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The Navy Federal Credit Union was established in 1933 to provide financial security to US Navy employees. Today, membership is open to all branches of the military and their families, retirees, veterans, and Department of Defense employees and contractors. Navy Federal is a full-service credit union offering checking and savings products, loans and credit cards. It has more than 10 million members and 346 offices worldwide.
Here is an overview of Navy Federal Credit Union's consumer banking products and services. Account details and Annual Percentage Returns (APYs) are correct as of September 20, 2021.
The account basis
examination
Navy Federal offers five different checking accounts for different types of needs and situations. All five of these checking accounts earn interest, which in a credit union—since the account holder is a member—is called a dividend payment.
Here is an overview of this credit union's review products:
- Free active service check.This checking account is designed for active or retired military personnel. It allows account holders to receive their military pay a day early with qualifying direct deposit. The account has no monthly service fee and no minimum balance requirement. It also offers personalized checks and up to $20 per billing cycle in third-party ATM fee reductions. This account pays dividends of 0.05% APY.
- Free easy verification.This account pays 0.05% APY and offers up to $10 off third-party ATM fees per statement cycle. There is no monthly service fee and no minimum balance requirement. To maintain eligibility for this account, you must set up a direct deposit or complete at least 20 transactions with a Navy Federal debit card per statement cycle.
- Free daily check.This checking account also pays dividends, but at a lower interest rate of 0.01% APY. There is no monthly service fee, no minimum balance requirement and no minimum opening deposit.
- Free campus check.Designed for students and younger adults (ages 14-24), this account pays 0.05% APY, offers up to $10 in ATM fee rebates per billing cycle, and has no monthly service fee or minimum balance requirement.
- Flagship Check.If you can have a higher balance in your checking account, this checking account has three income tiers: 0.35% APY for balances from $0 to $9,999, 0.40% APY for balances from $10,000 to $24,999, and 0.45 % for balances of $25,000 or more. The interest rates on this checking account are almost competitive with some of the best high-yield savings accounts. To earn dividends on your flagship checking account, you must have a daily ending balance of at least $1,500. There is a $10 monthly service fee, but you can avoid that fee by maintaining an average daily balance of at least $1,500. If you're signed up for direct deposit, this account offers up to $10 in third-party ATM fee reductions per statement cycle.
All Navy Federal checking accounts include a Navy Federal debit card with no liability protection and digital banking with mobile deposit and bill pay. Checking accounts all come with three optional types of coveragehelp you avoid overdrafts:
- savings transfer.This automatically moves money from savings to the checking account and is set up for you when you open a checking account.
- Checking the credit line.This provides coverage for large or unexpected expenses. Interest rates range from 13.9% to 17.9% APR.
- Optional Overdraft Protection Service (OOPS).This is overdraft protection. There is no fee for transactions of $5 or less or if your total overdue balance is less than $15. Otherwise, a fee of $20 will be charged for each overdraft.
savings
The Navy Federal Credit Union Share Savings Account is the traditional savings account option. This simple savings account has a minimum deposit of just $5 and pays 0.25% APY. While Navy Federal's savings account rate doesn't beat thatThe best high-yield savings accounts, it's better than the national average savings account yieldreported by the FDIC. Dividends are compounded and credited monthly.
The credit union also offers IRA stock accounts that also pay 0.25% APY.
money market
Navy Federal offers twomoney market accountOptions with tiered rate structures. In general, the more you deposit, the more you earn.
Money Market Savings Account (MMSA).With this money market account, your APY depends on how much money you have deposited. To earn dividends, you must have deposited at least $2,500.
| minimum deposit | APY |
|---|---|
| 0 $ bis 2.499 $ | 0,00 % |
| 2.500 bis 9.999 US-Dollar | 0,40 % |
| 10.000 bis 24.999 US-Dollar | 0,45 % |
| 25.000 bis 49.999 US-Dollar | 0,45 % |
| $50,000 and up | 0,45 % |
Jumbo Money Market Savings Account.For higher balances, Navy Federal offers a special jumbo money market account. You must deposit at least $100,000 before qualifying for a higher APY than the standard money market savings account offers. In fact, this jumbo account pays a lower APY (0.25%) than the regular money market savings account for balances ranging from $2,500 to $99,999. However, you can earn 0.25% APY on balances under $2,500 with the jumbo MMSA, which is not possible with the standard MMSA.
| minimum deposit | APY |
|---|---|
| 0 bis 99.999 $ | 0,25 % |
| 100.000 $ bis 249.999 $ | 0,50 % |
| $250,000 and up | 0,50 % |
Navy Federal APYs are competitive with theThe best money market accounts. The credit union also offers money market accounts with the same APYs for IRAs and Coverdell ESAs.
