Navy Federal Credit Union has one basic savings account option, the Share Savings Account. Active duty military, veterans, their families and Department of Defense personnel may join the credit union by making a refundable $5 deposit into the savings account. Navy Federal pays an annual percentage yield (APY) that is far above the national average, and interest compounds monthly.

Aside from Share Savings, NFCU offers two money market accounts that earn tiered interest rates based on the account balance.

Overall, Navy Federal Credit Union earned 4.6 out of 5 stars from Bankrate, with a score of 3.9 for its savings account and 4.7 for its money market accounts.

Navy Federal Credit Union savings rates

Here’s a breakdown of Navy Federal’s savings rates as of Feb. 25, 2022.

Account name APY Minimum deposit
Membership Share Savings Account 0.25% $5

Navy Federal also offers a Money Market Savings account and Jumbo Money Market Savings account with variable, tiered APYs. A minimum daily balance of $2,500 is required to earn dividends for the standard MMAt; the jumbo MMA requires $100,000 to earn the highest APY.

Account name APY Minimum daily deposit
Money Market Savings 0.00% $0 to $2,499
Money Market Savings 0.40% $2,500 to $9,999
Money Market Savings 0.45% $10,000 to $24,999
Money Market Savings 0.45% $25,000 to $49,999
Money Market Savings 0.45% $50,000 and over
Jumbo Money Market Savings 0.25% $0 to $99,999
Jumbo Money Market Savings 0.50% $100,000 to $249,999
Jumbo Money Market Savings 0.50% $250,000 and over

How Navy Federal Credit Union compares with top-yielding banks

Navy Federal Credit Union’s Share Savings and money market accounts pay way more than the national averages. But the credit union requires a steep minimum balance of  $100,000 to earn the top APY, considerably higher than other banks. Vio Bank, for example, offers a very competitive rate on its money market account and requires just a $100 minimum deposit.

One benefit of Navy Federal’s Share Savings and money market accounts: There are no monthly service fees.

How to become a member of Navy Federal Credit Union

To take advantage of Navy Federal savings accounts, you must be a member. Membership is available to those who are serving or have served in the U.S. Armed Forces and their family and  household members, plus Department of Defense civilians.

Navy Federal has over 11 million members. Members can access their accounts online, by using the Navy Federal mobile app or by visiting a branch or ATM. NFCU’s website offers a variety of educational content related to savings, as well as a savings calculator to help you plan for financial goals.

Other savings options at Navy Federal Credit Union

In addition to a basic savings account and the higher-interest money market accounts, Navy Federal Credit Union offers share certificates, or CDs, for short-term and long-term savings. For shorter-term saving goals, like a down payment on a new car, there are CDs with terms as short as three months.

Finally, Navy Federal offers education savings accounts (ESAs) and traditional IRAs and Roth IRAs for retirement savers.

Learn more: