Personal Finance Banking
Written by Laura Grace Tarpley, CEPF; edited by Sarah Silbert; reviewed by Evelyn He
Updated
- Overall Rating
- Pros and Cons
- Savings
- Checking
- Share Certificate
- Money Market Account
- About Navy Federal CU
- How to join Navy Federal Credit Union
- Navy Federal Credit Union trustworthiness and BBB rating
- How Navy Federal Credit Union Compares
- Navy Federal Credit Union vs. Pentagon Federal Credit Union
- Navy Federal Credit Union vs. USAA Bank
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate products and services to help you make smart decisions with your money.
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How Navy Federal Credit Union bank accounts compare
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Navy Federal Credit Union Share Savings Account
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Navy Federal Free Active Duty Checking™ Account
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Navy Federal Credit Union Standard Certificate
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Navy Federal Credit Union Money Market Account
Annual Percentage Yield (APY)
0.25%
Annual Percentage Yield (APY)
0.05%
Annual Percentage Yield (APY)
2.75% to 4.85%
Annual Percentage Yield (APY)
0.00% to 1.50%
Navy Federal Credit Union, NCUA Insured
NFCU, Member NCUA
Start saving
NFCU, NCUA Insured
Navy Federal Credit Union, NCUA insured.
Navy Federal Credit Union: Overall Rating
| Feature | Personal Insider rating (out of 5) |
| Savings | 4.25 |
| Checking | 4.5 |
| Share certificate | 4 |
| Money market account | 4.25 |
| Trustworthiness | 3 |
| Total | 4 |
Navy Federal Credit Union Pros and Cons
| Pros | Cons |
|
|
Navy Federal Credit Union Share Savings Account Review
The Navy Federal Credit Union Share Savings Account is an affordable option, with no minimum opening deposit or monthly service fees. It pays a solid APY, especially compared to other brick-and-mortar institutions. You can open multiple accounts and name each one to save for separate goals, such as "Emergency Savings" or "Travel Fund."
Navy Federal Free Active Duty Checking™ Account Review
Navy Federal Free Active Duty Checking™ Account
Insider’s Rating
4.5/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.05%
Minimum Opening Deposit
$0
Pros
- No minimum opening deposit
- Refunds up to $20 per month in out-of-network ATM fees
- Receive direct deposits one day before payday
- No monthly service fee if you set up military direct deposits
- Free personalized checks
- 3 overdraft protection options: savings transfer, line of credit, or optional overdraft protection service
Cons
- Interest compounded monthly, not daily
- Free Active Duty Checking is only for active military, retired military, or reservists
Insider’s Take
Navy Federal Credit Union is one of the best institutions for the military. Its strongest features are probably its 24/7 live customer support and out-of-network ATM refunds.
Product Details
- Available to active military, retired military, or reservists
- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 354 branches worldwide, including on select military bases
- 30,000 free ATMs
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
Navy Federal has several types of checking accounts, and the Free Active Duty Checking Account is a great option if you qualify. You could receive paychecks a day sooner with early direct deposit, and you'll receive up to $20 per month in out-of-network ATM fee refunds.
Navy Federal Credit Union Standard Certificate
Start saving
NFCU, NCUA Insured
Insider’s Rating
4/5
Annual Percentage Yield (APY)
2.75% to 4.85%
Minimum Opening Deposit
$1,000 to $100,000
Pros
- Competitive APY, even for lower balances
- Terms up to 7 years
Cons
- $1,000 opening deposit
- Minimum $100k to earn highest APY with some terms
- Standard-to-high early withdrawal penalties
Insider’s Take
Navy Federal CD rates are high overall, with the exception of its 6-month terms — you'll find the best 6-month CD rates elsewhere. The SaveFirst Account rates are only so-so, but they're some of the few CDs out there that allow you to add more money to your account during the term.
Navy Federal Credit Union Standard Certificate review External link Arrow An arrow icon, indicating this redirects the user."
