing a CD. Therefore, it’s important to research other key features that Navy Federal’s share certificates have to offer before you open a new account.

All of Navy Federal’s share certificates have a minimum deposit requirement you’ll need to satisfy. These requirements range from $50 to $100,000, depending on the type of CD you wish to open (and the annual percentage yield you hope to earn from the credit union in return for your deposit). With the credit union’s short-term and long-term certificates, making a deposit of $100,000 or more may help you earn a slightly higher APY on your savings (depending on current rates).

As with traditional CDs, when you deposit money into a share certificate with Navy Federal Credit Union you agree to leave your cash in the account for a fixed amount of time. If you decide to withdraw your cash before your share certificate matures, you’ll have to pay an early withdrawal penalty. However, it’s worth noting that Navy Federal’s early withdrawal penalties are not as steep as those you might encounter elsewhere.

Here are the early redemption penalties Navy Federal charges its members.

CD terms of 1 year or less: Lose all dividends on the amount you withdraw for 90 days or from the date of purchase or renewal—whichever is less.
CD terms over 1 year: Lose all dividends on the amount you withdraw for 180 days or from the date of purchase or renewal—whichever is less.
CD terms of 5 years or higher: Lose all dividends on the amount you withdraw for 365 days or from the date of purchase or renewal—whichever is less.

Short-Term Certificate Key Features
APY Range	2.75%–5.25%
Minimum Deposit	$1,000
Term Range	3–24 months
Early Withdrawal Penalty	Loss of dividends on amount withdrawn (for 90–180 days, based on CD term, or from date of purchase or renewal—whichever is less)

Long-Term Certificate Key Features
APY Range	4.00%–4.25%
Minimum Deposit	$1,000
Term Range	3–7 years
Early Withdrawal Penalty	Loss of dividends on amount withdrawn (for 180–365 days, based on CD term, or from date of purchase or renewal—whichever is less)

SaveFirst Certificate Key Features
APY Range	0.40%
Minimum Deposit	$5.00
Term Range	3–60 months
Early Withdrawal Penalty	Loss of dividends on amount withdrawn (for 180–365 days, based on CD term, or from date of purchase or renewal—whichever is less)

EasyStart Certificate Key Features
APY Range	4.15%–4.95%
Minimum Deposit	$50
Term Range	6–24 months
Early Withdrawal Penalty	Loss of dividends on amount withdrawn (for 90–180 days, based on CD term, or from date of purchase or renewal—whichever is less)

About Navy Federal Credit Union

Navy Federal Credit Union is a full-service credit union that serves military members, veterans, and their families. Founded during the Great Depression, the not-for-profit federal credit union has grown from humble beginnings to become the largest credit union in the world with over 12 million members.

Because Navy Federal is a credit union and not a bank, you must become a member before you can open a share certificate or other financial accounts. Navy Federal has stricter membership requirements than some other credit unions.

To be eligible for membership, you must fit into one of the following categories:

Servicemember in any branch of the armed forces (active duty, retired, or veteran)
Department of Defense civilian employee
Related to a member of the credit union

It’s also worth noting that NFCU has a small branch network. Despite its large membership numbers, Navy Federal only has around 350 branches worldwide.

On a positive note, the federal credit union is known for offering competitive interest rates to its members. Not only can you get above-average APYs on CDs from Navy Federal Credit Union, qualified members can enjoy attractive interest rates on loans, credit cards, and other financing products.

Compare CD Account Rates

Here are the average interest rates on CDs as of January 16, 2024, according to the Federal Deposit Insurance Corporation (FDIC).

1-Month CD: 0.23%
3-Month CD: 1.67%
6-Month CD: 1.51%
12-Month CD: 1.86%
24-Month CD: 1.57%
36-Month CD: 1.40%
48-Month CD: 1.34%
60-Month CD: 1.41%

Note that some online banks may offer higher CD rates than Navy Federal. But there are other benefits to banking with the not-for-profit credit union that are worth considering as well.

Of course, CDs aren’t the only option available when it comes to growing your savings either. If you’re thinking about opening another type of deposit account, like a high-yield savings account or a money market account, it’s wise to consider average interest rates and compare your options as well.

Average interest rates on savings accounts and money market accounts as of January 16, 2024, according to the FDIC:

Savings accounts: 0.47%
Money market accounts: 0.65%

Who Can Get a Navy Federal CD?

You must be a member of Navy Federal Credit Union to open a share certificate. Membership in the federal credit union is open to those who have ties to the armed forces, Department of Defense, or National Guard—either themselves or through a family or household member. See the best CD rates available today for a list of more accessible CDs.

Are Navy Federal CDs Worth It?

Navy Federal Credit Union CD rates don’t usually quite measure up to the top interest rates you can find at some online banks. Nonetheless, the rates are well above the national average (and the federal credit union offers numerous other perks to its members as well).

How Do You Get a Navy Federal CD?

Members of Navy Federal Credit Union can apply to establish a new share certificate in a few different ways. You can submit your certificate application online, via mail, e-message, or fax, or in person at a local branch.

In addition to your application, you will need to submit the deposit you wish to use to open your certificate. The Special EasyStart certificate from Navy Federal requires at least a $50 minimum deposit. All other share certificates require a minimum deposit of $1,000 or more.

Are Navy Federal CDs FDIC-Insured?

When you open a share certificate at Navy Federal Credit Union, it’s backed by the National Credit Union Administration (NCUA). Like the FDIC, one of the NCUA’s primary jobs is to insure the deposits that credit union members make at participating federal credit unions. The NCUA insures the combined balances of any savings, checking, share certificate, and money market deposits of Navy Federal Credit Union members for up to $250,000.

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