Dividends are compounded and credited monthly.
Stock Certificates
Navy Federal offers several types of share certificates, including the credit union versionCertificates of Deposit (CDs)found at banks. Here's a look atNavy Federal Certificates:
- Standard certificates.These certificates require a minimum deposit of $1,000 and offer terms ranging from three months to seven years. The prices vary depending on the term. Higher balances of $100,000 or more qualify for slightly higher APYs.
- EasyStart certificates.These certificates require a lower minimum balance than standard certificates, just $50, and offer terms ranging from six to 24 months. They also allow you to add funds at any time, but the APYs on these certificates are slightly lower.
- Special EasyStart certificates.This type of certificate pays up to 3.00% APY on a maximum balance of $3,000 with a 12-month term. There is a minimum balance of $50. To qualify, you must have a Navy Federal checking account and set up a direct deposit.
- SaveFirst-Konto.Navy Federal's SaveFirst account is a hybrid stock certificate and savings account. With the SaveFirst account, you make a minimum deposit of $5, choose terms from three months to 60 months, and earn an APY of 0.40%. You can always add money to this certificate - this waytype of certificatesimilar to an add-on CD.
Here's a look at Navy Federal Standard certificate terms and pricing:
| Duration of the certificate | APY | minimum deposit |
|---|---|---|
| 3 Fun | 1,25 % | 1.000 $ |
| 6 Fun | 0,45 % | 1.000 $ |
| 12 Fun | 4,40 % | 1.000 $ |
| 18 Fun | 3,85 % | 1.000 $ |
| 24 Fun | 4,20 % | 1.000 $ |
| 36 Fun | 4,20 % | 1.000 $ |
| 60 Fun | 4,20 % | 1.000 $ |
| 84 Fun | 4,20 % | 1.000 $ |
Navy Federal certificates are quite competitive with thebest cd prices. Dividends are compounded daily and credited monthly.
Other Accounts and Services
In addition to the accounts listed above, Navy Federal members have access to a full suite of financial services and products, including:
- Autokredit
- Coverdell Education Savings Accounts (ESAs)
- credit cards
- investments, financial planning,life insuranceand Trustee Services (by the Navy Federal Financial Group)
- Mortgages (VA loans and traditional fixed rate)
- Motorcycle, boat and RV loans
- prepaid cards and gift cards
- retirement accounts
- student loans
Access on the go
Navy Federal's customer experience is highly digital, with more than 70% of the credit union's members using the credit union's mobile app and website. The Navy Federal Mobile App includes the following features:
- Mobile deposits
- Send money fast with cell
- Online bill payment
- Online Transfers
- Digital security and fraud prevention
- Digital and mobile wallets
- Card on File for easier online shopping
- Ability to temporarily block or unblock your credit and debit cards
The Navy Federal Credit Union mobile app is available for both iOS and Android devices. It currently has a rating of 4.8 stars out of 5 on the App Store and 3.9 stars out of 5 on Google Play.
In addition, Navy Federal members have access to more than 30,000 toll-free ATMs through the CO-OP ATM network and more than 1.7 million ATMs through the Visa/PLUS system. Although Visa/PLUS ATMs charge Navy Federal members a fee, many Navy Federal checking accounts offer ATM fee rebates (up to $20 per statement cycle, depending on your account).
advantages
- Offers fairly competitive APYs
- Offers third-party ATM fee discounts if you meet the requirements
- Highly rated mobile app
- Customer-friendly options for overdraft protection
- Comprehensive range of financial products and services
Disadvantages
- Membership is limited
- Money market savings accounts require a minimum balance of $2,500 to earn dividends
- Some Android users are complaining about technical issues with mobile deposit
How Navy Federal is doing
Navy Federal Credit Union offers a wide range of financial services, a strong digital experience, competitive APYs, and customer-friendly checking account features. Among credit unions known forsupport of their members, Navy Federal has an exceptional track record of putting its members first and providing great value.
One downside is Navy Federal's membership, which is limited to active military service personnel, veterans, retirees, their families, and Department of Defense employees and contractors. But if you fall into one of these categories, consider managing your personal finances with Navy Federal.
Frequently Asked Questions (FAQs)
Is Navy Federal Credit Union insured?
