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Navy Federal Credit Union Review: Few Fees and Great Service for Military Members and Their Families

Review Updated
Dana George
Author: Dana George
Dana George
Dana George
Writer

Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

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Jamie Matthews
Reviewer: Jamie Matthews
Jamie Matthews
Jamie Matthews

Jamie Matthews is alumni of Ohio State University and still calls Columbus, Ohio home. She is a finance editor with more than nine years of experience. When she isn't obsessing over grammar and punctuation, she enjoys baking, reading books, and being a proud dog mom.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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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.
Award Icon 2025 Award Winner
Offer image for
Federally insured by NCUA.

Navy Federal Credit Union

Rating image, 4.00 out of 5 stars.
4.00/5 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
Bottom Line

Navy Federal Credit Union offers competitive rates on CDs for military members and their families, and ensures more money stays in your pocket by minimizing fees on all its accounts. Rates on checking and savings accounts aren't quite as high. But the other perks of Navy Federal membership, including discounts on popular products and great customer service, could make up for this.

Pros
  • Great variety of banking products
  • Competitive rates on CDs
  • Good customer service
Cons
  • Only available to military members, veterans, and their families
  • Below-average rates on savings accounts

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts

Is Navy Federal Credit Union right for you?

Navy Federal Credit Union is a good choice for you if:

  • You're an active-duty or former military member, a Department of Defense worker, or an immediate family member.
  • You don't want to get nickel-and-dimed by fees on your accounts.
  • You want high-yield CDs.

Bank fees

Navy Federal Credit Union Fee Charge
Monthly service fee $10 for Flagship Checking; can be waived with average daily balance of $1,500
Non-bank ATM fee $1
Overdraft fee $29 for non-sufficient funds (NSF), $20 for overdraft protection
Stop payment request $20
Incoming wire transfer fee $0
Outgoing wire transfer fee $14 for domestic, $25 for international
Data source: Navy Federal Credit Union

Savings account

Navy Federal Credit Union offers one basic savings account, called the Share Savings account. This account requires a $5 minimum deposit and earns 0.25% APY. The Navy Federal Share Savings Account is also available for members under age 18, and can be used as an Education Savings Account (ESA) or IRA.

Want to save for multiple goals? No problem -- it's easy to open multiple accounts online or through the mobile app. And there is no limit to the number of savings accounts you can open at Navy Federal Credit Union.

Ratings Methodology
Rates as of Dec 20, 2024

Navy Federal Share Savings Account

Federally insured by NCUA.
APY
0.25%
Min. To Earn APY
$5 to open and maintain account
  • No maintenance fees
  • Low opening deposit requirement
  • APY is below national average

Navy Federal Credit Union offers a single, modest savings account option called the Share Savings Account. A $5 minimum deposit is required to establish and maintain the account. Balances earn an APY that is well below the current national average for savings account.

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

Certificates of deposit

Navy Federal Credit Union has four types of certificates of deposit (CDs), which it refers to simply as certificates.

Standard Certificate

The Standard Certificate offers terms ranging from three months to seven years. Its minimum deposit starts at $1,000, which is a little higher than some of the best CDs, but not unreasonable compared to the rest of the industry. Rates are pretty competitive across all terms, but Navy Federal uses a tiered APY system that requires a minimum balance of $100,000 to earn the top rate. However, those with less money can still earn a good amount of interest with one of these accounts.

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for Navy Federal Credit Union Standard Certificate
Navy Federal Credit Union Standard Certificate
Bottom Line

Navy Federal Credit Union Offers a variety of short- and long-term share certificates. They require a minimum deposit of $1,000 to open and come in terms from three months to seven years. It's worth mentioning that deposits of $100,000 or higher earn a slightly higher APY.

MINIMUM DEPOSIT $1,000
3 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 5 Yr. APY 7 Yr. APY
up to 2.20% up to 4.35% up to 4.15% up to 4.05% up to 4.05% up to 3.85% up to 3.85%

  • The EasyStart Certificates are a nice alternative for those who don't have the $1,000 minimum deposit that Standard Certificates require. Navy Federal's EasyStart Certificates only have a $50 minimum deposit and the terms are much shorter (12, 18, or 24 months), so they're a better fit for those who don't want to lock their money away for too long.

    APYs are above-average, and there's no tiered system, so you earn the same rate no matter what your balance is.

  • The Special EasyStart Certificate is a single 12-month CD that's only available to those who have a Navy Federal checking account and set up direct deposit. This CD has the same low $50 minimum deposit as the EasyStart Certificates, but it enables you to earn a much higher rate on up to $3,000.

  • The SaveFirst Account CDs have an even lower minimum deposit ($5) than the EasyStart Certificates and a good array of term lengths, but their rates probably won't impress anyone. Most people are better off waiting until they have at least $50 and then investing in an EasyStart Certificate if the high minimum deposit requirement prohibits them from opening a Standard Certificate.

Compare CD rates

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

Navy Federal currently offers five checking accounts. Most of these have no monthly maintenance fees, and all earn interest and give you access to more than 30,000 no-fee ATMs.

Free Active Duty Checking

The Free Active Duty Checking account is available to active-duty and retired military members. It has no monthly maintenance fee or minimum balance requirement and it offers a modest interest rate on your funds. Other perks include early access to military pay for those who set up direct deposit, free personalized checks, and ATM fee rebates up to $240 per year, so you can use whichever ATM is nearest.

