CDs with Navy Federal Credit union a good idea right now? March 14, 2010
Posted by Banking in : Personal Finance , trackback
I have an account with the Navy Federal Credit Union. I’ve been thinking about openning to CD with them for a while. But I’m not sure with all the Banking troubles we are having. Would it be a bad idea? Would I risk losing money if I did this now? Should I wait till things get resolved?
By: Tibbs
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By: Tibbs
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I think as long as they are FDIC insured and your total accounts are not over 100k the you are safe. anything over 100k and they fail you loose that portion over 100k amount. oh and if they are not fdic insured move your money to a bank that is Now.
I think At a credit union, your funds are insured by the National Credit Union Administration (NCUA), which is just like the FDIC. If you have more than $100,000, you may want to look into other ways to protect your money. You can call the credit union and ask for help in getting the most insurance protection. The $100,000 limit is for regular savings, not retirement accounts, which are insured for an additional $250,000.
Go to for more information on the deposit insurance offered by credit unions and its coverage.
CDs are covered by deposit insurance, so you do not have to worry about losing the funds. If the rates on the CDs are good, you should consider investing in them. If not, wait a little while to see if rates go up. The only downside to a CD is that you can’t access those funds until it matures (which could be anywhere from 3 months to 5 years depending on the CD you choose).
Hope this helps. Good luck!