5 Star Bank VS Navy Federal

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
0.20%APY
Savings/MMA
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Variety of different accounts offered
  • Low opening required amounts
  • Reimbursement for ATM fees
  • No monthly fees or minimum balances

Cons:

  • Money market account has tiered rates
  • Must meet requirements to earn interest
  • Daily debit card limits
  • Higher balances earn lower rates
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
Star Icon Star Icon Star Icon Star Icon 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
5 Star Bank Review

5Star Bank offers a variety of personal deposit and business accounts. There are three different personal checking accounts. One that earns interest, one earns cash back, and one rewards you for shopping online. 5Star Bank offers a savings account, money market account, and different CD terms. Business accounts include checking, money market accounts, CDs, and loans.

5Star Bank has low amounts required to open their accounts. Each of the different checking accounts only require $50 to open. The Kasasa savings account does not have a set amount required when opening. Both the money market account and the different CD terms each require $1,000 to open.

There are no fees to use 5Star ATMs. 5Star Bank will refund up to $20 each month in ATM fees for each of their checking accounts. ATM transactions do not count toward the required debit card transactions to earn interest or rewards.

Most all 5Star Bank accounts do not have monthly maintenance fee. Each of the different checking accounts is free, as well as the savings account. The money market account has a $5 fee, which is waived by keeping at least $1,000 in the account. The different term CDs do not have monthly fees.

To earn the most competitive rates for the money market account requires a large sum. To earn the best rate, you must have a balance of $250,000 in the account. Any balance over $1,000 does earn interest, but a lower rate. The rates gradually increase the more money you have in the account.

5Star Bank checking accounts have requirements you must meet to earn competitive rates. Those requirements include enrolling in online banking and receiving eStatements. You must also make at least 12 debit card purchases each month. ATM withdrawals or account transfers do not count toward those purchases. If you do not meet the requirements for the month, you will not earn the competitive interest rate. The 5Star Bank savings account has the same requirements to earn interest.

5Star limits the amount of money that you can use with your debit card. The limit for point of sale purchases is $1,000 per day. The limit for ATM withdrawals for each day is $300.

Once you reach $25,000 in the savings or checking account the interest rates drop. Any amount under that balance will earn the competitive rates. Any amount over that earn a much lower rate.

Read the full 5 Star Bank review.

Navy Federal Review

Navy Federal offers a variety of checking accounts. One checking account is specifically for Armed Forces personnel, active or retired. Another checking account is specific for students. An everyday checking, tiered interest checking, and an electronic checking account are also available.

Most all Navy Federal accounts are free. Only some checking accounts have fees. The monthly maintenance fees are small and easily waived. Most account fees are waived by having your government check directly deposited into the account. All other accounts with Navy Federal Credit Union are free.

Navy Federal will reimburse you for ATM fees. The amount you will be reimbursed varies depending on the checking account. The checking account for active duty members will reimburse ATM fees of up to $20 each statement period.

There are a variety of different CDs offered through Navy Federal. The minimum opening balances vary depending on the term. The terms vary in length from three months to seven years. The interest rates earned on these CDs are competitive with other online-only CDs.

The required opening balance for most Navy Federal CDs is $1,000. There are special offers that change off and on. Those CD specials require a lower opening balance. Other required amounts to open a CD range from $10,000 to $100,000.

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

To earn interest on the money you have in a Navy Federal money market account, you must have at least $2,500 in the account. That amount must remain each day, or you will not earn interest. The more money you invest, the higher interest rates you will earn.

You must be a member of Navy Federal Credit Union to open any of their accounts. To become a member you must qualify. Those who qualify are service members and veterans. Department of Defense civilians and immediate family members also qualify.

Read the full Navy Federal review.

Favorite Rates

Citizens Access
Savings 12/18/2018
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
Synchrony Bank
Savings 12/14/2018
APY 2.05%
Rate 2.03%
For APY $0
Monthly Fee $0.00
Checkbook No
Great Rates + Safety = Peace of Mind
Learn More &
Open Account
Capital One 360
MMA 12/18/2018
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
American Express National Bank
Savings 12/18/2018
APY 2.00%
Rate 1.98%
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 12/18/2018
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