Navy Federal is a credit union insured by the National Credit Union Administration (Charter #5536).NCUAThe insurance offers similar protection to banks' FDIC insurance. Deposits are insured up to $250,000 per depositor and for each category of account holder in the event of a credit union default.
Where are Navy Federal Credit Union branches located?
Navy Federal has more than 340 offices worldwide, including 184 offices on or near military installations. It also has international offices in Bahrain, Cuba, Greece, Guam, Italy, Japan, Korea, Singapore and Spain. In general, Navy Federal likely has a branch or ATM nearby wherever your military career or international travels take you.
How do I contact Navy Federal Credit Union Member Services?
You can call Navy Federal Credit Union 24 hours a day, 24 hours a day, toll free at 888-842-6328 or internationally at 703-255-8837.
You can also send a secure message through online banking, chat through the credit union website, connect on social media, or reach out to the Navy Federal Credit Union through the mail.
FAQs
Is the Navy Federal Credit Union a good choice? ›
Navy Federal has been recognized for offering high-quality customer service. The credit union offers APYs on its money market account and certificates that are above national averages.
What is reputation of Navy Federal Credit Union? ›Reputation: NFCU is currently not rated by the Better Business Bureau. It has an average user rating of 4.1/5 on WalletHub.
What are the pros and cons of Navy Federal Credit Union? ›...
Navy Federal Credit Union Savings Account Pros & Cons.
| Pros | Cons |
|---|---|
| Mobile app available No monthly maintenance fee | Low Interest Rate Minimum opening deposit Minimum balance to earn APY Membership restrictions |
It's relatively hard to qualify for Navy Federal membership. You're only eligible if you are active military member, veteran, employee or retiree of the Department of Defense, or family member of someone in one of those groups. Late fee. The credit union charges a $29 late payment fee.
What banks are better than Navy Federal? ›- USAA Bank.
- Navy Federal Credit Union.
- PenFed Credit Union.
- Security Service Federal Credit Union.
- Service Credit Union.
Winner: Navy Federal
You'll earn a higher interest rate through the Navy Federal Credit Union Share Savings Account than with the USAA Savings Account. It also lets you create individual savings goals, which may be ideal if you are looking for budgeting tools. On Navy Federal Credit Union's secure site.
- Alliant Credit Union: Best for Credit union overall.
- Consumers Credit Union: Best for Checking APY.
- Connexus Credit Union: Best for Checking.
- PenFed Credit Union: Best for Vast ATM network.
- Service Credit Union: Best for Vast ATM network.
So you're thinking of joining Navy Federal Credit Union? Good news. If you're a servicemember, veteran of any branch of the armed forces or a Department of Defense employee, then you're eligible to join. Your immediate family and household members are also eligible.
What are three disadvantages of a credit union? ›- Membership required. Credit unions require their customers to be members. ...
- Not the best rates. ...
- Limited accessibility. ...
- May offer fewer products and services.
- ATM fee rebates (up to $240 a year) ...
- Early access to military pay with direct deposit. ...
- No monthly service fee.
- No minimum balance requirement.
- Free personalized checks.
Why a federal credit union is better than a bank? ›
Credit unions typically offer lower fees, higher savings rates, and a more personalized approach to customer service for their members. In addition, credit unions may offer lower interest rates on loans. It may also be easier to obtain a loan with a credit union than a larger bank.
What credit score is needed for a line of credit with Navy Federal? ›You must be a member of Navy Federal to apply, and there is no minimum credit score requirement.
What score do you need for Navy Federal loan? ›Fortunately, Navy Federal does not require a minimum credit score for personal loan eligibility, but you must be a member of the NFCU to qualify. The autopay discount is not available to everyone and a late fee of $29 does apply.
How long does it take Navy Federal to approve you? ›Navy Federal Credit Union may approve you for a personal loan the same day you apply or within 3 - 10 business days. After your application is approved and you accept the offer, it takes 1 business day to receive your funds, which Navy Federal Credit Union will send to you by electronic bank transfer.
Where does Navy Federal rank among banks? ›Earlier this year, Navy Federal for the seventh consecutive year ranked No. 1 among multichannel banks for customer experience (CX) quality in in Forrester's proprietary 2022 US Customer Experience Index (CX Index™).
Is Navy Federal a safe bank? ›Navy Federal is a credit union insured by the National Credit Union Administration (charter #5536). NCUA insurance offers protection that is similar to banks' FDIC insurance. Deposits are insured up to $250,000 per depositor, for each account ownership category, in the event of a credit union failure.
