This deal has expired, click here for the best CD & savings rates.
Offer at a glance
- Interest Rate: 2% APY
- Minimum Balance: $500
- Maximum Balance: $10,000
- Availability: Anybody can join by becoming a member of the American Consumer Council
- Credit card funding: None
- Insured: NCUA
The Offer
- NRL Federal Credit Union is offering a one year CD with a 2% APY as part of their member appreciation day. Offer is valid from October 14th until October 21st, 2017.
The Fine Print
- Offer limited to one Certificate per primary member.
- Checking account is required for eligibility.
- Minimum deposit of $500 required.
- Maximum deposit of $10,000 .
- Funding using a credit card is not permitted.
- Loyalty Rewards do not apply.
Our Verdict
In 2016 they offered a 7% CD and you could fund up to $9,000 with a credit card. As far as I know they don’t allow credit card funding anymore. 2% is higher than all of the basic savings interest rates currently, but it’s only 0.5% more than the current top rate. It’s also significantly lower than the high interest rewards accounts offering up to 5% with a little bit of work. This might be useful for people who want to lock some funds into a decent rate for 1 year. It’s a shame that they didn’t think repeating the 7% APY offer with credit card funding was a good idea.
Hat tip to readers Rodney M & R.
This post is a reminder of how I missed out on that 7% CD and $9K of credit card funding by 1 day by procrastinating.
I’m waiting for 4% CDs to return. I won’t hold my breath.
This place was the golden goose of credit card funding…last year I opened a checking and savings account, both funded with $9,000 on my freedom unlimited. I left the $18k in those accounts for about 6 months to avoid scrutiny and earned 27k sweet sweet URs in the process…I transferred the URs to Southwest at an approx. value of $435. Hmmm I wonder why they don’t offer CC funding anymore, lol…
That said, their website wasn’t terrible and their customer service was decent so if you’re interested/able to do this offer I’d say go for it.
Compared to Ally’s 11-month no penalty CD you’d lose at most 0.5% APY on $10k, so $50 over the year. Minus taxes. And minus the flexibility of Ally’s CD in case rates go up. Overall it doesn’t seem worth the hassle considering you also have to open a checking account, even though I still have a savings account with them from last year’s deal. I might have considered it if the maximum was more than $10k.
I see the following bullet points following the direct link to offer on my phone to their mobile site:
– Offer limited to one Certificate per primary member.
– Checking account is required for eligibility.
– Minimum deposit of $500 required.
– Maximum deposit of $10,000 .
– Funding using a credit card is not permitted.
– Loyalty Rewards do not apply.
I only have a savings account with them, so it looks like I’ll need to open a checking to do this CD; will probably pass.
Thanks, added this to the post.
interesting. i’ve kept my account with them open since the $7K CD/7% promo. i will be doing this – it’s easier than the 2% you get from Blue FCU with no hoops to jump thru.
i got the 0% APR (for 12mo) Commerce Bank card, so i’ve been MS’ing on that, looking for somewhere to stash it once i hit the limit on CCU_IL. I already MS 12 debits for CCU, i didn’t want to do it for Blue, too.
It actually says valid for existing members only
Here’s the “*”….Max is apparently 10K.
See: https://www.depositaccounts.com/banks/n-r-l-cu.html#rates
Thanks, added to post.