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Navy FCU Savings Account Rates

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Navy Federal Credit Union is offering several different types of savings accounts including a Money Market Savings Account, Share Savings Account, Jumbo Share Savings Account, Custodial Savings Account, Custom Club Savings Account and an Education Savings Account (ESA).

To join Navy Federal Credit Union you have to open a Share Savings Account. The minimum deposit is only $5.00 and there are no monthly fees with the savings account. The Share Savings Account rate isn’t the best savings rate around but it’s competitive with the national average savings rate. The current savings rate is 0.40 percent with an annual percentage yield of 0.40 percent.

The credit union's jumbo share money market savings account has a higher savings rate. The current rate is 1.39 percent with an annual percentage yield of 1.40 percent for account balances of $100,000 or more. That rate beats most high yield savings account rates these days.

Custodial Savings Account

This is a savings account that administers your gift money to a minor with potential tax savings. You save on taxes because a portion of the savings account dividends are taxed at the minor’s lower rate. The minor cannot withdraw the money until reaching the age you determine (usually 18 or 21). To start a custodial savings account call Navy FCU at 1-888-842-NFCU (6328).

Custom Club Savings Account

With a Custom Club Savings Account current has a savings rate of 0.75 percent and an APY of .075 percent. With a club savings account you can save money specifically for a vacation, new car or for holiday gifts at the end of the year for Christmas or any other holiday. The minimum opening deposit is only $5. Dividends are compounded daily giving the account a higher annual percentage rate.

Education Savings Account (ESA)

An ESA is just like a  share savings account and there is no minimum or maximum deposit required. There are no early withdrawal penalties and you can add funds into the account at anytime. There is a maximum allowed amount of $2,000 per year.

For current savings account rates and money market savings account rates visit the credit union at: Navy Federal FCU Savings Account Rates.
Author: Lisa Graham
March 15th, 2010