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Review: Navy Federal Certificate of Deposit Interest Rates

Conor Keenan Author Bio By: Conor Keenan  Last updated on December 1, 2023
Conor Keenan is's co-founder. His work in personal finance has been featured by MSN, CNN, AOL, Fox News, Yahoo News & many more.

Editorial Freedom: The opinions, recommendations or reviews expressed in any article by our team are not endorsed by any financial institution or partner. Compareaccounts is free thanks to commissions we receive from our partner offers below. Our team's content is not commissioned by our advertising partners or any financial institution herein.

Read our review & open a new​ certificate of deposit with confidence.  Navy Federal Credit Union is insured by the NCUA (National Credit Union Association) whereas other CD offers on this page are FDIC insured up to $250,000 per depositor.  Fund your new account & take advantage of the power of compound interest today!

CD rates available through Navy Federal Credit Union

See below for a selection of CD rates

Product Minimum Deposit Term Dividend Rate APY
Special EasyStartSM Certificate $50 12 months 5.16% 5.30%
3-Month Certificate $1,000 3 months 3.92% 4.00%
3-Month Certificate $20,000 3 months 3.92% 4.00%
3-Month Certificate $100,000 3 months 3.97% 4.05%
  • Rates are subject to change on a regular basis. Rates as of 11.02.23. Check Navy Federal’s Website for the most up to date rate information.

Main Benefits You Get From This CD

Navy Federal CD accounts, also known in the credit union world as Share Certificates, offer a several benefits for savers in search of a low-risk investment. Before diving into these benefits, it’s essential to understand the difference between a CD and a Share Certificate.

CD vs. Share Certificate: What’s the Difference?

At its core, a CD and a Share Certificate serve the same purpose: they are time deposits that offer higher interest rates than traditional savings accounts. However, the primary difference lies in where they are offered.

  • Certificate of Deposit (CD): Typically offered by banks, a CD is a timed deposit account where the bank pays interest to the depositor in return for keeping the funds for a predetermined period.

  • Share Certificate: Offered by credit unions, a Share Certificate is essentially the credit union’s version of a CD. When you open a Share Certificate, you’re technically purchasing a share of the credit union. The terminology reflects the cooperative nature of credit unions, where members are also considered owners.

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To See All of Our Recommended Certificate of Deposit Accounts Go To Our Best CD Rates Page.

Navy Federal’s CD Account Pros:

Now, let’s explore the specific benefits of Navy Federal’s CD or Share Certificate:

  1. Competitive Interest Rates: Navy Federal often offers rates that are higher than what you’ll find at traditional banks, ensuring that your money works harder for you.
  2. Flexibility: With a variety of term lengths available, from three months to seven years, you can choose a term that aligns with your financial goals.
  3. Safety: As with many financial institutions, Navy Federal’s CDs are federally insured, which provides peace of mind as it guarantees your deposit up to $250,000.
  4. Membership Benefits: Being part of a credit union like Navy Federal means that you’re more than just a customer; you’re a member-owner. This cooperative structure often results in better rates and terms for members.

    Navy Federal CD Cons

    However, there are a few cons to consider:

    1. Minimum Deposit: There is a minimum deposit requirement that might not be ideal for all savers.
    2. Penalty for Early Withdrawal: Accessing funds before the term expires can incur a penalty, which may affect your earnings.
    3. Less Liquid: Your funds are less accessible compared to a regular savings account.
    4. Lower Rates: You can likely earn a higher APY from one of the other offers on this page or on our best CD page.

      How to Open a Navy Federal CD

      Opening a CD with Navy Federal is straightforward. Existing members can do this online, through the mobile app, or by visiting a branch. New members will need to establish membership with Navy Federal before opening a CD, which involves meeting eligibility requirements and opening a savings account.

