Navy Federal upping the ante

[Fireman]

Noticed today that Navy Federal is offering a $100 dividend paid into your IRA if you open and fund it with at least $100.  That is a 100% return!  You can get an additional $100 dividend if you "fund your first IRA plan with a rollover or IRA transfer for a minimum deposit of $5,000."

https://www.navyfederal.org/products-services/checking-savings/iras.php?intcmp=hp|cont|2|other|ira|140117

Also noticed today that they increased their CD rates with a 5 year starting at 2.45%.

https://www.navyfederal.org/products-services/checking-savings/certificates-rates.php?selectedTab=1&intcmp=hp|hero|1|savings|cert_rates_special|140117|details

[Rural]

Noticed today that Navy Federal is offering a $100 dividend paid into your IRA if you open and fund it with at least $100.  That is a 100% return!  You can get an additional $100 dividend if you "fund your first IRA plan with a rollover or IRA transfer for a minimum deposit of $5,000."

https://www.navyfederal.org/products-services/checking-savings/iras.php?intcmp=hp|cont|2|other|ira|140117

Also noticed today that they increased their CD rates with a 5 year starting at 2.45%.

https://www.navyfederal.org/products-services/checking-savings/certificates-rates.php?selectedTab=1&intcmp=hp|hero|1|savings|cert_rates_special|140117|details

Well, damn! Thanks!

[jexy103]

Thanks for sharing this! I definitely want to open a NavyFed IRA just for the $100 bonus! :-) I currently have my Roth IRA with Vanguard; would people here recommend that I transfer $5,000 from Vanguard IRA to NavyFed IRA to get the additional $100? I like keeping things simple with fewer accounts, but this seems worth the time/energy to open and maintain (for a period of time) another account.

Does anyone know if I would later be able to transfer my NavyFed IRA back into my Vanguard IRA? I'll definitely read the fine print to see if there's a minimum amount of time the money must be with NavyFed for this offer, but I didn't know if there were other regulations that limit transfers and re-transferring. All I did see that the transfer must be within 45 days of opening the IRA, and the $100 is a dividend, not a contribution. :-)

[Fireman]

Opened an 'easy start' T-IRA today with $100.  I'll get $100 added as a dividend in ~30 days.  Plus, i'll get a $30 increase in my tax return for 2013.  Overall cost:  $70.

[mxer54]

Fireman, I did the same. Free money is always a great thing!  Thanks for the heads up!

[captainawesome]

Jexy, I'm wondering the same thing. $200 is a good bonus, but I wonder how long it would have to stay with NFCU 

[mxer54]

Jexy, I'm wondering the same thing. $200 is a good bonus, but I wonder how long it would have to stay with NFCU

12 months from what I saw

[Fireman]

NFCU offers a lot of different products but I chose the easy start 12 month traditional IRA with a .75% dividend.  Sure the interest rate isn't too high but i'm looking at it more from the short term gain of $100 and the short time frame on the IRA itself.  Plus, since I went T and not R, i'll get the tax bump so I can use that money to invest elsewhere.  I'm going to leverage some other money so I can put more into the IRA and get a little more back from Uncle Sam.

I decided to go traditional because if my tax rate is the same when I withdraw in 30 years then i've had more money in my hands to use/invest and it's costing me the same either way.  If my tax rate goes up, I would like to think that i've been wise enough to have made up the difference with other investments.  If my tax rate goes down...big money big money no whammy STOP!