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Navy Federal Credit Union 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:

  • Low opening required amounts
  • Variety of accounts available
  • ATM fee reimbursements
  • Competitive rates on most accounts

Cons:

  • Must become a member first
  • Checking accounts have monthly fees
  • Accounts have tiered interest rates
  • Daily cash limits on withdrawals

What You Need to Know

Navy Federal accounts have low opening required amounts. The savings account only requires $5 to open. The money market account does not have a set amount required to open, but to earn interest requires $2,500. The checking accounts do not have a set amount required to open. The CDs have tiered opening required amounts. The lowest amount to open a regular CD is $1,000. Special CD offers require lower opening amounts.

There are a wide variety of accounts offered through Navy Federal. They offer a savings account, money market account, and CDs. Their CD terms range from three-month terms to seven-year terms. Navy Federal offers five checking accounts. Those accounts include one for students, an online account, and an active duty account. Navy Federal also offers loans and credit cards.

Most Navy Federal checking accounts offer ATM fee reimbursement. Only the Everyday Checking account does not. The reimbursement amount ranges from $10 to $20, depending on the account. Some accounts require a direct deposit to earn the reimbursement.

Most all Navy Federal accounts offer competitive interest rates. The CDs offer the most competitive interest rates. Navy Federal savings and checking accounts earn interest. The rates are lower than online account rates. The money market account rates are slightly lower than online rates. These rates are higher than typical bank rates.

Before you open an account with Navy Federal, you must first become a member of the credit union. Servicemembers and veterans are eligible to join Navy Federal. Department of Defense employees are eligible. Family members of each of these groups can become members of Navy Federal Credit Union.

Navy Federal checking accounts have monthly fees. Those fees range from $5 to $10. Waive those fees by having a direct deposit or a set account balance. Having a certain amount of debit card transactions can also waive the fees. The savings accounts do not have monthly fees.

Navy Federal money market and Flagship checking account have tiered interest rates. To earn the most competitive rate on the MMA requires a balance of at least $50,000. The checking account requires $25,000. To earn the most competitive rate on Navy Federal CDs requires $100,000.

Navy Federal only allows for a daily cash withdrawal of $600. This includes cash from an ATM, a branch, or receiving cash back. There is a daily transaction limit of $3,000 for most checking accounts and $5,000 for the Flagship checking. Their accounts do not typically have limits on the number of transactions.

Cool Things

MakingCents

Navy Federal offers financial tools through MakingCents. On their website, you decide on your saving goals. Navy Federal then offers a variety of articles to help you learn more about how to reach your goals. These goals include getting out of debt, managing credit, and paying for college. You can learn about building your savings account or buying a home. They also offer basic information to improve your overall financial situation.

History

Navy Federal Credit Union started in 1933 with seven members. In 2016, Navy Federal allowed membership to all veterans and their families. This allowed more for more membership. By allowing veterans and their families, they welcomed over 170,000 new members.

Today, Navy Federal is the largest credit union in the world. They have over eight million members. Their assets are more than $94 billion. They have over 17,000 employees in more than 300 branch locations across the world. The credit union headquarters are in Vienna, Virginia.

Once you become a member of Navy Federal, you are always a member. It does not matter if you leave the military, move, or change jobs. You can still keep your accounts at Navy Federal.

Awards and Recognition

  • Credit Union of the Year for 12 consecutive years
  • Best Lender for Military and Veterans by U.S. News & World Report magazine
  • Rated #1 Bank for Military Personnel by Kiplinger
  • Best-in-Class for Customer Experience by Forrester

Other Benefits of Navy Federal Credit Union

Navy Federal Credit Union offers business accounts. They offer checking and savings accounts, loans, and credit cards. Navy Federal offers retirement and insurance options for employees. They offer business processing services as well.

Navy Federal offers a Special EasyStart Certificate. You can open this 12-month CD with only $50. You can then make up to $3,000 in additional deposits anytime. This CD earns great interest rates. Only one EasyStart Certificate per member. You must have a checking account and direct deposit.

Frequently Asked Questions

Is Navy Federal FDIC insured?

Yes. Navy Federal Credit Union is backed by the NCUA. The National Credit Union Association is an agency of the United States government. It protects funds deposited in credit unions, up to $250,000 per customer, per credit union. The money deposited in NCUA insured credit unions means money is backed by the full faith and credit of the United States government.

How do I access my money?

With checks, ATM or debit cards, or electronic transfers. You can access your money through online bill pay or by visiting a local branch location.

Does Navy Federal offer mobile banking?

Yes. With mobile banking, you can view account balance, transfer money, and deposit checks.

Is Navy Federal free?

Only the checking accounts have monthly fees. The savings account and money market account does not have a fee. The only fees with CDs are from withdrawing the money before the CD reaches maturity.

Is Navy Federal a good credit union?

The interest rates for Navy Federal accounts are competitive with most online accounts. Everything for the account is online. Accounts have low opening required amounts. Only the checking accounts have monthly fees, which are easy to waive. You must become a member before you can open any Navy Federal accounts.

Is Navy Federal secure online?

Navy Federal offers security measures that comply with federal law. Their computers have safeguards. Their buildings and files are secure. You can freeze your debit or credit card if they are stolen or misplaced.

Does Navy Federal offer competitive interest rates?

The CDs offer the most competitive rates. Other account interest rates are competitive with online accounts but slightly lower. Most accounts have tiered interest rates. To earn the most competitive rate requires a large account balance.

Can I use Navy Federal for my business accounts?

Yes. Navy Federal Credit Union offers business accounts through Operation: Thriving Business. Through this they offer checking and savings accounts for new or established businesses. Business loans, credit cards, and processing services are available for businesses.

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

The interest rates are higher than typical bank rates. Everything for the account is online.

Do Navy Federal checking accounts pay interest?

Yes. Each of the checking accounts earns interest. The Flagship checking account earns the best rate. To earn that rate requires an account balance over $25,000. Lower balances earn interest, just not the most competitive rate.

How do I reach customer service?

By phone, email, mail, or through online chat. You can visit a local branch location or follow Navy Federal Credit Union on Facebook and Twitter.

Does Navy Federal offer bill pay?

Yes. Free bill pay is available for Navy Federal accounts.

Can I deposit cash?

Yes, at a local branch location or at select Navy Federal ATMs

How long do transfers take?

Cash and direct deposits are typically available the same business day. The first $200 of check and mobile deposits are available the same day. The rest of the deposit is typically available the next business day.

Can I sign up for direct deposit to Navy Federal accounts?

Yes. Money can be directly deposited into Navy Federal accounts. Having a direct deposit helps waive the monthly fees for the checking account.

Bank Contact Information

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

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