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The Navy Federal Credit Union was founded in 1933 to help provide financial security for employees of the United States Navy. Today, membership is open to all branches of the military and their families, retirees, veterans, and Department of Defense employees and contractors. Navy Federal is a full-service credit union providing chequing and savings products, loans, and credit cards. It has more than 10 million members and 346 branches around the world.
Here is an overview of Navy Federal Credit Union consumer banking products and services. Account details and Annual Percentage Returns (APY) are accurate as of September 20, 2021.
Account Basics
Verification
Navy Federal offers five different checking accounts for different types of needs and situations. These five chequing accounts earn interest, which in a credit union, since the account holder is a member, is called dividends.
Here is an overview of the verification products of this credit union:
- Free active service check. This checking account is designed for serving or retired military personnel. It allows account holders to receive their military balance one day earlier with eligible direct deposit. The account has no monthly service fees and no minimum balance requirement. It also provides personalized checks and up to $ 20 per statement period in third-party ATM fee rebates. This account pays dividends of 0.05% APY.
- Free easy verification. This account pays 0.05% APY and offers up to $ 10 in ATM fee rebates per statement cycle. There is no monthly service charge or minimum balance requirement. To maintain eligibility for this account, you must set up direct deposit or complete at least 20 Navy Federal debit card transactions per statement cycle.
- Free daily check-up. This current account also pays dividends but at a lower rate of 0.01% APY. There is no monthly service charge, no minimum balance requirement, and no minimum opening deposit.
- Free campus verification. Designed for students and young adults (ages 14-24), this account pays 0.05% APY, offers up to $ 10 off ATM fees per statement cycle, and has no monthly service charge or minimum balance requirement.
- Lighthouse check. If you can maintain a higher balance on your checking account, this checking account has three income levels: 0.35% APY for balances of $ 0 to $ 9,999, 0.40% APY for balances of $ 10,000 at $ 24,999 and 0.45% for balances of $ 25,000 or more. The rates on this checking account are nearly competitive with some of the best high yield savings accounts. To earn dividends on your Flagship Checking account, you must have a daily ending balance of at least $ 1,500. There is a monthly service charge of $ 10, but you can avoid this charge by maintaining an average daily balance of at least $ 1,500. If you’re signed up for direct deposit, this account offers up to $ 10 off ATM fees per statement cycle.
All Navy Federal chequing accounts include a Navy Federal debit card with zero liability protection and digital banking services with mobile deposit and bill payment. Chequing accounts all come with three types of optional coverage to help you avoid overdrafts:
- Savings transfer. This automatically transfers money from savings to check and is set up for you when you open a checking account.
- Verification of the line of credit. This provides coverage for large or unforeseen expenses. Interest rates range from 13.9% to 17.9% APR.
- Optional Overdraft Protection Service (OOPS). This is protection against overdrafts. There is no charge on transactions of $ 5 or less or if your total overdraft balance is less than $ 15. Otherwise, a fee of $ 20 is charged for each overdraft.
Savings
The Navy Federal Credit Union Stock Savings Account is its traditional savings account option. This basic savings account has a minimum deposit of only $ 5 and pays 0.25% APY. While the Navy Federal savings account rate doesn’t beat the best high-yield savings accounts, it is better than the national average yield on savings accounts as reported by the FDIC. Dividends are compounded and credited monthly.
The credit union also offers IRA stock accounts, which also pay 0.25% APY.
Money Market
Navy Federal offers two money market account options with tiered rate structures. Generally, the more you deposit, the more you earn.
Money Market Savings Account (MMSA). With this money market account, your APY depends on the amount you have deposited. To earn dividends, you must have deposited at least $ 2,500.
Jumbo Money Market Savings Account. For higher balances, Navy Federal offers a special jumbo money market account. You will need to deposit at least $ 100,000 before you can claim a higher APY than that provided by the standard money market savings account. In fact, this jumbo account pays a lower APY (0.25%) than the regular money market savings account pays on balances of $ 2,500 to $ 99,999. That said, with jumbo MMSA, you can earn 0.25% APY on balances below $ 2,500, which is not possible with standard MMSA.
Navy Federal APYs are competitive with the best money market accounts. The credit union also offers money market accounts, with the same APYs, for IRAs and Coverdell ESAs.
Dividends are compounded and credited monthly.