What is the number one credit union in the United States? ›It's easy for anyone to become a member, and Quorum offers access to more than 90,000 fee-free ATMs throughout the U.S. Quorum was recently named the best credit union as part of the 2023 Bankrate Awards, which recognizes the best financial products available to consumers.
How many bank accounts should I have? ›Some experts suggest you should have four bank accounts -- two checking and two savings. You'll use one checking account to pay bills and the other for spending money. One savings account will be dedicated to your emergency fund and the other to miscellaneous goals.
Is there a monthly fee for Navy Federal? ›With our standard account, you'll pay no monthly fee, have no minimum balance requirement and earn dividends on your balance.
Which government bank service is best? ›1. State Bank of India. State Bank of India (SBI) is among the Fortune 500 companies.
What is the hardest credit union to get? ›
Progressive Credit Union - You must be recommended by another member. This might be the most unique credit union requirement, and it also seems to be the toughest.
Is my money safer in a credit union than a bank? ›Just like banks, credit unions are federally insured; however, credit unions are not insured by the Federal Deposit Insurance Corporation (FDIC). Instead, the National Credit Union Administration (NCUA) is the federal insurer of credit unions, making them just as safe as traditional banks.
Are credit unions more risky than banks? ›Credit Union vs Bank: Regulations
Even though credit unions can be smaller than banks, they can be just as safe to do business with. Federal or provincial regulations and deposit insurance ensure that credit unions are a safe place to get a mortgage, borrow, invest, or save with.
Why Choose a Credit Union? Lower interest rates on loans and credit cards; higher rates of return on CDs and savings accounts. Since credit unions are non-profits and have lower overhead costs than banks, we are able to pass on cost savings to consumers through competitively priced loan and deposit products.
Which credit union is best for bad credit? ›- Navy Federal Credit Union. Navy Federal Credit Union. ...
- First Tech Federal Credit Union. First Tech Federal Credit Union offers no-fee, no-collateral personal loans to members. ...
- Payday Alternative Loans (PALs)
You don't have to be in the U.S. Navy to become a Navy Federal Credit Union member. Civilians working for the Department of Defense (DoD) may apply for membership. Immediate family members of those who qualify for NFCU membership may also join.
What is needed to open a Navy Federal account? ›Text, Social security number, Driver's license or government ID, Credit card or bank account and routing number. And when you do join, you can enjoy low fees market-leading rates, member-exclusive discounts, easy digital banking and award-winning service. Now, you're ready to join the Navy Federal community.
How much does it cost to open a Navy Federal account? ›Minimum opening deposit.
Navy Federal requires a minimum deposit of just $5 when you become a member and open a savings account.
We've long said that when you join Navy Federal Credit Union (NFCU) they will do a hard pull on your credit report. Reader John points out that this isn't always the case but there is some variance. The take aways are: When opening a savings account directly there is almost no chance a hard pull will be doing.
How risky are credit unions? ›Like banks, which are federally insured by the FDIC, credit unions are insured by the NCUA, making them just as safe as banks. The National Credit Union Administration is a US government agency that regulates and supervises credit unions.
Why do banks not like credit unions? ›
For decades, bankers have objected to the tax breaks and sponsor subsidies enjoyed by credit unions and not available to banks. Because such challenges haven't slowed down the growth of credit unions, banks continue to look for other reasons to allege unfair competition.
Is there a downside to a credit union? ›Choosing to use a Credit Union
The downside of credit unions include: the eligibility requirements for membership and the payment of a member fee, fewer products and services and limited branches and ATM's. If the benefits outweigh the downsides, then joining a credit union might be the right thing for you.
If your checking account becomes overdrawn due to a check, ACH, or debit card point-of-sale transaction posting to your account, and funds are available in your savings account(s), Navy Federal will transfer funds from your account(s) to reduce or eliminate the overdrawn amount, as permitted by law.
Do more people use banks or credit unions? ›116 million people in the U.S. now prefer credit unions over banks.
Are credit unions safer than banks during recession? ›While both can be hit hard by tough economic conditions, credit unions were statistically less likely to fail during the Great Recession. But no matter which you go with, you shouldn't worry about losing money. Both credit unions and banks have deposit insurance and are generally safe places for your money.
Can you get a Navy Federal account with bad credit? ›If you're not looking for a secured card, NFCU mainly has unsecured credit cards for good credit or better. Keep in mind that, no matter how creditworthy you may be, you won't get approved for a Navy Federal credit card if you don't qualify for NFCU membership.
