Navy Federal Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon

Pros:

  • Checking accounts for military members
  • Most accounts are free
  • ATM fee rebates for checking accounts
  • Variety of CD terms with good rates

Cons:

  • High required amount to open most CDs
  • Rates are not competitive with online
  • Money markets required large amounts
  • Must be a member to open an account

What You Need to Know

If you have a question, the Chief Customer Advocate is there to help. This person works with the CEO of Nationwide to ensure the customer's needs are being met. If you have a policy problem or a question about a statement, call the Chief Customer Advocate.

Nationwide customers can make eight transactions at any ATMs each billing cycle. Nationwide will not charge you a fee, but the ATM owner might. If you are a premier member, you get unlimited ATM transactions without fees. To be a premier member, you must have another bank account, loan, credit card, or an insurance policy with Nationwide. There are over 77,000 surcharge-free ATMs.

As a premier member, you earn cash back on your debit card purchases. If you use your debit card for at least $1,200 in purchases each month, you will earn 0.25% on those purchases. The reward cap is $20 per month. This reward will not start until your account is active for 180 days.

Opening a savings or checking account with Nationwide only requires $25. You start earning competitive interest rates with the $25 you deposit to open the account.

Nationwide uses Popmoney to transfer money between people. Money transferred with Popmoney is not instant. The delivery takes three business days. If you want the money sent instantly, it will cost $0.25 per transaction. Each transfer must be at least $5.

To open a CD, you must have at least $500. Once you open an account, you can choose from three month to five-year CDs.

Nationwide does not offer credit cards or prepaid cards anymore. If you already have a prepaid card, you can use it until the money is gone, but you cannot reload money onto it. If you currently have a credit card with Nationwide, you can use it as normal, but Nationwide is no longer taking credit card applications.

There is a fee if you do not use your checking account for 365 consecutive days. On the 366th day, a $5 fee will be charged. Each month the account is not active will have a $5 fee. To avoid the fee, sign up for direct deposit.

Cool Things

SaveFirst Savings Account

Navy Federal offers a savings account for specific goals. This account can be for a vacation, Christmas, or any savings goal. The terms range from three months to five years. The minimum amount required to open the account is only $5. You make deposits at any rate you choose. The interest rates for this account are much higher than your typical bank savings rates.

Prepaid Cards

Navy Federal offers prepaid cards. These cards can be gift cards for others or yourself. The GO prepaid card does not have any fees. You can use this card where ever Visa is accepted. This card can hold up to $10,000. The Visa Buxx is for students. Parents or students can load the card online or on the phone. This card can hold $2,000. Parents can track their child's spending.

History

Navy Federal Credit Union started in 1933. Since it started, the bank has grown from seven members to seven million members. Today Navy Federal is the world's largest credit union. They have over $90 million in assets. Navy Federal has over 306 branches with more than 15,000 employees worldwide.

They serve all the Department of Defense, Coast Guard, active duty, veterans, and civilian and contractor personnel. Immediate family members can also become members.

Awards and Recognition

  • Fortune 100 Best Companies to Work For
  • "2017 Javelin Trust in Banking Leaders" by Javelin Strategy & Research
  • Listed on "50 Companies That Care" list by People magazine
  • Ranked #1 in "Customer Experience for Full-Service Banking" from Forrester's Report

Giving Back

Navy Federal covered direct deposits for eligible members during the government shutdowns. They offered help to active duty members. They also extended that service to all federal government employees. They were there to assist their members.

Navy Federal launched an EasyStart Investor program. This program helps their members create better investment portfolios. It allows members to learn market skills, invest, and building their investing skills. They have the options of creating their portfolio from well-known stocks. It costs $25 to purchase stock.

Frequently Asked Questions

Is this bank FDIC insured?

Yes. Your money is protected and federally insured by the NCUA, which stands for the National Credit Union Administration. The NCUA is equal to the FDIC. The NCUA works to protect money in credit unions while the FDIC works to protect the money in banks.

How do I access my money?

By debit card, checks, or transferring money online. You can also access money through ATMs and branches across the world.

Does this bank offer mobile banking?

Yes. You can view transactions, pay bills, make deposits, and make transfers. You can also find ATM and branch locations.

Is this bank free?

Most all accounts are free. Some Navy Federal checking accounts have a fee. Waive fees by having a direct deposit into the account or keeping a daily balance. Each account will have specific ways to waive the fee.

Is this a good bank?

Navy Federal has some accounts with rates competitive to online-only accounts. Other rates are much higher than typical banks but not as high as online only. The accounts have minimal fees if any. The fees are easy to waive.

Is this bank secure online?

