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Navy Federal Credit Union Review 2023

Updated September 14, 2023
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.2 stars out of 5

Checking

Rating: 4.4 stars out of 5

Savings

Rating: 3.4 stars out of 5

MMA

Rating: 3.3 stars out of 5

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 300 branches worldwide.

Highlights

  • 24/7 Customer Service
  • Free Checking
  • ATM Fee Refunds
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 11/30/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $250 w/ direct deposit. Terms apply.
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 11/30/2023
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
5.05
%
APY
APY
Info
As of 11/30/2023
Rating: 4.5 stars out of 5
$5,000
Min. balance for APY
View offer Arrow Right
Promoted offer: CIT Bank, a division of First Citizens, 125+ years of experience.

Overall

Navy Federal Credit Union is the world’s largest credit union serving millions of military members and their families. It offers more than 300 branches worldwide and 24/7 customer service. Its money market account and CDs generally earn yields above the national average, but higher rates can still be found elsewhere.

Pros

  • Checkmark

    Members have access to more than 300 branches

  • 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 banking products

3.4
Rating: 3.4 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 very low yield; 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.

  • Checkmark

    No monthly service fees apply.

Cons

  • Savings account yields are very low.

  • The account does not come with an ATM card.

  • An inactive member fee is assessed quarterly to those who don’t meet minimum balance or account activity requirements.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Navy Federal Credit Union
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.60
%
APY
APY
Info
As of 11/30/2023
Rating: 5 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: No account fees & earn up to $250 w/ direct deposit. Terms apply.

Bank fees

Fee Charged?
Overdraft fee $20
Non-sufficient funds fee $29
Monthly maintenance fee $0 – $10
Out-of-network ATM fee $1
Excessive transaction fee None

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.

Bank experience

Navy Federal offers a mobile app for both Apple and Android users. These are highly rated and let customers 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.

How does Navy Federal Credit Union compare to other banks?

Navy Federal Credit Union vs. USAA

Both NavyFederal Credit Union and USAA are financial entities that solely service military members, veterans and their families. USAA offers a wider array of services covering everything from car insurance to investment accounts. Navy Federal focuses solely on banking. 

Neither institution offers high yields on its savings account. Navy Federal offers some stellar rates on its share certificates and generally offers higher rates on those compared to USAA. Moreover, Navy Federal offers a money market account while USAA doesn’t. If that’s what you’re in the market for, Navy Federal may be a good option.

In terms of digital and mobile banking, both Navy Federal and USAA get high marks for their apps and online experience. That noted, USAA is mostly an online-only experience, with no branches but access to around 100,000 ATMs. In contrast, Navy Federal has about 300 branches and offers access to more than 30,000 fee-free ATMs. Thus, if you’re primarily looking for physical presence, Navy Federal Credit Union will be the better choice.

Navy Federal Credit Union FAQs

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.