Updated
2022-11-09T20:00:11Z
- Overall credit union rating
- Pros and cons
- Savings
- Checking
- Share certificate
- Money market account
- How Navy Federal Credit Union works
- How to join Navy Federal Credit Union
- Navy Federal Credit Union trustworthiness and BBB rating
- Navy Federal Credit Union vs. Pentagon Federal Credit Union
- Navy Federal Credit Union vs. USAA Bank
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How Navy Federal Credit Union bank accounts compare
Navy Federal Credit Union Share Savings Account
Navy Federal Free Active Duty Checking™ Account
Navy Federal Credit Union Standard Certificate
Navy Federal Credit Union Money Market Account
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Overall credit union rating
Pros and cons
Navy Federal Credit Union Share Savings Account
Navy Federal Credit Union Share Savings Account
Annual Percentage Yield (APY)
0.25%
Minimum Deposit Amount
$5
Navy Federal Credit Union Share Savings Account
Annual Percentage Yield (APY)
0.25%
Minimum Deposit Amount
$5
On Navy Federal Credit Union's website
Navy Federal Credit Union Share Savings Account
On Navy Federal Credit Union's website
Details
Annual Percentage Yield (APY)
0.25%
Minimum Deposit Amount
$5
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction.
$5 minimum opening deposit
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Competitive APY
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No monthly service fee
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Name your account so you can open multiple accounts for separate goals
Dash iconA dash. It often indicates an interaction to shrink a section.
Dividends compound monthly, not daily
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 247 branches worldwide, including on select military bases
- Interest compounded monthly, paid monthly
- You'll pay $3/quarter if you have no other Navy Federal accounts, AND your balance is under $50, AND your account has been inactive for 12 months
- Federally insured by the NCUA
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.The Navy Federal Credit Union Share Savings Account is an affordable option, with no minimum opening deposit or monthly service fees. It pays a solid APY, especially compared to other brick-and-mortar institutions. You can open multiple accounts and name each one to save for separate goals, such as "Emergency Savings" or "Travel Fund."
Navy Federal Free Active Duty Checking™ Account
Navy Federal Free Active Duty Checking™ Account
Annual Percentage Yield (APY)
0.05%
Minimum Deposit Amount
$0
Navy Federal Free Active Duty Checking™ Account
Annual Percentage Yield (APY)
0.05%
Minimum Deposit Amount
$0
On Navy Federal Credit Union's website
Navy Federal Free Active Duty Checking™ Account
On Navy Federal Credit Union's website
Details
Annual Percentage Yield (APY)
0.05%
Minimum Deposit Amount
$0
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Refunds up to $20 per month in out-of-network ATM fees
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Receive direct deposits one day before payday
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No monthly service fee if you set up military direct deposits
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Free personalized checks
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
3 overdraft protection options: savings transfer, line of credit, or optional overdraft protection service
Dash iconA dash. It often indicates an interaction to shrink a section.
Interest compounded monthly, not daily
Dash iconA dash. It often indicates an interaction to shrink a section.
Free Active Duty Checking is only for active military, retired military, or reservists
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- Available to active military, retired military, or reservists
- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 247 branches worldwide, including on select military bases
- 30,000 free ATMs
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Navy Federal has several types of checking accounts, and the Free Active Duty Checking Account is a great option if you qualify. You could receive paychecks a day sooner with early direct deposit, and you'll receive up to $20 per month in out-of-network ATM fee refunds.
Navy Federal Credit Union Standard Certificate
Annual Percentage Yield (APY)
0.45% to 3.45%
Minimum Deposit Amount
$1,000
Navy Federal Credit Union Standard Certificate
Annual Percentage Yield (APY)
0.45% to 3.45%
Minimum Deposit Amount
$1,000
On Navy Federal Credit Union's website
Navy Federal Credit Union Standard Certificate
On Navy Federal Credit Union's website
Details
Annual Percentage Yield (APY)
0.45% to 3.45%
Minimum Deposit Amount
$1,000
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Competitive APY, even for lower balances
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Terms up to 7 years
Dash iconA dash. It often indicates an interaction to shrink a section.
$1,000 opening deposit
Dash iconA dash. It often indicates an interaction to shrink a section.
Minimum $100k to earn highest APY with some terms
Dash iconA dash. It often indicates an interaction to shrink a section.
Standard-to-high early withdrawal penalties
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 247 branches worldwide, including on select military bases
- Terms ranging from 3 months to 7 years
- Earn higher APY with a higher balance
- Early withdrawal penalty of 90 days dividends for terms of 3 months to 1 year; 180 days dividends for terms of 1 year to 5 years; 365 days interest for terms of 6 and 7 years
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.The Navy Federal Credit Union Standard Certificate pays high interest rates. It also has terms as long as seven years, while most institutions only offer term lengths up to five years.
Navy Federal Credit Union Money Market Account
Navy Federal Credit Union Money Market Account
Annual Percentage Yield (APY)
0% to 0.90% APY
Minimum Deposit Amount
$0
Navy Federal Credit Union Money Market Account
Annual Percentage Yield (APY)
0% to 0.90% APY
Minimum Deposit Amount
$0
On Navy Federal Credit Union's website
Navy Federal Credit Union Money Market Account
On Navy Federal Credit Union's website
Details
Annual Percentage Yield (APY)
0% to 0.90% APY
Minimum Deposit Amount
$0
Pros & Cons
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No minimum opening deposit
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
No monthly service fee
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Competitive APY
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Includes paper checks
Check mark iconA check mark. It indicates a confirmation of your intended interaction.
Includes ATM card
Dash iconA dash. It often indicates an interaction to shrink a section.
No interest earned when your balance is under $2,500
Dash iconA dash. It often indicates an interaction to shrink a section.
Interest compounds monthly, not daily
Dash iconA dash. It often indicates an interaction to shrink a section.
$1 out-of-network ATM fee
Highlights
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 247 branches worldwide, including on select military bases
- 30,000 free ATMs
- Tiered interest rate system; earn higher rates with higher balances
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
Additional Reading
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Money market accounts are similar to savings accounts, but they make it easier to access your money. The Navy Federal Money Market Account comes with both paper checks and an ATM card, so you can withdraw cash if necessary. This makes it a convenient place to store your emergency fund.
How Navy Federal Credit Union works
Navy Federal Credit Union has 247 branches around the world, including ones on some military bases. (Look here to see a complete list of branches by country or by military branch.) It also has 30,000 free ATMs around the US.
If you don't live near a branch, you can still open an account online.
Navy Federal has 24/7 live customer support over the phone. Its mobile app has 4.6 out of 5 stars in the Apple store, and 3.7 out of 5 stars in the Google Play store.
Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for joint accounts.
How to join Navy Federal Credit Union
Navy Federal is a credit union for people associated with the military. You can become a member if you fall under one of the following categories:
- Active duty, retired, or veteran military members. This includes active duty members of the Air Force, Army, Coast Guard, Marine Corps, National Guard, Navy, and SpaceForce; those in the Delayed Entry Program; Department of Defense officer candidates or those in the ROTC; Department of Defense reservists; veterans, retirees, and annuitants.
- Department of Defense civilians. This includes civilian employees; US government employees who do DoD installations; DoD contractors who do US government installations; retirees and annuitants.
- Family members. You can join if you are a family member of someone who meets any of the aforementioned requirements. This includes parents, grandparents, spouses, siblings, children (including stepchildren and adopted children), grandchildren, and household members.
You'll also need to open a Navy Federal Credit Union Share Savings Account to become a member.
Navy Federal Credit Union trustworthiness and BBB rating
The Better Business Bureau currently has an NR ("No Rating") rating for Navy Federal Credit Union. The BBB says that the credit union is responding to customer complaints, so it currently doesn't have a rating.
Responses to customer complaints play a large part in the BBB's ratings, but it also looks at factors such as honesty in advertising and transparency about business practices.
The credit union does have one recent controversy. A Navy Federal employee has claimed the lender pressured mortgage underwriters to approve loans even if they didn't have sufficient reason to believe applicants could repay the loans. Then she filed a lawsuit and said Navy Federal retaliated against her whistleblowing by changing her job duties. She dropped the case in late 2020.
Navy Federal Credit Union vs. Pentagon Federal Credit Union
Navy Federal has several types of checking accounts, so you may find one that's a good fit. Pentagon Federal Credit Union only has one checking account — but it's a high-yield checking account, which you might decide you like.
You may prefer Navy Federal if you think you'll use out-of-network ATMs often. Almost all Navy Federal checking accounts refund some ATM fees, whereas PenFed does not reimburse fees.
But PenFed could be the better fit if you want to earn a higher interest rate on your savings account.
Navy Federal Credit Union vs. USAA Bank
Navy Federal pays a higher interest rate on savings than USAA, and it has more checking account options.
But USAA has a cash-back checking account, which is not available with Navy Federal. You'll earn $0.10 cash back every time you use your debit card, and there's no limit on how much you can earn.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, wealth building, and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for over six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at . Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
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