The Offer
- Navy Federal Credit Union is offering a $100 bonus when you open your first IRA account with Navy Federal.
- The certificate also earns 2.75% APY
The Fine Print
- NFCU has restricted membership
- 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
Not a huge bonus, but shouldn’t be difficult to complete. Minimum opening balance is $100 so I guess the play is to open an account with $100 and then get a $100 bonus. The 2.75% APY rate is quite attractive, but keep in mind your keeping the funds locked up for 32 months. You can view the best high yield savings accounts here. Also keep in mind that NFCU is usually a hard pull to become a member and often a hard pull when opening a new product like this.
Hat tip to reader Sparky
Almost time the cash this out or transfer to another investment account.
$100 bonus posted within a few days of opening IRA.
My $100 bonus posted within days, too.
Just opened my IRA. Took less than a minute to complete.
I have a few question about NFCU. I’ve seen a few posts about NFCU credit cards, but I had never really paid attention until now. I was looking for an IRA bonus and this seems like an easy / good one.
My Dad was in the Navy. Though him and I live in separate states now. I noticed on the application form for the IRA.. that it requires an “access number.” Can’t proceed without this? So actually, the first step of opening this is to apply for member first.. and then later apply for opening the IRA?
I’m not sure if my Dad has his DD214 or not. I can ask him next time I call. But out of curiosity, is there any way I can get a copy of my Dad’s DD214? Because I read on some credit forums that this is the proof that NFCU asks for when you’re applying as a family member.
My Dad always wears his Navy hat and tells everyone about his Navy days. But I simply never thought someday I’d want to join a NFCU and I never thought I’d need something like my Dad’s discharge proof from his Navy days in the 1960s and 1970s. If anyone can help clarify these basic confusing questions, I’d greatly appreciate it! Thank you
You can get your dad to sign up for member and he can refer you. I became a member due to my dad’s service to USA.
> So actually, the first step of opening this is to apply for member first.. and then later apply for opening the IRA?
Correct. Sorry I don’t know the answer to the other ones.
In the future, can you write somewhere in the Our Verdict or somewhere else that membership is restricted?
I read through all of the comments before someone wrote about needing a family member in the military so I knew I wasn’t eligible.
Sure, I thought NFCU was big enough that people would know it’s restricted membership but I’ll make this clearer.
You are also eligible if you work as a contractor at NFCU or if you are related to someone who is an NFCU member.
Is this a regular IRA brokerage account that lets you invest in different financial products? (Stocks, mutual funds etc). Or is your only option to leave your money in a money market account?
Mike: No stocks. You can open a CD or savings.
I see. Thanks.
While there is a hard inquiry to join Navy Federal and again when you apply for any credit product, there is NOT any inquiry to open a savings product such as a CD or an IRA.
Shame on Doc. He should know better.
Eligibility: Just a heads up that if you have a family member in the military, they don’t actually require supporting documentation. Take that for what it’s worth.
You have to make sure you are eligible for membership at Navy Federal: veteran or active duty military or immediate family member of either of those. Their website lists the specifics. They used to have a backdoor way to join but they closed it last year.
Hard inquiry kills the deal for me. Still on the fence.
No hard inquiry if you already are a member of navy fed
That’s good to know. I’ve been a member for 9 years.