In honor of Military Appreciation Month, different companies are offering different deals. I know of two credit unions that are offering special Certificates of Deposits (CDs) with interest rates significantly higher than usual. Where can you find these high interest CDs?
Navy Federal Credit UnionNavy Federal Credit Union (NFCU)'s Military Appreciation Month CD features a 15 month term and 3.00% annual percentage yield. Unlike NFCU's other promotional CD offers, this special CD is only available to members with regular direct deposit from the Defense Finance and Accounting Service (DFAS.)
Other great features include a $25 minimum balance, $10,000 maximum balance and the ability to make additional deposits into the CD, without a requirement to do so. I'm loving this CD! What a great place to store you emergency fund, PCS fund, or other medium-term savings!
Note: it appears that members less than 18 years of age are not required to have the DFAS deposit requirement. If you have kids who are Navy Federal members, using their accounts might be a way to sock away more money into this great program.
Andrews Federal Credit UnionBased in Suitland, Maryland, Andrews Federal Credit Union has a wide field of membership and outstanding rates on both six month and eighteen month CDs during their Military Appreciation Month promotion.
For the six month CD, Andrews FCU is offering 3.25% for military members and 3.00% for civilian members.
For the eighteen month CD, Andrews FCU is offering 2.25% for military members and 3.00% for civilian members.
The Andrews FCU CD offer requires a $1,000 minimum balance and has a cap of $15,000.
Neither of these offers advertise an ending date, so it would be wise to go ahead and set up your plans and open the CDs quickly. These rates are significantly above the typical CD rates available right now, and they're a good way to make a little extra money on your savings. Free money is always good!