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[Update January 2022: Navy Federal Credit Union’s CD rates remain the same to start the new year. In fact, NFCU hasn’t changed any yields on either their fixed or variable rate deposit accounts since August of last year. They did, however, eliminate some oddball CD terms such as their 9 month and 6 year CD. See full list of rates and terms below]

Navy Federal Credit Union is the largest credit union in the nation by a wide margin and has been since the 1960s.

This massive financial cooperative was founded in 1933 by Navy Department employees as the Navy Department Employees’ Credit Union of the District of Columbia.

Dropping the unwieldy name and extending membership to all Navy employees worldwide (rather than just those in D.C.), the credit union became known as the Navy Federal Credit Union in 1954.

Fast forward to today, you no longer have to be affiliated with the Navy to become a member of Navy Federal, but you do need to have military or family ties to join.

Navy Federal is a global credit union with international locations and hundreds of branches, but you’ll want to consider factors beyond accessibility before applying for membership.

Acclaimed not for its savings accounts but for its loans and customer service, Navy Federal Credit Union could be a good option for you, but it depends on what you’re looking for. For information about Navy Federal’s suite of NCUA-insured deposit products, keep reading.

Navy Federal Credit Union CD Rates + Account Details

Navy Federal deposit accounts are federally insured by the NCUA up to $250,000 per depositor or $500,000 for joint accounts.

Navy Federal is unique in that it offers several different types of certificates, some standard and some variable-rate; some short-term and some requiring much longer investments.

Navy Federal Credit Union CD Rates

CD Term	APY	APY
deposit amount:	$1,000 – $50k	$100k +
3 months	0.40%	0.45%
6 months	0.45%	0.50%
12 month	0.55%	0.60%
18 months	0.55%	0.60%
24 months	0.55%	0.60%
3 year	0.70%	0.75%
5 year	0.90%	0.95%
7 year	0.90%	0.95%

Navy Federal standard certificate accounts require a minimum deposit of $1,000. To put these rates in perspective, the current national average for 12 month CDs sits at just 0.16% APY right now, so 0.55 – 0.60% for the same term is pretty decent. That said, if you’re comfortable with an FDIC insured online savings account there are still accounts that hold APYs above 0.60% APY. For example, the Axos High Yield Savings account still holds an APY of 0.61% APY!

In a normal interest rate environment, NFCU’s deposit rates would vary by deposit amount, however in today’s market a minimum deposit of anywhere from $1,000 to $50,000 is going to have the same payoff in terms of APY.

Navy Federal also sells a 3 year variable rate certificate. This type of CD enables you to leverage upward market trends to earn more interest, but it also leaves you more vulnerable to downward market trends. 

Rates on these variable certificates adjust automatically at 12 and 24 months after issuance, at which point you can also add money if you choose, but will not decrease more than 0.50% of the original rate. The current APY on this type of account is 0.42%, which is less attractive when compared to a standard Navy Federal 3 year CD, so you definitely don’t want to commit to one of these unless you’re almost certain rates are going to increase significantly within at least a year.

There are EasyStart and Special EasyStart certificates as well. See EasyStart rates below.

Navy Federal Credit Union Easy Start CD Rates

CD Term	APY
6 month	0.40%
12 month	0.50%
18 month	0.50%
24 month	0.50%

One benefit of an EasyStart certificate is that it only requires an opening deposit of $50, but these accounts earn slightly lower APYs than their standard counterparts, making this really only a decent option for those that don’t have at least $1,000 to deposit (and maintain) but still want to earn while they save. There is no maximum balance or account limit associated with these CDs.

The Special EasyStart certificate is a 12 month term with a $50 minimum deposit, $3,000 maximum balance, and a 3.0% APY.

A Special EasyStart certificate account is available only to Navy Federal customers that have checking and direct deposit accounts with Navy Federal. Money may be added to EasyStart certificates at any time. Customers are limited to one Special EasyStart account per member.

All certificate dividends are compounded daily and credited monthly. These will be deposited to the certificate account automatically unless a dividend distribution option is chosen when the account is opened. There is a generous 21 day grace period for Navy Federal certificates.

