Discouraged by the dismal interest rates that savings accounts are earning? Navy Federal Credit Union (NFCU) members can take advantage of a great promotion currently being offered: a special Easy Start Share Certificate that is paying 3.5%APR. I don’t know how long this offer is going to be available, but I opened one today. There are, of course, some qualifications for eligibility. First, you must be an NFCU member. Second, you must have a regular direct deposit being made into your NFCU account. Third, you must make a regular addition to this special CD each month (at least $15.) There is a maximum balance of $3000 and it has a one year term.
Even better, for members under 18, there is no direct deposit or regular addition requirement. If you have a child who has a savings account currently paying .35%, you could help them earn ten times as much interest by moving their money over to this special CD. I will warn you to double check the details with NFCU as I have been told conflicting things by different employees, but the employee who helped me today assured me that there was no regular contribution requirement for members under 18. I hope she is right!
Whether you are trying to save for something specific, or just want to keep your savings somewhere with higher earnings, this might be the right product for you.