Applied Bank VS Navy Federal

Which bank is better for you?

  • Financial Rates: 3.0 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:

  • Variety of different personal accounts
  • Low opening required amounts
  • Checking and saving rates are not tiered
  • Business accounts offered

Cons:

  • Accounts have low-interest rates
  • Jumbo CDs do not offer higher rates
  • Accounts have monthly fees
  • High interest in MMA requires a large sum
  • 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
Applied Bank Review

Applied Bank has a variety of different personal accounts. There are basic savings, checking, and money market accounts. Checking accounts for people over 50 are available. There are specific savings accounts for youth and specific goals like a vacation. CDs, loans, and credit cards are available through Applied Bank.

Most Applied Bank accounts have a low opening required amount. The savings and checking account requires $100 to open. The club savings account only requires $10 to open. The money market account requires $500 to avoid a fee and earn interest. The CDs require $1,000 to open. The checking account for those over 50 does not have required amounts.

The interest rates for Applied Bank checking and savings accounts are not tiered. The savings account only requires $100 to earn the most competitive rates. The Club Savings account only requires $10 to earn competitive rates. The checking account requires $1,000.

Applied Bank offers business accounts. They offer checking accounts, loans, and lines of credit for businesses. They also offer merchant processing options in select states. Online banking is available for business accounts.

Interest rates for Applied Bank accounts are low. The rates are similar to your typical brick and mortar bank rates. Even the CDs rates are low. The most competitive interest rates are the Club and youth saving accounts. Those rates are higher than the other savings account. They are still much lower than other online-only accounts.

Applied Bank offers jumbo CDs. These CDs require at least $95,000 to open. The interest rates for the jumbo CDs are not any higher than the regular CD interest rates. The jumbo CD terms range from six-months to five-years. Those CDs are available for businesses, nonprofits, and personal deposit accounts.

Applied Bank accounts have a monthly fee if you do not keep a minimum amount in the accounts. The amounts required to avoid the fee are low. The checking and savings accounts require $100. The money market requires $500. The monthly fee is $10 per account per month if minimum balances are not met. The only fees for CDs are for withdrawing money before the maturity date.

The highest interest rates for the Applied Bank money market account requires a large sum. To earn the most competitive rate requires $25,000 in the account. Amounts over $500 earn interest, just a much lower rate. Any amount over $25,000 earns the highest rate.

Read the full Applied 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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