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Navy Federal Credit Union Review 2022

Updated December 2, 2022
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At a glance

4.0
Rating: 4 stars out of 5
Bankrate Score
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CDs

Rating: 4.2 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 3.3 stars out of 5

MMA

Rating: 3 stars out of 5

About Bankrate Score

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Overview

Navy Federal Credit Union is open to families nationwide with ties to the U.S. military, with many of its branches located on or near military bases. It’s a good fit for anyone looking for a credit union known for providing reliable customer service and an extensive network of more than 340 branches worldwide.

Highlights

  • 24/7 Customer Service
  • Free Checking
  • ATM Fee Refunds
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.75
%
APY
Rating: 4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

Navy Federal Credit Union is the world’s largest credit union serving millions of military members and their families.

Pros

  • Checkmark

    Members have access to more than 350 branches, including 26 international locations.

  • Checkmark

    Access is available to more than 30,000 free in-network ATMs.

  • Checkmark

    Navy Federal has been recognized for offering high-quality customer service.

  • Checkmark

    The credit union offers APYs on its money market account and certificates that are above national averages.

Cons

  • The savings account yield is relatively low.

  • Membership is only available to those with a military affiliation.

Navy Federal Credit Union bank products

3.3
Rating: 3.3 stars out of 5
Bankrate Score

Navy Federal Credit Union savings overview

Just $5 is needed to open the Basic Savings account, and there’s no monthly service fee. It offers a yield that’s above the national average, but much higher rates can be found elsewhere.

Navy Federal members also have the option of opening an Education Savings Account (ESA), if they have a relative or child in school in need of financial support. Total contributions per beneficiary, however, are capped at $2,000 a year.

Pros

  • Checkmark

    The minimum deposit needed to open and maintain the account is very low.

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    No monthly service fees apply.

Cons

  • Savings account yields could be higher.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

Navy Federal offers a mobile app for both Apple and Android users to do things like deposit checks, pay bills and transfer money between accounts. Apple Pay and Google Pay are options for account holders looking for a mobile wallet. Navy Federal also offers an app for Kindle Fire users.

Customer service representatives are available in the U.S. to speak with members over the phone 24/7. Online, members who have questions have access to live chat. Those looking for help to manage their finances will find a bevy of useful tools, including calculators, deployment advice, seminars and events, and more on the credit union's website.

About Navy Federal Credit Union

Navy Federal Credit Union was founded in 1933. While it began with just seven members, the credit union now serves more than 12 million members across the globe. It’s headquartered in Vienna, Virginia.

The credit union primarily strives to support military members, veterans and their families. Membership is open to Department of Defense employees, retirees, veterans and active-duty service members in any branch of the armed forces.

Members have access to credit cards, loans and deposit accounts in addition to special discounts and offers for their affiliation with the credit union.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.