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Chase Bank VS Navy Federal Credit Union

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: 3.0 Star Icon
No Rate Information
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Pros:

  • Chase Pay
  • Chase Liquid
  • Credit Journey
  • Chase QuickDeposit

Cons:

  • Products Not Offered Everywhere
  • Accounts Have Fees
  • High Opening Amount
  • High Daily Balances
  • 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
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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
Chase Bank Review

Chase Pay is a digital wallet. It makes purchases easy. Pay for gas without getting out of the car. Pay without transferring your card number to websites and apps with the Chase Pay logo. You can use the QR code at stores. Coupons are automatically added to your favorite stores.

Chase Pay lets you use your Chase Ultimate Reward points to make purchases. This keeps your information secure and up to date. Thousands of places accept Chase Pay including Walmart and Best Buy. You still earn reward points when you use Chase Pay. This cannot be used with subscriptions like Netflix or Amazon Prime or outside the U.S.

Chase Liquid is a reloadable card. Opening deposit is $25. Money is directly deposited on the card. Money can be deposited through Chase QuickDeposit, direct deposits, or you can transfer money from other accounts to the cards. With the Chase Liquid card, you can make purchases, withdraw cash, pay bills, and use Zelle. It offers zero liability protection for unauthorized transactions. There is a $4.95 monthly fee to use Chase Liquid.

Chase Credit Journey helps get your credit under control. This is free to anyone, not just Chase customers. Get email alerts about changes to your credit. Check your credit score anytime for free, without hurting your score. Credit Journey shows how credit is affected when debts are paid off, or new accounts opened. Using this tool helps prevent fraud.

Deposits are easy with Chase QuickDeposit in the Chase Mobile App. Snap a picture of your check and follow the instructions. Make a deposit anytime, anywhere from a mobile phone or tablet. Step-by-step instructions are on their website.

Not all Chase products and features are offered in all areas. Input your zip code to learn what products are available in your area.

All Chase accounts, except CDs, have fees. Savings and checking accounts have a monthly maintenance fee. The fees range from $5 to $25. Waive fees by having a minimum balance in the account, or by linking a checking and savings account together. Direct deposits or automatic payments waive the monthly fees as well.

Every account with Chase needs a minimum of $25 to open. Some accounts require $100 as the opening balance.

Savings and checking accounts require a daily balance to avoid fees. The daily balances range from $1,500 to $100,000. If you cannot maintain this amount, you will have to use one of the other ways to have your fees waived.

Read the full Chase Bank review.

Navy Federal Credit Union Review

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.

Read the full Navy Federal Credit Union review.

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