Early Withdrawal Fees

Early withdrawal from terms of

• 12 months or less will be charged fees equal to whichever option costs less: 90 days’ interest or all dividends on the amount withdrawn since issuance/renewal.
• Early withdrawal from terms greater than 12 months will cost either 180 days’ interest or all dividends on the amount withdrawn since issuance/renewal and from terms of five years or more will cost 365 days’ interest or all dividends.

Navy Federal Credit Union Money Market Rates + Account Details

Navy Federal money market savings accounts are fine, but you’ll see that they’re not particularly attractive.

Navy Federal Credit Union Money Market Rates

Balance	APY
$0 – $9,999	0.40%
$10k – $24,999	0.45%
$25k – $49,999	0.45%
$50k +	0.45%

The current national average for money market accounts is just 0.07% APY to put these offers in perspective, however slightly better rates can be had through online institutions such as Vio Bank, Tab Bank, or Discover.

A $2,500 minimum average daily balance is required to earn interest, but you won’t be charged a fee if your balance drops below this. Dividends are compounded and credited monthly. For every transaction you make over the six transaction limits enforced under federal regulation D, you’ll be charged $10.

Other Savings Accounts Offered Through Navy Federal Credit Union

An initial share with Navy Federal costs $5 and gets you a Share Savings Account. This is also how much you’ll need to keep in your savings account. With an APY of 0.25%, this savings product isn’t ideal for growing your money, but it doesn’t come with many inconveniences such as monthly maintenance or low balance fees. It does come with a $3 quarterly inactivity fee if your account is inactive for 12 months during any given quarter. Dividends are compounded and credited monthly.

Navy Federal also offers a SaveFirst Account with an APY of 0.40%. With a slightly better rate of return but equal minimum deposit, this account is a better option for anyone wanting to put money away for designated purposes like weddings or vacations. Select a term between 3 months and 5 years and watch your deposit grow (a little). Dividends are compounded daily and credited monthly. This savings account is going to earn you more than a share savings account, but a money market account might be a better option.

About Navy Federal Credit Union + Eligibility

Navy Federal blows other credit unions out of the water with its asset and membership numbers. They hold more than $112 billion in total assets and over $86 billion in member savings and deposits, with just shy of 9 million total members.

Though the credit union is headquartered in Virginia, you don’t have to live anywhere near Virginia to access Navy Federal branches or ATMs. There are 343 branches worldwide, some on military bases and some overseas in 26 international locations. In the U.S., Navy Federal has branches in metro D.C., Virginia, California, and Florida. They do not participate in shared branching, but they are part of a network of over 30,000 co-op ATMs.

To be eligible to join Navy Federal, you must have ties to the Department of Defense, the armed forces, the National Guard, or have a family member that does. Navy, Marines, Army, Air Force, Space Force, and Coast Guard active duty and retired members all qualify for membership. This credit union is not open membership and you may not join if you do not meet the above membership criteria.

Final Thoughts

Navy Federal has come to be known for its commitment to its customers. It receives high marks on the loan side and currently features exceptional APYs on the savings side.

It’s also the largest credit union in the country with far-reaching accessibility.

[Update January, 2022: Synchrony Bank has raised the rate on their 60 month CD to 1.0% APY (up from 0.85% APY in August 2021) and introduced a temporary 14 month promotional CD yielding 0.70% APY. Their variable rate high yield savings account and money market accounts remain unchanged to star the new year. See full rates below.]

Synchrony Bank is an ultra-convenient, online-only bank that you’ve probably seen advertised in various places online over the years.

More than just the result of good marketing, Synchrony has gained a great deal of recognition and praise for regularly having some of the best rates on the market across their product suite. The likes of Nerdwallet, MyBankTracker, and Bankrate have awarded this bank for having the best CD and savings accounts for multiple years.

This bank traces its history all the way back to 1932 when General Electric founded the GE Contracts Corporation for financing appliance purchases. This became the General Electric Capital Corporation or GE Capital in 1943. GE Capital remained in operation for more than a half century before being spun off and rebranded as Synchrony Bank on June 2, 2014.

Synchrony Bank’s current deposit products feature above average rates on a wide range of variable and fixed rate accounts. Synchrony Bank doesn’t offer a checking account at this time however, therefore may not meet all of your banking needs.