Product Details
- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 354 branches worldwide, including on select military bases
- Terms ranging from 3 months to 7 years
- Earn higher APY with a higher balance
- Early withdrawal penalty of 90 days dividends for terms of 3 months to 1 year; 180 days dividends for terms of 1 year to 5 years; 365 days interest for terms of 6 and 7 years
- Interest compounded daily, paid monthly
- Federally insured by the NCUA
Navy Federal CD rates are high on most terms. It also has terms as long as seven years, while most institutions only offer term lengths up to five years.
Navy Federal Credit Union Money Market Account Review
Navy Federal Credit Union Money Market Account
Insider’s Rating
4.25/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.00% to 1.50%
Minimum Opening Deposit
$0
Pros
- No minimum opening deposit
- No monthly service fee
- Competitive APY
- Includes paper checks
- Includes ATM card
Cons
- No interest earned when your balance is under $2,500
- Interest compounds monthly, not daily
- $1 out-of-network ATM fee
Product Details
- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 354 branches worldwide, including on select military bases
- 30,000 free ATMs
- Tiered interest rate system; earn higher rates with higher balances
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
Money market accounts are similar to savings accounts, but they make it easier to access your money. The Navy Federal Credit Union Money Market Account comes with both paper checks and an ATM card, so you can withdraw cash if necessary. This makes it a convenient place to store your emergency fund.
About Navy Federal Credit Union
Navy Federal Credit Union has 354 branches around the world, including ones on some military bases. (Look here to see a complete list of branches by country or by military branch.) It also has 30,000 free ATMs around the US.
If you don't live near a branch, you can still open an account online.
Navy Federal has 24/7 live customer support over the phone. Its mobile app has 4.6 out of 5 stars in the Apple store, and 3.7 out of 5 stars in the Google Play store.
Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for joint accounts.
How to Join Navy Federal Credit Union
Navy Federal is a credit union for people associated with the military. You can become a member if you fall under one of the following categories:
- Active duty, retired, or veteran military members. This includes active duty members of the Air Force, Army, Coast Guard, Marine Corps, National Guard, Navy, and SpaceForce; those in the Delayed Entry Program; Department of Defense officer candidates or those in the ROTC; Department of Defense reservists; veterans, retirees, and annuitants.
- Department of Defense civilians. This includes civilian employees; US government employees who do DoD installations; DoD contractors who do US government installations; retirees and annuitants.
- Family members. You can join if you are a family member of someone who meets any of the aforementioned requirements. This includes parents, grandparents, spouses, siblings, children (including stepchildren and adopted children), grandchildren, and household members.
You'll also need to open a Navy Federal Credit Union Share Savings Account to become a member.
Is Navy Federal Credit Union Trustworthy?
The Better Business Bureau currently has an NR ("No Rating") rating for Navy Federal Credit Union. The BBB says that the credit union is responding to customer complaints, so it currently doesn't have a rating.
Responses to customer complaints play a large part in the BBB's ratings, but it also looks at factors such as honesty in advertising and transparency about business practices.
In late 2023, CNN published an investigative report about claims of racial bias in Navy Federal's mortgage lending. Navy Federal has not admitted to any wrongdoing, and the case is still ongoing.
How Navy Federal Credit Union Compares
Navy Federal Credit Union vs. Pentagon Federal Credit Union
Navy Federal has several types of checking accounts, so you may find one that's a good fit. Pentagon Federal Credit Union only has one checking account — but it's a high-yield checking account, which you might decide you like.
You may prefer Navy Federal if you think you'll use out-of-network ATMs often. Almost all Navy Federal checking accounts refund some ATM fees, whereas PenFed does not reimburse fees.
But PenFed could be the better fit if you want to earn a higher interest rate on your savings account.
PenFed Review
Navy Federal Credit Union vs. USAA Bank
Navy Federal pays a higher interest rate on savings than USAA, and it has more checking account options.
As for CDs, the best choice between the two institutions will depend on which term length you want. For example, USAA pays a great rate on a CD term of 182 days (or roughly six months), while Navy Federal Credit Union doesn't offer a 6-month term at all. On the other hand, Navy Federal pays a higher 1-year CD rate.
USAA Bank Review
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is an expert in mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider. She worked on Business Insider's "The Road to Home" series, which won a Silver award from the National Associate of Real Estate Editors.She has written about personal finance for over seven years. Before joining the Business Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.
Compliance and Operations Associate
Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.
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