money one federal credit union
CD Navy Federal Credit Union is a good idea at this point?
I have an account with Navy Federal Credit Union. I thought Opening a CD with them for a while. But I am sure that with all the banking problems we already have. Was it a bad idea? That I risk losing money if I did it now? Should I wait until things are settled?
In a credit union, its funds are insured by the National Credit Union Administration (NCUA), which is like the FDIC. If you have more than $ 100,000, you may want to look at other ways to protect your money. You can call the credit union and ask for help to achieve the safest protection. The limit is $ 100,000 for regular savings, no retirement accounts, which are provided by an additional $ 250,000. Go to www.ncua.gov for more information on deposit insurance offered by credit unions and their coverage. CDs are covered by deposit insurance, so they do not fear losing funds. If rates on CDs are good, you should consider investing in them. Please wait a bit to see if rates climb. The only drawback is that the CD can not access these funds until maturity (which may be 3 months to 5 years depending on the CD that you enter). Hope this helps. Good luck!