Synchrony Bank has a high yield savings account, CDs, IRA CDs, a money market account, and IRA money market accounts in its current lineup. These are all competitive, interest-bearing accounts that can be opened and managed digitally. This can be done online or with the highly-rated MySynchrony mobile app(s) for Apple or Android devices.

All of Synchrony Bank’s deposit products are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.

Below is our full review of Synchrony Bank’s deposit products.

Synchrony Bank High Yield Savings Account Rate + Details

The Synchrony Bank High Yield Savings account is a straightforward account that currently earns the same APY across all balances. Interest is compounded daily and credited monthly.

Synchrony Bank High Yield Savings Account Rate

Balance	APY
$0	0.50%

In the past, rates have varied by tiers. The average daily balance tiers are broken up into the following groups:

• <$4,999,
• $4,999.01 – 24,999, and
• >$24,999.01

This account does not require a minimum opening deposit or average daily balance and does not come with any monthly maintenance fees. However, your account may be closed if it is inactive for more than 60 days.

Accessing Your Cash With the Synchrony Bank High Yield Savings Account

With this savings product, you will have cash access via:

• phone,
• ATM, and
• online banking.

Though Synchrony does not have any brick and mortar branch locations, it does offer optional ATM cards for savings accounts and will reimburse customers up to $5 in out-of-network ATM fees per statement cycle. Also, customers can use Plus and ACCEL ATMs free of charge.

ATM transactions are unlimited and do not count towards savings account transaction limits of six per statement cycle (per Federal Regulation D).

Synchrony Bank Money Market Rate + Account Details

Synchrony Bank Money Market accounts currently earn a lower APY than the variable rate high yield savings account (above). And like the high yield savings account, their money market rates are also the same across all balance tiers.

Synchrony Bank Money Market Account Rate

Balance	APY
$0 +	0.35%

Interest is compounded daily and credited monthly

MMAs come with check-writing capabilities and cash access via phone, ATM, or online banking. No minimum balance is required and new deposits can be made at any time.

Federal regulation limits the total number of transactions and withdrawals into or from either of these savings accounts to no more than six per month. You won’t be charged an excessive withdrawal fee if you go over, but these transactions may not be approved and your account may be subject to closure if you exceed this limit.

Synchrony Bank CD Rates + Account Details

Synchrony Bank has plenty of CD terms to choose from with competitive rates across the board. All certificates of deposit at Synchrony Bank require a minimum opening deposit of $2,000. Like all other savings accounts with Synchrony, interest is compounded daily and credited monthly.

Synchrony Bank CD Rates

CD Term	APY
3 months	0.15%
6 months	0.25%
9 months	0.35%
12 months	0.55%
14 months	0.70%
15 months	0.55%
18 months	0.70%
24 months	0.65%
36 months	0.75%
48 months	0.75%
60 months	1.00%

To put these offers in perspective the current national average on a 12 month CD sits at just 0.26% APY currently.

15 Day Best Rate Guarantee

A 15-day Best Rate Guarantee is applied to all Synchrony bank CDs. This means that if you open a CD and fund it sufficiently within 15 calendar days and the posted rate then becomes higher than what you locked into, the new higher rate will be applied to your account. Don’t underestimate the value of this free insurance during periods of high rate fluctuation.

Early withdrawal penalties will be charged when you withdraw funds after opening an account but before it reaches maturity or after the 10 day grace period is up following maturity. This will be 90 days’ simple interest for terms of 12 months or less, 180 days’ simple interest for terms between 12 and 48 months, and 365 days’ simple interest for terms of 48 months or more.

CDs automatically renew at maturity and have a grace period of 10 days in which you can deposit or add funds freely.

Synchrony Bank Perks Program for Deposit Accounts

The Synchrony Perks program rewards customers for a combination of two things:

1. Loyalty (ie how long you’ve banked with them) and
2. High balances.

The tiers are set up as follows:

Everyone is automatically enrolled in Synchrony Perks upon opening a deposit account. If you’re new to the bank however, you’ll start at the basic level regardless of your balance.

You have to login and click the “perks” icon to see your exact rewards or to gain access to their travel and leisure discounts. The exact rewards per tier are not currently posted on their website other than the diamond tier. Customers on the diamond tier get:

• Unlimited ATM reimbursements
• 3 free wire transfers per statement cycle
• dedicated phone line to a banker

Opening an account at Synchrony Bank

As is the case with many digital banks, just about anyone can open a deposit account with Synchrony Bank.

