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