Yes. Navy Federal has staff constantly monitoring accounts. They will notify you if there is any suspicious activity. They require unique passwords to help protect you online.

Does this bank offer competitive interest rates?

The interest rates at Navy Federal are lower than online-only accounts. Their rates are higher than your typical bank rates. The rates for CDs are competitive with other CD accounts.

Can I use this bank for my business accounts?

Yes. Navy Federal offers checking accounts and savings accounts for your businesses. You can also open money market and jumbo money market accounts or CDs. Online bill pay and mobile banking are available. Loans, credit cards, retirement options, and investments are also available.

How is the online bank different from the online banking my bank offers?

The banking through Navy Federal is the same as your typical online banking. Most interest rates are higher than your typical bank rates.

Do their checking accounts pay interest?

Yes. Every Navy Federal checking account pays interest. The Flagship checking account pays interest based on the amount of money you have in the account.

How do I reach customer service?

Through phone, email, mail, or live chat. You can contact them through Facebook or Twitter. You can also visit a local branch.

Does this bank offer bill pay?

Yes. Every Navy Federal checking account comes with free bill pay. You can access bill pay through their website or their mobile app.

Can I deposit cash?

Yes, at a local branch.

How long do transfers take?

Deposits made during regular business hours are available the next business day. Deposits made outside of regular business hours will be processed within the next business day.

Can I sign up for direct deposit to this account?

Yes. You can sign up for direct deposit to Navy Federal accounts.

Bank Information

Navy Federal
PO Box 3000
Merrifield, VA 22119-3000
1-888-842-6328

Favorite Rates

Western State Bank
MMA 11/14/2018
APY 2.25%
Rate 2.23%
For APY $0
Monthly Fee $0.00
Checkbook Yes
FDIC insured. No minimums or fees. Easy to open!
Learn More &
Open Account
Citizens Access
Savings 11/14/2018
APY 2.25%
Rate 2.23%
For APY $5,000
Monthly Fee $0.00
Checkbook No
$5,000 minimum balance to obtain APY. Absolutely no fees.
Learn More &
Open Account
PurePoint Financial
Savings 11/14/2018
APY 2.15%
Rate 2.13%
For APY $10,000
Monthly Fee $0.00
Checkbook No
Open Online in Minutes. Deposits FDIC Insured. Earn More Today.
Learn More &
Open Account
TIAA Bank
MMA 11/14/2018
APY 2.15%
Intro Rate 2.13%
Intro Duration 12 Months
Post Intro 1.09%
For APY $5,000
Monthly Fee $0.00
Checkbook Yes
Earn a top 5% yield- always! Open an Account today. FDIC insured.
Learn More &
Open Account
Sallie Mae
MMA 11/14/2018
APY 2.12%
Rate 2.10%
For APY $0
Monthly Fee $0.00
Checkbook Yes
Member FDIC Insured.
Learn More &
Open Account
State Farm Bank
MMA 11/14/2018
APY 2.10%
Intro Rate 2.08%
Intro Duration 12 Months
Post Intro 1.00%
For APY $0
Monthly Fee $10.00
Checkbook Yes
Intro APY, $1,000 to Open, $5,000 Min Bal post intro, See Limits
Learn More &
Open Account
Barclays
Savings 11/14/2018
APY 2.05%
Rate 2.03%
For APY $0
Monthly Fee $0.00
Checkbook No
No Minimum Balance. No Monthly Maintenance Fees. FDIC Insured.
Learn More &
Open Account
Salem Five Direct
Savings 11/14/2018
APY 2.05%
Rate 2.03%
For APY $100
Monthly Fee $0.00
Checkbook No
Your deposit is fully insured. No minimum and no monthly fees!
Learn More &
Open Account
Capital One 360
MMA 11/14/2018
APY 2.00%
Rate 1.98%
For APY $10,000
Monthly Fee $0.00
Checkbook Yes
One of the Nation's Top Savings Rates - No Fees
Learn More &
Open Account
Live Oak Bank
Savings 11/14/2018
APY 2.00%
Rate 1.98%
For APY $0
Monthly Fee $0.00
Checkbook No
Member FDIC. Earn 20x the National Average
Learn More &
Open Account
American Express National Bank
Savings 11/14/2018
APY 1.90%
Rate 1.88%
For APY $1
Monthly Fee $0.00
Checkbook No
Accounts offered by American Express National Bank. Member FDIC
Learn More &
Open Account
E*TRADE Bank
Savings 11/14/2018
APY 1.90%
Rate 1.88%
For APY $1
Monthly Fee $10.00
Checkbook No
Make the most of your savings - higher rates & a whole lot more!
Learn More &
Open Account