Share certificates
Navy Federal offers several types of stock certificates, the credit union version of certificates of deposit (CDs) found in banks. Here is an overview of the Navy Federal certificates:
- Standard certificates. These certificates require a minimum deposit of $ 1,000 and offer terms ranging from three months to seven years. Prices vary depending on the duration. Higher balances of $ 100,000 or more qualify for slightly higher APYs.
- EasyStart certificates. These certificates require a lower minimum balance than standard certificates, only $ 50, and offer terms ranging from six months to 24 months. They also allow you to add money at any time, but the APYs on these certificates are slightly lower.
- Special EasyStart certificates. This type of certificate pays up to 3.00% APY on a maximum balance of $ 3,000 with a term of 12 months. There is a minimum balance of $ 50. To be eligible, you must have a Navy Federal checking account and set up direct deposit.
- SaveFirst account. Navy Federal’s SaveFirst account is a hybrid stock certificate and savings account. With the SaveFirst account, you make a minimum deposit of $ 5, choose a term of three months to 60 months, and earn an APY of 0.40%. You can add money to this certificate at any time. In this way, this type of certificate is similar to a complementary CD.
Here is an overview of the conditions and prices for Federal Navy Standard Certificates:
Navy Federal certificates are quite competitive with the best CD rates. Dividends are compounded daily and credited monthly.
Other accounts and services
In addition to the accounts listed above, members of the Navy Federal have access to a full range of financial products and services, including:
- Auto loans
- Coverdell Education Savings Accounts
- Credit card
- Investments, Financial Planning, Life Insurance and Trust Services (from Navy Federal Financial Group)
- Mortgages (VA loans and classic fixed rate)
- Motorcycle, boat and recreational vehicle loans
- Prepaid cards and gift cards
- Retirement savings accounts
- Student loans
Access on the move
Navy Federal’s customer experience is highly digital, with over 70% of credit union members using the credit union’s mobile app and website. The Navy Federal mobile app includes the following features:
- Mobile depots
- Send money fast with Zelle
- Online bill payment
- Online transfers
- Digital security and fraud prevention
- Digital and mobile wallets
- Card on File to facilitate online shopping
- Ability to temporarily freeze or unblock your credit and debit cards
The Navy Federal Credit Union mobile app is available for iOS and Android devices. It currently has a rating of 4.8 out of 5 stars on the App Store and 3.9 out of 5 stars on Google Play.
In addition, members of the Navy Federal have access to over 30,000 free ATMs through the CO-OP ATM network and over 1.7 million ATMs through the Visa / PLUS system. Although Visa / PLUS ATMs charge a fee to members of the Navy Federal, many Navy Federal checking accounts offer discounts on ATM fees (up to $ 20 per statement cycle, depending on your account) .
Advantages
- Offers fairly competitive APYs
- Provides discounts on third-party ATM fees if you meet the requirements
- Popular mobile application
- User-friendly options for overdraft protection
- Full range of financial products and services
The inconvenients
- Membership is limited
- Money market savings accounts require a minimum balance of $ 2,500 to earn dividends
- Some Android users complain about technical issues with mobile deposit
How does the Federal Navy compare
Navy Federal Credit Union offers a wide range of financial services, a strong digital background, competitive APYs, and user-friendly features for checking accounts. Among credit unions, which are known to support their members, Navy Federal has an outstanding track record in putting members first and delivering great value.
One downside is membership in Navy Federal, which is limited to active-duty military personnel, veterans, retirees, their families, and Department of Defense employees and contractors. But if you fall into any of these categories, you might want to consider managing your personal finances with Navy Federal.
Frequently Asked Questions (FAQ)
Is the Navy Federal Credit Union insured?
Navy Federal is a credit union insured by the National Credit Union Administration (charter # 5536). NCUA insurance provides protection similar to FDIC insurance from banks. Deposits are insured up to $ 250,000 per depositor, for each category of account holder, in the event of a credit union bankruptcy.
Where are the branches of the Navy Federal Credit Union located?
Navy Federal has more than 340 branches worldwide, including 184 branches on or near military installations. It also has international sites in Bahrain, Cuba, Greece, Guam, Italy, Japan, Korea, Singapore and Spain. As a general rule, wherever your military career or international travel takes you, Navy Federal is likely to have a branch or ATM nearby.
How do I contact Navy Federal Credit Union Member Services?
You can contact the Navy Federal Credit Union by phone, 24 hours a day, 7 days a week, toll-free at 888 842-6328, or collect internationally at 703-255-8837.
You can also send a secure message through online banking, chat through the credit union website, connect on social media, or reach the Navy Federal Credit Union by mail.