      Membership Eligibility Requirements

      Navy Federal Credit Union membership is open to the following individuals:

      1. Active Duty Members of the Armed Forces: This includes the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, and Space Force.
      2. Department of Defense (DoD) Civilians: If you are a civilian employee, U.S. Government employee assigned to DoD installations, DoD contractor assigned to U.S. Government installations, or DoD retiree, you can become a member.
      3. Veterans: Those who have served in the above-mentioned branches and have retired or separated from the service with an honorable discharge.
      4. Family Members: Immediate family members of any of the above-mentioned eligible individuals, including grandparents, parents, spouses, siblings, children (including adopted and stepchildren), grandchildren, and household members.

      Steps to Establish Membership

      1. Determine Eligibility: Confirm that you meet the above requirements for membership.
      2. Required Information: Gather necessary personal information, which typically includes a Social Security number, driver’s license or government ID, current home address, and credit card or bank account routing number to fund your new account.
      3. Open a Savings Account: Membership at Navy Federal begins with a savings account with a minimum deposit, which is often a nominal amount. This account represents your “share” in the credit union and must remain open to maintain membership.
      4. Application Process: You can apply for membership online, over the phone, or by visiting a Navy Federal branch. You’ll need to complete an application and deposit funds into your new savings account.
      5. Confirmation: Once your membership application is approved and your savings account is established, you are then free to open a CD with Navy Federal.

      After Membership Establishment

      After you become a member, you can easily open a CD through Navy Federal’s online banking platform, the mobile app, or in person at one of their branches. The process involves selecting the CD product that best fits your financial goals, deciding on the term length, and transferring the funds into the CD.

      Becoming a member of Navy Federal Credit Union not only allows you to take advantage of their CD rates but also gives you access to their full suite of financial products and services. The credit union is committed to serving its members with favorable rates and terms, making it a worthwhile consideration for eligible individuals seeking a strong financial partner.

        Navy Federal Other Banking Products

        Navy Federal Credit Union offers a diverse array of financial products designed to cater to the needs of its members, ranging from those in active military service to Department of Defense employees and their families. Here’s a brief overview:

        Savings and Checking Accounts

        Navy Federal provides basic savings accounts to start your membership, along with more specialized accounts like money market and education savings. Their checking accounts vary from simple, no-fee accounts to more feature-rich options that offer interest earnings.

        Credit Cards

        Members can choose from a variety of credit cards that offer cashback, rewards points, or opportunities to build or repair credit, each with unique benefits and features tailored to different spending habits and goals.

        Loans and Mortgages

        With competitive rates on auto loans, a range of mortgage options including VA loans, personal loans, and lines of credit, Navy Federal has lending solutions for nearly every financial need.

        Investment and Retirement Services

        Whether you’re planning for retirement with an IRA or looking to invest in mutual funds, Navy Federal offers investment services to help you manage and grow your wealth.

        Insurance Products

        Navy Federal also provides access to various insurance products, including life, auto, and property insurance, ensuring members have the protection they need for their assets and loved ones.

        Digital Banking

        With a strong digital platform, members can enjoy the convenience of online and mobile banking, allowing for easy account management, bill pay, and mobile deposits.

        Member Benefits

        Navy Federal is known for its member-centric approach, providing a suite of services and benefits like early direct deposit for active duty members and special savings on external partnerships.

        As a not-for-profit, member-owned credit union, Navy Federal focuses on delivering value through low fees, competitive rates, and a commitment to exceptional service, ensuring that members receive comprehensive financial support throughout their lives.

        Brief History of Navy Federal

        Navy Federal Credit Union was established with the singular purpose of serving the financial needs of military service members. It was founded in the early 1930s during a period when access to credit and financial services was scarce for individuals in the military. What began as a small organization has since blossomed into one of the largest credit unions in the world.

        From its humble beginnings, Navy Federal has been committed to serving those who serve their country. Over the decades, it has expanded its membership to include not just Navy personnel but also members of the Army, Marine Corps, Air Force, Coast Guard, and Department of Defense (DoD). It also extends its services to veterans and family members of the military and DoD personnel.

        The growth of Navy Federal reflects both the changing landscape of the military community and the increasing need for specialized financial services. Throughout its history, Navy Federal has adapted to meet these needs by offering products and services that align with the unique challenges and opportunities faced by military members and their families.

