Navy Federal 3.75% 40-Month IRA CD + $100 Signup Bonus

The Offer

Direct Link to offer

• Navy Federal CU is offering a special 3.75% APY 40-month CD rate for IRA accounts.
• First-time IRA plan holders get $100 who open an IRA with $100 or more.

The Fine Print

3.75% Offer

• Limit one Special 40-Month IRA certificate per member.
• This offer, including the stated Annual Percentage Yield (APY), is effective December 3, 2018. Navy Federal reserves the right to end or modify this offer at any time.
• The Special 40-Month IRA Certificate has a $50 minimum and a $150,000 maximum balance.
• Only available for IRAs or ESAs.
• Additional deposits are allowed at any time, subject to the maximum balance and IRS contribution limits.
• Penalties apply for early withdrawals from certificates.
• Other restrictions may apply.

$100 Offer

• This offer is effective December 3, 2018 and can end or be modified at any time.
• Offer only available to members who open their first IRA plan and deposit a minimum of $100 in the new IRA account no later than 45 days after account opening.
• Limit one IRA $100 bonus per member.
• Once funds have been deposited to the IRA, Navy Federal will credit the bonus directly into your new IRA account within 30 days.
• The IRA $100 bonus will be credited to your IRA in the form of a dividend and will not be reportable as a contribution.
• Penalties apply for early withdrawals from the certificate, including any earned dividends. Members should consult a tax consultant or obtain legal advice regarding any tax implications related to the dividend.
• Taxes related to the IRA $100 bonus are the member’s responsibility. Navy Federal does not provide tax advice.
• Other restrictions may apply.

Our Verdict

I imagine setting up an IRA is a hassle people would avoid just for the bonus, but if you’re in the market for an IRA and qualify for Navy Federal membership (military families), 3.75% is a nice rate for a 4o-month CD, and the added $100 bonus for first-time IRA plan holders sweetens it further.

Thanks to reader David for sending this in and to others who have mentioned this as well. There was a similar offer earlier in 2018 for $100 bonus.