The Offer
- Open your first IRA account with Navy Federal Credit Union and receive a $100 bonus to the IRA account
- They are also offering the following two IRA certificates:
- 2.00% APY with 20-month term, $20 minimum, $20,000 maximum
- 2.25% APY with 30-month term, $10,000 minimum
The Fine Print
- Limit one bonus per member
- Must deposit a minimum of $100, must be deposited within 45 days of account opening
- Bonus will be deposited directly into IRA within 30 days of meeting the requirements
- Will be credited to your account in the form of a dividend and will not be reportable as a contribution.
Our Verdict
When it comes to long time investment advice, I’ve got a policy of not letting small incentives like this cloud my decision making process. If you already planned to set up an IRA with Navy Federal then this is a nice little incentive to do so.
Navy Federal Credit Union has restricted membership. Eligibility to NFCU is for military members, associated persons and their family. See more here.
Hi doc, I noticed they have a similar offer going on now.
https://www.navyfederal.org/products-services/checking-savings/certificates.php
Details are as follows:
Receive a Bonus for Opening Your First IRA Plan
– Get $50 when you open your first IRA with Navy Federal
Get Rewarded for Saving Automatically
– Earn $100 when you setup a recurring automatic transfer of at least $50 per month to your new IRA
They have a 17-month IRA with an APY of 2%, so for $50 a month over 17 months I decided to go for it, and I will probably just roll this over into my main IRA at Betterment in May 2018. Account opened instantly with no issues and we will see how long it takes for the bonus to be applied (obviously sooner better than later for interest-bearing purposes)
follow-up: looks like they only require six months of auto-deposit of $50 before depositing the $100 bonus in the seventh month, so it just ties up $350 minimum for 17 months and is a tax-deferred retirement account with a $150 bonus. not bad.
Yeah, we don’t really cover IRA bonuses anymore as there isn’t much interest in them.
Like you, I’m always looking for somewhere to move my IRA to collect on a bonus. This one looks good to me for the 2% on the 17 month CD that will double what I’m currently making on the $50,000 I have now with the bonus being a nice addition.