Navy Federal Credit Union Savings Rates

Navy Federal Credit Union, headquartered in Vienna, Virginia is advertising a traditional credit union savings account with a current savings rate of 0.35 percent with a savings yield of 0.35 percent. Navy Federal Credit Union is also advertising IRA share savings accounts, including ESA savings accounts, Roth savings accounts and SEP savings accounts. All accounts currently have an interest rate and yield of 0.35 percent.

As with any credit union in order to join Navy Federal Credit Union you have to open a share savings account. The minimum opening deposit is only $5. Most depositors open a share savings account at a credit union to obtain a car loan or mortgage loan.

Custodial Savings Account Navy Federal Credit Union

Navy Federal Credit Union's custodial savings account is an account you administer to 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 this money until reaching the age you determine (usually 18 or 21). Then, if the minor is eligible for Navy Federal membership, the account can be converted to a regular savings account in the Minor’s name.

Custom Club Savings Account Navy Federal Credit Union

Navy Federal Credit Union's Custom Club Savings Account allows you to save money specifically for a vacation, new car or for holiday gifts at the end of the year for Christmas or any other holiday.

You choose when to start the club savings account and when it ends as long as the account is open between 3 months and 5 years. The minimum opening deposit is only $5. Dividends are compounded daily giving the account a higher annual percentage rate.

Education Savings Account Navy Federal Credit Union

Navy Federal Credit Union's Educational Savings Account is just like a  share savings account and there is no minimum or maximum deposit required. The ESA account allows you to save money for education expenses. 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.
Author: James Martin
February 1st, 2011