Navy Federal Credit Union Review 2023
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
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 350 branches worldwide.
Highlights
- 24/7 Customer Service
- Free Checking
- ATM Fee Refunds
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Navy Federal Credit Union is the world’s largest credit union serving millions of military members and their families. It offers more than 350 branches worldwide and 24/7 customer service. Its savings account, money market account and CDs earn yields above the national average, but higher rates can still be found elsewhere.
Pros
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Members have access to more than 350 branches, including 26 international locations.
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Access is available to more than 30,000 free in-network ATMs.
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Navy Federal has been recognized for offering high-quality customer service.
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The credit union offers APYs on its money market account and certificates that are above national averages.
Cons
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The savings account yield is relatively low.
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Membership is only available to those with a military affiliation.
Navy Federal Credit Union banking products
Navy Federal Credit Union savings overview
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
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The minimum deposit needed to open and maintain the account is very low.
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No monthly service fees apply.
Cons
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Savings account yields could be higher.
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The account does not come with an ATM card.
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An inactive member fee is assessed quarterly to those who don’t meet minimum balance or account activity requirements.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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 can access 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
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.