To open an account, you must be a U.S. citizen at or above the age of 18, have a valid Social Security number, phone number, and mailing address within the United States.

To get started, visit the Synchrony Bank website and select “Open Account.”

You will first be asked whether or not this is your first Synchrony Bank account, then you will be provided with a form to fill out.

The final step, after signing a couple of agreements and opting in to online access, will be to fund your account. This can be done in a few different ways.

Funding your deposit account at Synchrony Bank

Fund your Synchrony Bank savings accounts via:

• ACH transfer from an external account,
• transfer from a Synchrony account,
• mobile check deposit,
• direct deposit from a third party,
• wire transfer, or
• personal check mailed to: Synchrony Bank, PO Box 105972, Atlanta, GA 30348-5972

Final Thoughts

Synchrony Bank may not have branch locations or a checking account, but it has pretty much everything you’d expect from a competitive digital bank.

Synchrony Bank’s best product is arguably the high yield savings account but this comes with a variable rate that can change at any time without notice.

If you plan on keeping high balances with Synchrony Bank AND you stick with them over the years, you’ll enjoy perks, privileges and fee exemptions all along the way.

Full disclosure: We may receive financial compensation when you click on links and are approved for products from our advertising partners. Opinions and product recommendations on APYGUY are those of our writers and have not been influenced, reviewed or approved by any advertiser. Learn more about how we make money.

Edward Jones is a brokerage firm you’ve probably heard of over the years as it nears almost a century in age.

Founded in 1922, Edward Jones scores surprisingly well in customer satisfaction—18 points over the industry average, according to a J.D. Power 2019 survey—and is known for being a largely reliable and professional company.

The current suite of brokered certificates of deposit offered through Edward Jones are, for the most part, less competitive than the current national average for their respective terms. Other than perhaps the 10 year CD currently offered through Edward Jones, higher yields can be found directly through online banks and credit unions.

Because Edward Jones is a brokerage firm and not an actual bank they don’t sell their own CDs. Instead, they ‘broker’ or re-sell a range of deposits from other banking institutions.

Are Edward Jones brokered deposits worth considering? Read our full review below.

Edward Jones CD Rates + Account Details

[Update December 2021]: Edward Jones CD Rates continue their slow move upward as bond and treasury yields do the same. Their APYs are now competitive with some of the better offers we see from credit unions and online banks. Their short term yields have increased more than ~5x in just a handful of months. In October of 2021 their 3 – 9 month CDs were yielding between 0.03% and 0.05% APY.

Other than the current trend of rising yields, brokered CDs have some additional noteworthy features.

For one, you can exit these CDs at any time by selling them through a secondary market which Edward Jones offers.

Second, you can spread your funds into multiple banks with Edward Jones as your broker.

Edward Jones CD Rates

CD Term	APY
3 months	0.20%
6 months	0.25%
9 months	0.30%
1 year	0.35%
18 months	0.45%
2 years	0.65%
30 months	NA
3 years	0.90%
4 years	1.05%
5 years	1.40%
7 years	1.60%
10 years	NA

All Edward Jones CDs require minimum opening deposits of $1,000. Please note that 30 month and 10 year CDs are not available at this time.

To give these offers some context, the current national average for a 12 month CD and a 60 month CD sit at 0.13% APY and 0.28% APY, respectively, according to recent FDIC data.

If you’re looking for FDIC-insured alternatives that don’t require you to lock up your money for a predetermined period of time, there are still a handful of online savings accounts providing yields above 0.50% APY. For example, the Axos High Yield Savings account still holds an APY of 0.61%!

Edward Jones Brokered CDs Account Details

A few crucial distinctions must be made between standard CDs and Edward Jones’s brokered CDs.

The most important of these being that you do not open or manage brokered CDs yourself. On top of that, the actual CD isn’t technically a product of Edward Jones at all. Instead Edward Jones purchases a CD for you from one or many different banks in partnership with this firm.

You can open new CDs with Edward Jones or you can purchase secondary CDs.

