Navy Federal Credit Union 5% APY 15 Month Add-On CD Special Offer

Just a quick heads-up about this deal from Navy Fed.

Here are the details:

Limit one Special 15-Month Certificate (Share Only) per member. This offer, including the stated Annual Percentage Yield (APY), is effective as of January 9, 2023. Navy Federal reserves the right to end or modify this offer at any time. Excludes IRA and ESA certificates. The Special 15-Month Certificate (Share Only) has a $50 minimum balance and a $250,000 maximum balance. Additional deposits are allowed at any time, subject to the maximum balance. Dividends earned are not included in the maximum balance allowed. Once the promotional rate is applied to a purchased certificate, it will remain in effect for the length of the product term. Penalties apply for early withdrawals from certificate accounts. Other restrictions may apply.

I opened one of these CDs with $100 as a fallback plan in the event that interest rates have already peaked and may start heading in the other direction. The FOMC announced a 0.25% rate hike yesterday while noting that "inflation has eased somewhat" but "the job is not fully done", so who knows?

My current thinking is to stick with rolling 3 month T-Bills for now since they have a 5%+ tax-equivalent yield for my situation, but if that changes I have the option of shifting that cash to the 5% APY Navy Fed add-on CD. My guess is that I'm never going to use it, but it is a nice hedge against falling interest rates.