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Has anyone renewed the Special Easy Start Certificate, the one that pays 3.5% APY on up to 3K? Will it renew for the same elevated APY or does it revert to a regular Easy Start?
I asked Navy by secure message, and they said they couldn't predict what the rates would be at the renewal time, so I'm not sure they understood my question.
When you read the renewing instructions it should indicate if it is going going to renew as the "Special EasyStart CD". If yes, you can leave it. If no, then you will need to close the CD at maturity, and then just open a new Special EasyStart CD. Each time I have done it before in the past, it never showed renew to Special EasyStart CD, but for my brother, it did show renew as Special EasyStart CD.
They do have a special going on where if you open the Special EasySaver CD and make 3 automatic deposits into the CD, then you get $30 deposited. So gives you little bump in interest. Interestingly enough, the terms on this do warn that you cannot open the CD with the $3k max because you then cannot make the required 3 automatic deposits to qualify for the $30 bonus.
Current Score: Eq: 823 Tu: 830Oh wow you are able to open a new one? I thought members were limited to one ever, not just one at a time. Thanks for the info!
Thanks for the tip on that $30 bonus, I'll check that out.
@Tazman81 wrote:When you read the renewing instructions it should indicate if it is going going to renew as the "Special EasyStart CD". If yes, you can leave it. If no, then you will need to close the CD at maturity, and then just open a new Special EasyStart CD. Each time I have done it before in the past, it never showed renew to Special EasyStart CD, but for my brother, it did show renew as Special EasyStart CD.
They do have a special going on where if you open the Special EasySaver CD and make 3 automatic deposits into the CD, then you get $30 deposited. So gives you little bump in interest. Interestingly enough, the terms on this do warn that you cannot open the CD with the $3k max because you then cannot make the required 3 automatic deposits to qualify for the $30 bonus.
I haven't followed through on messaging them because I'm not quite in the position to set up the CD yet, but is the 3.5% based on direct deposit into the CD or into a NFCU checking account? For the "auto deposit" into the CD, is that something you can change over time if you need to?
as of 1/1/23
For the Special Easy Start, you don't need to set up recurring deposits to the CD to get that rate, but you do need to have Direct Deposit set up to one of your Navy Accounts. I had mine set up for checking. You can put up to 3K on opening and still get the 3.5%APR. Edit: looks like the rate dropped since I opened it, it's now 3.0% I did read somewhere, perhaps on this board, that Navy was not enforcing the DD requirement, but I can't verify it. I also don't know whether you will lose the rate if you stop direct deposit. I momentarily paused mine for one pay period, but it will resume in the same month so I won't have a chance to test it.
As for the $30 bonus, I don't know anything about that. I haven't looked into it yet. That's a different CD product. Edit: The above comments were referring the Special EasyStart; just a typo above.
ETA: I believe you can change your recurring deposits at will (of course you can't withdraw without penalty), but I have not used that feature.
The $30 bonus is for any of the EasyStart CDs including the "Special Rate" one. In order to get the special rate, you must have direct deposit. Although like the previous poster mentioned, I believe they have temporarily suspended the direct deposit requirement. Otherwise a direct deposit would be required into the checking/savings account in order to get the Special rate (currently 3.5%) for 12 months. The $30 bonus does require you to make 3 automatic transfers to your CD, which I believe would come from a NFCU checking/savings account. Since doing the 3 automatic transfers is a requirement to get the $30, it means you must open the Special EastStart CD with less than $3,000 so that you can do the 3 automatic transfers.
As a member you can only have 1 Special Rate CD open at a time, but you can open it repeately as long as you continue to meet the requirements and only put in a maximum of $3k. Once they release the suspension on that direct deposit requirement, if you do stop the direct deposit then they convert the CD to a regular EasyStart (not the Special EasyStart) which has a lower rate.
Edit: Yes, recurring deposits into the CD can be changed at anytime. It is the direct deposit that must remain for you to keep the special easystart cd rate. (once the suspension is lifted)
Thanks for clarifying. I was confused by changing terminology and thought you were talking about a different CD for that $30 bonus.