Can a get a Navy Federal credit card with a 630 credit score? ›If you have average credit — generally defined as FICO scores between 630 and 689 — and are eligible to apply for it, the Navy Federal Credit Union® cashRewards Credit Card is a great deal: It offers a solid rewards rate of up to 1.75% cash back on all purchases, if you qualify, for an annual fee of $0.
What is the 91 3 rule Navy Federal? ›line of credit. so what this means. is that you are going to wait 91 days and. three full statement cycles before you decide. to ask either for a credit limit increase. or for a new line of credit all together. to maximize the amount of funding that you get.
What is the average credit limit for Navy Federal? ›The Navy Federal Platinum Credit Card credit limit is between $500 and $50,000. Everyone who gets approved for the Navy Federal Platinum Credit Card is guaranteed a credit limit of at least $500, but the higher an applicant's credit score and income are, the higher the starting credit limit is likely to be.
Is it hard to get Navy Federal? ›The Navy Federal credit card approval requirements include a credit score of at least 700, in most cases; this is considered “good” credit. Other Navy Federal credit cards require a credit score of 750, i.e. excellent credit. Ultimately, Navy Federal also offers options for people with bad credit.
Does Navy Federal verify income? ›
Yes, Navy Federal Credit Union will verify your income when you apply for a personal loan.
Is Navy Federal instantly available? ›immediately for cash withdrawals only. Other deposits will be made available by the Second Business Day after the day we are considered to have received your deposit.
What are the benefits of being with Navy Federal Credit Union? ›- comprehensive medical, dental and vision for you and your family.
- life insurance.
- 11 paid holidays per year.
- paid vacation.
- paid maternity and paternity leave.
- paid volunteer leave.
- other paid leave for specific types of military and jury duty.
- ATM fee rebates (up to $240 a year) ...
- Early access to military pay with direct deposit. ...
- No monthly service fee.
- No minimum balance requirement.
- Free personalized checks.
- Alliant Credit Union: Best for Credit union overall.
- Consumers Credit Union: Best for Checking APY.
- Connexus Credit Union: Best for Checking.
- PenFed Credit Union: Best for Vast ATM network.
- Service Credit Union: Best for Vast ATM network.
Navy Federal is a credit union insured by the National Credit Union Administration (charter #5536). NCUA insurance offers protection that is similar to banks' FDIC insurance. Deposits are insured up to $250,000 per depositor, for each account ownership category, in the event of a credit union failure.
Is a credit union better than a bank? ›Credit unions typically offer lower fees, higher savings rates, and a more personalized approach to customer service for their members. In addition, credit unions may offer lower interest rates on loans. It may also be easier to obtain a loan with a credit union than a larger bank.
What is the monthly fee for Navy Federal Credit Union? ›With our standard account, you'll pay no monthly fee, have no minimum balance requirement and earn dividends on your balance.
What is the most amount of money you can withdraw from a Navy Federal Credit Union ATM? ›The daily cash limit is $1,000, which includes withdrawals at NFCU proprietary ATMs, manual cash at NFCU financial institutions, and cash back with a purchase at participating merchants. Daily limits may vary for other types of transactions.
How much money do you need in your Navy Federal account? ›The minimum initial deposit is typically $25 to $100 per account opening, depending on the financial institution. Navy Federal requires a minimum deposit of just $5 when you become a member and open a savings account.
Can anybody join Navy Federal Credit Union? ›
So you're thinking of joining Navy Federal Credit Union? Good news. If you're a servicemember, veteran of any branch of the armed forces or a Department of Defense employee, then you're eligible to join. Your immediate family and household members are also eligible.
Do you need good credit to be a Navy Federal Credit Union? ›Although there isn't a specified Navy Federal Credit Union credit score requirement, Navy Federal Credit Union will consider people who have bad credit, according to customer service. Most other lenders' credit score requirements for personal loans range between 585 and 700.
Why should I choose a credit union over a bank? ›Credit union resources are returned to their member-owners in the form of lower fees and forward-thinking products and services; choose PECU for more free services, less fees and great loan rates; 7. Credit unions are a more personalized way of handling personal finance.
What is safer to keep your money in a bank or credit union? ›Why are credit unions safer than banks? Like banks, which are federally insured by the FDIC, credit unions are insured by the NCUA, making them just as safe as banks. The National Credit Union Administration is a US government agency that regulates and supervises credit unions.