Our Verdict
Navy Federal Credit Union serves military personnels or anyone who is a relation of a military officer. The credit union runs 350 branches across the country and provides top-notch customer service. You find the credit union physical locations on or close to military bases.
Check below for more information about Navy Federal Credit Union:
Navy Federal Credit Union
Corporate Headquarters,
Address: 820 Follin Lane SE Vienna, VA 22180-4907
Phone Number: 1-888-503-7106
Pros
- Runs 350 branches, allowing ease of access for members.
- Provides more than 30,000 in-network ATM for free.
- Offers exceptional customer service.
- Uses user friendly mobile app.
- Provides different categories of financial products.
- Charges no fees on majority of it checking and savings accounts.
Cons
- Strict membership requirements. If you do not have a connection with a military officer, you are not likely to pass the membership requirements.
- Low interest yield on all savings.
- Difficulties in making deposit on some mobile phone operational system—Android, for example.
Who This Product Is Best For
Consider Navy Federal Credit Union if you:
- Are a military personnel or has an affiliate with an armed forces member.
- Want a credit union to take care of all your banking services.
- Need a bank account that earns you interest on your savings.
Who This Product Isn't Right For
Navy Federal Credit Union may not be the right option for you if you:
- Are not military officer or has any link with a member of the armed forces.
- Require a credit union that pays a higher interest rate on your savings.
What This Product Offers
- Checking accounts. Navy Federal offers five different checking accounts. Review each one of them and choose your best option.
- Savings account. The credit union run the Membership Share Savings Account which offers perks, for example, 0.25% annual percentage yield (APY).
- Credit cards. If you want a credit union that offers different credit cards (rewards credit cards, secured credit card, or cash back credit cards), consider Navy Federal Credit Union membership.
- Certificate of deposits, CD. Check the credit union’s list of CDs in order to find your best match.
- Money market account. Consider Navy Federal for a competitive APY (up to 1.5%) on your interest-bearing account.
- Mortgage, students, and personal loans. In need of money to fund a project? If yes, consider a membership with the Navy Federal Credit Union.
Product Details
Checking accounts
Navy Federal Credit Union offers five different checking accounts. Everyday checking earns an APY of 0.01%, Flagship checking earns APY between 0.35% and 0.45% while Free Active Duty checking, Free Easy checking, and Free Campus checking earn 0.05% APY.
- Flagship Checking. You pay a monthly fee of $10, but you can avoid the fee by maintaining a balance of $1,500 each month. To earn an APY of 0.45%, keep a balance of $25,000 or more every month.
- Free Everyday Checking. You pay $0 monthly fee and you don’t earn any additional APY on your balance.
- Free Easy Checking. Once you have a qualified military direct deposit, you incur no monthly fee. But the account requires a $120 in out-of-network ATM fee. You get the reimbursement of the fee in a 12-calendar-month cycle.
- Free Active Duty Checking. Are you a retired or active duty military officer? If yeah, this product is for you. Worry less about paying any monthly fee or about having to maintain a fixed minimum balance. Personalize the account to your requirements with access to up to $250 in out-of-network ATM, a sum with an annual reimbursement.
- Free Campus Checking. Give this checking account a trial if your age is anything between 14 and 24 years. You pay no monthly fees and waive the minimum balance requirement..
Savings account
You open a Navy Federal Credit Union savings account with $5 or more and earn 0.25% APY without paying any monthly fee. Start your journey with Navy Federal Credit Union with the Membership Share Savings Account.
Credit cards
Think of Navy Federal Credit Union in order to access a variety of credit card options, including cash back cards, secured credit cards, and rewards credit cards.
Certificate of deposits
Navy Federal Credit Union offers four different types of certificates.
- Standard certificates. This product offers terms starting from three months and capping at seven years. Expect an APY of 4.5% (and even more if you maintain a balance of $100,000). Don’t forget that the minimum balance on this product is $1,000.