        Navy Federal as a Member-Owned Not-for-Profit

        Navy Federal operates as a member-owned, not-for-profit organization, which sets it apart from for-profit banks and financial institutions. Unlike banks that aim to generate profits for shareholders, Navy Federal’s primary focus is on serving its members, who are also its owners.

        This not-for-profit status means that Navy Federal is able to offer more favorable terms to its members:

        • Higher Rates on Deposits: Profits generated by the credit union are often returned to members in the form of higher dividend rates on savings accounts, certificates of deposit (CDs), and other deposit accounts.

        • Lower Rates on Loans: Navy Federal members usually benefit from lower interest rates on loans and credit products because the credit union is not driven to make a profit off these services.

        • Fewer Fees: As a not-for-profit, Navy Federal strives to keep fees low, ensuring that members can access financial services without the burden of excessive costs.

        • Member-Centric Services: The credit union’s goals are aligned with the financial wellbeing of its members, resulting in personalized service, financial education resources, and support tailored to the military lifestyle.

        This structure is designed to create a financial community that supports each other, with any earnings reinvested into the organization to improve services, reduce costs, and directly benefit the members. Navy Federal’s success is measured by the financial health and satisfaction of its membership, not by the profits it generates, embodying the philosophy of “people helping people” that is central to the credit union movement.

        Navy Federal Contact Information

        Members can reach Navy Federal through their website, mobile app, or by phone. For specific inquiries on CDs, they offer dedicated support to guide you through your investment choices.

        Need to find a branch? Use this tool.


        See More CD Rates by Term & Type

        Compare the best rates for various CD terms and types:

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        Home » Certificate of Deposit » CD Bank Reviews » CD Navy Federal Credit Union

        NFCU Certificate of Deposit FAQ

        What is the rates for CD in Navy Federal?

        The rates for CDs at Navy Federal Credit Union vary based on the term length and sometimes the amount of deposit. They offer a range of CD terms from short-term (as little as three months) to long-term options (up to seven years), with rates typically increasing with longer terms.

        Are Navy Federal CDs FDIC-Insured?

        Navy Federal Credit Union is not insured by the Federal Deposit Insurance Corporation (FDIC) because it is a credit union and not a bank. Instead, accounts at Navy Federal are insured by the National Credit Union Administration (NCUA), which provides similar protections to the FDIC. The NCUA insures deposits up to $250,000 per individual depositor, per insured credit union, for each account ownership category.

        Who Can Get a Navy Federal CD?

        Navy Federal CDs are available to members of the credit union. Eligibility for membership typically includes military personnel, Department of Defense (DoD) employees, veterans, and their family members. Once you are a member of Navy Federal, you can open a CD account.

        Are Navy Federal CDs Worth It?

        Whether a Navy Federal CD is worth it can depend on your personal financial goals, whether you meet membership requirements and the current interest rate environment. CDs can be a stable and low-risk investment option for those looking to save money and earn interest over a fixed period. Members often find value in Navy Federal’s CDs due to competitive rates, a variety of term lengths, and the security of NCUA insurance.

        Are there any penalties for withdrawing money from a Navy Federal CD before it matures?

        Yes, withdrawing money from a CD before its maturity date typically results in a penalty. The early withdrawal penalty can vary depending on the CD term length and the amount you withdraw. These penalties are put in place to discourage early withdrawals and are standard for CDs across most financial institutions, including Navy Federal. The specifics of the penalty for early withdrawal would be detailed in the agreement when you open a CD with Navy Federal.

        Conclusion on Navy Federal CD Rates

        Navy Federal CD rates are a compelling option for those looking for secure and competitive returns on their savings. With the added benefits of a member-owned institution, Navy Federal stands out as a prime choice for your Certificate of Deposit needs. While considering your investment, it’s essential to weigh the pros and cons, understand the terms, and consider how a CD fits into your overall financial strategy. If the fit is right, a Navy Federal CD can be a sound step toward reaching your financial objectives.

        *National Savings Rate Average as published by FDIC