Pros Explained
Cons Explained
Who Is Navy Federal Credit Union Best For?Navy Federal Credit Union is a full-service credit union offering a wide range of products and services. It’s a good fit for customers who: Show
What Does Navy Federal Credit Union Offer?As the largest credit union in America, Navy Federal Credit Union offers a host of banking products:
Checking AccountsNavy Federal has five checking accounts available currently. Each varies slightly, which means the credit union has an account for almost every need. Three of the checking accounts currently earn a 0.05% annual percentage yield (APY) except Everyday checking, which earns 0.01% and Flagship checking, which earns between 0.35% and 0.45% APY. Here’s a breakdown of each checking option:
Interest dividends are credited monthly to all checking accounts.
Savings AccountNavy Federal offers a Membership Share Savings Account, which is required to join the credit union. It is a basic savings account that earns a 0.25% APY. It requires an initial deposit of $5 to open a savings account.
Money Market AccountsThere are two money market accounts available through Navy Federal Credit Union: Money Market Savings Account and Jumbo Money Market Savings Account. Both offer competitive rates near what’s offered with the best money market accounts.
Certificates of Deposit (CDs)Another popular account option through Navy Federal is its certificates, which are comparable to certificates of deposit (CDs). There are five CD options available through Navy Federal.
Standard certificate rates are based on both term length and balance amount. Only accounts with a balance of $100,000 or more earn the highest interest rates.
Credit CardsNavy Federal Credit Union offers a handful of credit cards too, including several rewards credit cards, a cash back card, and a secured credit card. Here is the entire list of its offerings:
Other Financial Products Offered by Navy FederalNavy Federal offers a host of other products and services:
Navy Federal Customer ServiceNavy Federal members have access to a wide range of support options from the credit union. Phone support is available 24 hours a day, seven days a week, with options for domestic and international callers:
Other support options include chat, email, mail, and social media channels. Navy Federal does give members online and mobile access, which aren’t options at many credit unions. Members can check balances, make payments, transfer money, and order checks from almost anywhere. How to Bank Through Navy Federal Credit UnionTo bank at Navy Federal requires membership, which isn’t open to everyone. To become a member of Navy Federal, you must be an active duty, retired, or veteran member of the armed forces, which includes:
Family members of military members, including minors, are eligible to become members of the credit union, too. Membership is also an option for the Department of Defense civilians, including retirees and annuitants, and other select citizens. You can apply for a membership only on the Navy Federal website or by calling 888-842-6328. You’ll need to have personal information on hand to verify your identity—including your Social Security number, driver's license, or other valid ID—as well as a credit card or bank account routing number to fund your Navy Federal account. Verdict If you’re someone who is eligible for membership, Navy Federal Credit Union offers enough accounts and services to meet most banking needs. It’s a full-service credit union that rivals national banks. If you prefer a credit union to a bank, Navy Federal may be the best place to keep your savings. It’s not for everyone, though, especially if you don’t qualify for membership. Despite its size, it still doesn’t have enough local branches to offer in-person services to all of its members. You may find better rates on most deposit accounts at an online bank. MethodologyInvestopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs. How much money do I need to keep in my Navy Federal checking account?With our standard account, you'll pay no monthly fee, have no minimum balance requirement and earn dividends on your balance.
Does Navy Federal have monthly fees?No monthly service fee. No minimum balance requirement. Dividends credited monthly. Checking Protection Options to make sure you're covered.
What is everyday checking?Everyday Checking is designed for your day-to-day financial needs, provides convenient banking options, and offers easy access to your money. Monthly service fee. $10. You can avoid the monthly service fee with one of the following each fee period: • $500 minimum daily balance.
What type of accounts does Navy Federal offer?Checking & Savings. Checking Accounts & the Navy Federal Debit Card. Checking accounts with great benefits to meet your financial goals. ... . Savings Accounts. ... . Certificates. ... . Money Market Savings Accounts. ... . Retirement Savings Options. ... . Education Savings Options. ... . Prepaid & Gift Cards.. |