If you open a new CD with Edward Jones you will not have to pay any commission fees. Edward Jones will receive a concession from the bank that takes your deposit, but this is already factored into the price.

If purchasing a CD on the secondary market, you will have to pay Edward Jones a commission just like you would purchasing stock. You can see what commission they take in the trade confirmation.

A benefit of Edward Jones brokered CDs is that they don’t have early withdrawal penalties. If you need to cash out of your deposit early you can simply sell it to another investor on the secondary market.

Unfortunately, this also means there is an inherent downside to these products in that their price fluctuates on the open market and can feasibly be sold for less than the purchase price.

For example, if you open a 5 year deposit and need the funds after year 2, during which time interest rates have risen considerably, you may have a tough time selling your deposit for your full purchase price.

Conversely, if you purchase a 5 year deposit and rates drop significantly (which they have) then you may find investors willing to offer a premium on your CD on the secondary market.

Also note, interest earned on Edward Jones CDs does not compound. This is true of most brokered CDs as they require an immediate distribution of interest. The terms of your personal CD will tell you how often the interest on your account is credited and where.

Brokered CDs with Edward Jones do not automatically renew.

How to Purchase a CD Through Edward Jones

To open a brokered CD with Edward Jones, you’ll first need to set up a brokerage account with them if you don’t have one already. Edward Jones is a full service brokerage account with no minimum deposit requirements for account opening.

Opening up an Edward Jones brokerage account can be done online, however purchasing an Edward Jones brokered CD can not. For this you will have to go to a local office and fill out the paperwork. They will provide you with a prospectus to look over and discuss your options with you before you make any decisions.

As soon as your initial deposit clears, you are free to buy a new CD or a secondary CD through your Edward Jones broker.

Additional Deposit Accounts Offered Through Edward Jones

Edward Jones is a member of SIPC and deposit products with this firm are insured up to $250,000 per depositor.

In addition to its extensive suite of investment products and brokered CDs, this firm also offers money market funds and a cash management account.

Edward Jones Money Market Funds

Money market funds offered at Edward Jones, and most other brokerage firms, are not money market accounts. Money market funds are simply liquid mutual funds with good cash access. Money market accounts are federally insured deposit accounts with a guaranteed return of principal plus accrued interest.

Because money market funds are mutual funds with cash access, they do not guarantee that you will receive a full return on your principal.

On top of that, the cash in a money market fund may be used to invest in CDs or other short-term investments, but deposits into these funds are not FDIC insured.

Edward Jones money market funds are available as investment shares and retirement shares – both of these taxable options. You will be charged a $3 monthly maintenance fee for retirement share class money market funds with balances below $1,500 and a $3 monthly maintenance fee for investment share class money market funds with balances below $2,500. Talk with your advisor about cash and cash equivalents available for you to invest in with your money market fund—this will vary. 

There is no minimum investment required to open a money market fund and the current 7-day yield per share is 0.01%.

On the positive side, these money market funds make withdrawing and using money simple because they allow you to write unlimited checks and use a Visa debit card. Transactions and withdrawals are unlimited, unlike money market accounts.

Edward Jones Flex Funds Account (Cash Management Account)

An Edward Jones Flex Funds account is a cash management account that earns interest on your uninvested balance.

There is no annual fee and you can write up to 120 checks per year free of charge. This account is insured up to $1.5 million leveraging multiple banks’ $250,000 FDIC deposit insurance using the “Bank Sweep Program.”

With a Flex Funds account, you can set short-term savings goals for yourself and easily track your progress toward them. Your financial advisor can go through the details about how to strategize saving and investing with this account, but you have a lot of options and flexibility overall with a product like this.

Account Set-Up and Management

Edward Jones allows you to make quick and easy deposits into your account(s) and transfer funds electronically. You can enroll in online bill pay and link a direct deposit to one or more of your savings or investment accounts. Mobile check deposit is another feature included on the Edward Jones native apps for both Google Play and App Store. Though poorly rated, the apps are comprehensive and functional.

Final Thoughts

Edward Jones is a more than satisfactory brokerage firm and its brokered certificates of deposit are [finally] offering some competitive APYs for longer maturities.

As treasury yields slowly climb upward, we expect Edward Jones brokered CD rates to continue their ascent as well.