American Eagle Bank VS Navy Federal

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 4.0 Star Icon
  • Bank Fees: 4.0 Star Icon
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Pros:

  • CD bonus of higher interest rates
  • Senior citizen checking accounts
  • Kids Klub savings account
  • Government or nonprofit checking account

Cons:

  • Debit cards might not work in all states
  • High opening amount for CDs
  • Business checking has credit/debit limit
  • Products not available to everyone
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
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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
American Eagle Bank Review

American Eagle CDs can earn higher interest rates if you earn the relationship bonus. To receive this bonus, you must have $5,000 in a qualifying checking, savings, or money market account. With this bonus, you earn around 0.15% more interest on the money in your CD.

American Eagle offers a Golden Eagle checking account for senior citizens. To qualify for the senior account, you must be over 55 years of age. This account offers unlimited check writing, no monthly fees, and a higher interest rate than their other checking accounts.

The Eagle Saver Kids Klub only requires $1 to open. Kids must be under 17 and have a parent or guardian co-signer. For every deposit made, kids earn ‘Wooden Nickels.’ Kids use those nickels to get prizes.

The American Eagle Platinum NOW checking account is for government and nonprofits. It only requires $100 to open. There is no monthly fee with at least $500 in the account. This account offers unlimited check writing, an ATM or debit card with no fees, and earns interest.

In the name of security, the American Eagle debit card may not work in all areas. Those areas include New York, New Jersey, Washington D.C., Delaware, Florida, Georgia, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina, Virginia, or Canada. If you travel to these areas, you must call the bank in advance to make sure your debit card will work.

CDs require $1,000 to open and earn interest. The CD terms vary in length from six to sixty months. Special add-on CDs let you make unlimited deposits of at least $1 or more.

The business checking account limits transactions each month. You must not exceed 500 debit and credit transactions per month. There is a fee if you do.

Not all American Eagle accounts are available to everyone. You cannot apply online for an account. You must call a local branch to get information and apply for an account. Some products are only available to current customers and those living in certain areas.

Read the full American Eagle 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.

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