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Navy Federal Money Market Savings Account Review: Low Rates for Top-Tier Balances

Review Updated
Steven Porrello
Author: Steven Porrello
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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

The best money market accounts offer higher APYs than most savings accounts, plus the ability to write checks or access money with a debit card. The Navy Federal Money Market Savings Account, however, doesn't fit this criteria. True, you can write checks from your account, but your savings rate will be significantly lower than other top-tier accounts. Read on to learn the pros and cons of the Navy Federal Money Market Savings Account in our detailed review.

Ratings Methodology
Rates as of Dec 20, 2024

Navy Federal Money Market Savings Account

Read Review
Federally insured by NCUA.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
Monthly Fee
$0
Min. Balance
$0
APY
up to 2.25% Rate info Circle with letter I in it. APYs are tiered based on MMA type (Standard vs. Jumbo) and deposit amount. The highest 2.25% APY is earned by Jumbo MMA holders with a $1,000,000 and over deposit.
Min. To Earn APY
$0
  • No monthly fees
  • ATM access
  • No minimum deposit required
  • Low APYs
  • High balance required to earn top-tier rates
  • Need to join credit union for eligibility

The Navy Federal Credit Union requires an uber-high balance to get its best APY, which isn't even close to competing with the best money market accounts. It might be right for those who already bank at Navy Federal Credit Union and want to keep all their money at one institution. Otherwise, there are better options available.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Full Navy Federal Money Market Savings Account review

Top perks

No monthly fees: Unlike some banks, you don't have to pay monthly service fees to maintain this account, nor do you have to meet certain criteria, like a minimum balance, to waive the fee. This account is always free.

ATM access: You can withdraw and deposit cash at over 30,000 fee-free ATMs. Plus, you can also access over 1.7 million out-of-network ATMs for a $1 service fee.

No minimum deposit requirements: Some money market accounts require large minimum deposits to get started. But not this one. You can open an account with $0, though to take advantage of the account's stated APY (albeit at the lowest tier), you'll need at least $2,500 with the standard account, while the Jumbo account starts earning at its lowest tier with your first dollar deposited.

What could be improved

Low APY: This account does not have a competitive APY. No matter which tier you fall into, your savings will earn interest at a slower pace than the best ongoing rates. If your goal is to earn interest on your savings, you're better off looking at other money markets or high-yield savings accounts.

High balance required to earn the best APY: Not only does this account have a low APY, but you need at least $1 million to snag it. Note: If you want to earn the highest APY that comes with depositing $1 million or more, you'll need to open a Jumbo Money Market Savings Account. Navy Federal will not let you convert a regular Money Market Savings Account into a Jumbo Account.

Need to join the credit union for eligibility: To join, you need to be an active-duty or former military member, a Department of Defense worker, or an immediate family member of one or the other. While it's typical for a credit union to require membership before opening accounts, it's certainly something to keep in mind.

How to access your money

Navy Federal Credit Union has over 350 branches in 30 states, plus overseas branches in 9 countries, giving you both in-person and online access to your money.

Deposit options

You can deposit money into your Navy Federal Money Market Savings Account in the following ways:

  • Deposit cash or check at a bank branch or in-network ATM
  • Mobile check deposits
  • Electronic bank transfer (ACH)
  • Wire transfer
  • Direct deposit
  • Transfer from another Navy Federal Credit Union account

Withdrawal options

Unlike other banks and credit unions we've reviewed, Navy Federal Credit Union has no cap on how many withdrawals you can make per month. With that in mind, here's how you can withdraw funds from your account:

  • Withdraw cash at a bank branch or ATM
  • Write a check
  • Electronic bank transfer (ACH)
  • Wire transfer
  • Transfer to another Navy Federal Credit Union account

Navy Federal Money Market Savings Account is right for you if:

  • You're an active-duty or former military member, a Department of Defense worker, or an immediate family member.
  • You already have accounts at Navy Federal Credit Union and want to keep all your money at one financial institution.
  • You don't mind earning a less-than-stellar APY if it means supporting your credit union.

Keep reading about Navy Federal Credit Union:

Our money market account methodology

At Motley Fool Money, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.

Our scores are weighted as:

  • APY: 60%
  • Brand and Reputation: 15%
  • Fees and Minimums: 15%
  • Perks: 10%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • You can find Navy Federal Credit Union in Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Washington.

  • Yes, as long as you live in the same household, roommates can join with your access number.

  • It could be a great fit if you value customer service and want a bank that feels like family. It offers many fee-free accounts, including savings and checking, plus a full suite of rewards credit cards. That said, if your goal is to earn more interest, you might be better served by another bank or credit union.