- Special EasyStart certificates. Don’t want to open a check account? If yes, this product is for you. Access an inextensible term of 12 months with an initial deposit of $50. You earn an APY of 4.85%. Remember, the maximum balance on this account max out at $3,000.
- Special certificates. Make an initial payment of $50 in order get this certificate with terms between six and fifteen months. Plus, you earn 5.00% APY. One cool thing is that there’s no account maximum on this product.
- SaveFirst account. If you want a certificate with a wider term up to five years, opt for this product. Get an APY of 0.40% and make an initial deposit of $5.
Money market account
Navy Federal Credit Union offers both Jumbo Money Market Savings Account and Money Market Savings Account. You get different competitive APY depending on deposit you make.
Mortgage, student, and personal loans
Working on a project and need capital? If you answer is yes, Navy Federal Credit Union is a good alternative for student, personal, home equity, and auto repair loans.
Where This Product Stands Out
Offers fair rates on certificates
The four certificates Navy Federal Credit Union offers gives the best rates you’re less likely to get from local banks.
Considerate in savings account monthly fees
Most of Navy Federal Credit Union savings accounts come with a $0 monthly fee.
Runs multiple ATMs
Access any of Navy Federal Credit Union 30,000 ATMs which are all free to use.
Where This Product Falls Short
Limited branches
Navy Federal Credit Union runs branches at military bases or places close to a military bases. Hence, it offers limited branches than one expect when you consider its customer base.
Strict membership requirements
If you do not belong to any of the armed forces or have a close relative in the military, you may not make it in becoming Navy Federal Credit Union member.
Lower APY compared to what local banks offer
If you want to earn a higher interest rate on your savings, consider a local bank.
How to Qualify for This Product
You must have an affiliate with a member of the armed forces, National Guard, or DoD. Once you pass that requirement, decide whether you want to become a minor or business member. To become a minor member, provide your:
- Social security number.
- Government ID card or driver’s license.
- Credit card or bank account details.
- Current home address.
To become a business member present your business:
- Credit cards
- Savings or checking accounts.
- Credit card processing or payroll.
How to Apply for This Product
First check Navy Federal Credit Union eligibility requirements and once qualify to apply, follow the following guidelines below:
- Understand which product you want. Navy Federal Credit Union offers different financial services solutions. Know which product are need.
- Check your eligibility. Visit Navy Federal Credit Union membership page and click on “Join.” Choose the statement that best describes you, whether you’re a staff or a relative of
- Choose your sponsor. If you claim to be a relative of somebody who’s a serving or retired military officer, that person acts as your sponsor. Provide your sponsor’s Navy Federal Access Number and date of birth
- Follow the on-screen prompts. Watch on-screen submit your application.
- Choose your membership. Select the type of membership you want and understand the benefits that come with it.
Alternatives to This Product
SoFi
If you prefer working with an online financial institution, SoFi is a great alternative. You earn 4.2% APY without any minimum requirement for balance, and get up to $250 bonus with when your make a direct deposit (terms and conditions apply, anyway). SoFi also offers a handful of products that are likely going to meet your needs.
CIT Bank
If you want to consider of a wall and mortar bank, you can consider CIT Bank. It comes with a 4.75% APY but you have to maintain a minimum balance of $5,000 in order to qualify for its dividend. It offers no bonus but has a variety of products you can choose from.
Customer Reviews
Navy Federal Credit Union receives an excellent reviews on Trust Pilot having a rating of 4.6 out of 5 star with 17,736 customer reviews. Happy customers appreciate the credit union for its absolute transparency, quality products, and integrity in fulfilling every promise it makes to customers.
Methodology
We reviewed Navy Federal Credit Union based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated Navy Federal Credit Union based on the weighting assigned to each category:
Loan cost: 35%
Loan details: 25%
Customer experience: 20%
Eligibility and accessibility: 10%
Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender.
Finally, we evaluated Navy Federal Credit Union customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.
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