  • The Free Easy Checking account is similar in many ways to the Free Active Duty Checking account, except it's available to those who aren't military members or veterans. It has no monthly fees or balance requirements, and it offers annual ATM fee rebates up to $120 per year. You can also earn modest interest on your funds, though you must set up direct deposit in order to open a Free Easy Checking account.

  • The Free Campus Checking account is targeted at teens and young adults, aged 14 to 24. It also has no monthly fees or balance requirements, and it offers the same modest APY interest rate as the Free Active Duty Checking and the Free Easy Checking accounts. There's no direct deposit requirement to open this account.

  • The Free EveryDay Checking account offers a lower interest rate than the other checking accounts listed here. The main advantages of this account are its lack of fees or balance requirements. But as long as you're comfortable setting up direct deposit, you're better off with the Free Active Duty Checking or the Free Easy Checking account.

  • The Flagship Checking account offers the opportunity to earn more interest on your checking account funds, but it requires a pretty steep minimum balance of $1,500. If you don't maintain an average daily balance of $1,500, you'll pay a monthly maintenance fee, so avoid this account if you think this will be a struggle for you.

    This account employs a tiered APY system that pays you more for maintaining a larger balance, but you need at least $25,000 to qualify for the highest rate. The account has other perks, though, including an allowance of up to $120 of annual ATM fee rebates.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Money market account

Navy Federal Credit Union offers another special type of savings account, called theNavy Federal Money Market Savings Account. This account can help you earn a higher yield on your savings than the usual Navy Federal Share Savings Account, but it requires a minimum balance of $2,500 to earn interest. The Navy Federal Money Market Savings Account is a tiered account, so you earn higher APY with higher balances.

Account holders can earn up to 2.25% APY for balances over $1 million. But even these high APYs for the highest balances are not competitive with the best money market accounts.

Ratings Methodology
Rates as of Dec 20, 2024

Navy Federal Money Market Savings Account

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
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.

Customer experience

Navy Federal Credit Union is not ranked in large-scale customer satisfaction surveys, like those conducted by J.D. Power. This makes it a little more challenging to judge how its customer service stacks up to that of other banks and credit unions. But the reviews that exist are largely positive, especially on Trustpilot.

Customer reviews

As of this writing, Navy Federal Credit Union does not have a letter grade rating or any customer reviews on the Better Business Bureau website -- its profile on bbb.org was being updated. But on Trustpilot, Navy Federal Credit Union got one of the highest ratings that we've seen from any financial institution -- and this is no small sample size or fluke; the rating is based on feedback from over 36,500 customers.

  • Better Business Bureau rating: N/A
  • Trustpilot rating: 4.5 out of 5

Navy Federal Credit Union member service reps are available 24/7 by phone at 1-888-842-6328. You can also send a secure message to contact support within online banking.

Mobile app

The Navy Federal mobile app is a full-featured mobile banking app that lets you do a wide range of activities to manage your accounts. The digital banking features include mobile check deposit, bill pay, quick sign in, and more.

Navy Federal's mobile app gets high ratings for iOS, but something seems to have gone wrong with recent updates to its Android app -- Android users are complaining about a wide range of problems, describing the app as "chaotic" and "very bad," and the app only gets 2.6 stars on Google Play.

  • App Store rating: 4.9 out of 5 stars
  • Google Play rating: 2.6 out of 5 stars

Physical locations

Navy Federal Credit Union has more than 360 branches worldwide, including many branches near military installations. The credit union also gives members access to more than 30,000 no-fee ATMs through the CO-OP Network.

How does Navy Federal Credit Union compare?

If you don't qualify to join Navy Federal Credit Union, or if you want other options for financial institutions that have some similar customer-friendly products and perks, here are some other banks to consider.

Navy Federal Credit Union vs. USAA Bank

USAA Bank is another popular bank targeting military members, veterans, and their families. It has similar membership requirements to Navy Federal, so it may not be an option if you don't have a military connection. But those that do will gain access to a variety of bank accounts, loans, credit cards, and insurance with some of the best customer service in the industry.

Navy Federal Credit Union vs. Discover® Bank

Discover® Bank might be a better choice for those seeking high interest rates on their savings. It offers a competitive suite of products for saving and borrowing, and it charges fewer fees than many of its competitors. It doesn't have as many checking accounts or CD types as Navy Federal, but the accounts it does have should appeal to a wide audience.

FAQs

  • Yes. Navy Federal Credit Union is a member of NCUA (National Credit Union Administration), the credit union equivalent of the FDIC. That means your Navy Federal deposit accounts are insured up to $250,000 and protected against credit union failure.

  • To be eligible to join Navy Federal Credit Union, a person must fit one of the following descriptions:

    • Active Duty member of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, or Space Force.
    • Be part of the Delayed Entry Program (DEP)
    • Be a Department of Defense Officer Candidate/ROTC
    • Be a DoD Reservist
    • Be a veteran, retiree, or annuitant
    • Be an immediate military family member, or household member

  • Yes, Navy Federal's CD rates are up there with some of the highest paying that we've found, especially if you qualify for the top APY with a $100,000 minimum deposit.

  • You can join by visiting the Navy Federal Credit Union membership page. Be sure to have the following available:

    • Your Social Security number
    • Your driver's license or government issued ID
    • Your current home address
    • A credit card or bank account and routing number so you can fund your account