-
Financial Rates:
4.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
4.0
Pros:
- Low opening required amounts
- Variety of accounts available
- ATM fee reimbursements
- Competitive rates on most accounts
Cons:
- Must become a member first
- Accounts have tiered interest rates
- Daily cash limits on withdrawals
-
Financial Rates:
2.5
-
Customer Service:
4.5
-
Website Experience:
4.0
-
Bank Fees:
3.0
Pros:
- Low opening amounts for most accounts
- Good variety of accounts available
- Competitive interest rates on accounts
- Options to contact customer service
Cons:
- Cannot open all accounts online
- Accounts have monthly fees
- MMA have high opening amounts
- Tiered interest rates on some accounts
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 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.
Most Banesco USA accounts have low opening required amounts. The personal deposit checking and savings accounts only require $100 to open. The personal deposit CDs require $1,500 to open.
Banesco USA has a good variety of accounts. They offer personal checking, savings, and money market accounts. They offer personal and business CDs with terms from 3-months to 60-months. They offer business checking, savings, and money market accounts. Banesco offers personal and business international banking accounts, along with lending options.
The Banesco USA accounts offer competitive interest rates. The rates are competitive with other online accounts. The rates are much higher than typical bank rates.
There are a variety of ways to contact customer service. You can call during business hours or can have Banesco call you. You send an email, and customer service will call you. You can visit a local branch location or follow Banesco on social media. You can access account information anytime through BanescoVoice or logging in online.
Not all Banesco USA accounts can be opened online. To open their checking accounts, you must contact customer service. Other accounts may not be able to open online. Personal deposit money market and savings accounts can be opened online. Personal deposit CDs are also able to be opened online.
Most Banesco USA accounts have monthly fees. The fees range from $5 to $15 each month. To waive the fees, you must keep a set account balance in the specific account. This balance is not a combination of Banesco USA accounts. Those balances range from $100 to $2,500 depending on the account.
The Banesco USA money market accounts have high opening required amounts. Each of the personal deposit money market accounts require $2,500 to open. You must keep that amount in the accounts to avoid a monthly fee. If the amount falls below $2,500, the fee is between $5 to $15 per month.
Some Banesco USA accounts have tiered interest rates. The BanesFlex money market account requires $2,500 to earn any interest. But, to earn the most competitive rate offered you must have $100,000 in the account. Balances under this amount earn a much lower rate. The BanesGrown savings account only requires $300 to earn the most competitive rate.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.