Navy Federal Credit Union Review 2021

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Updated on Friday, October 1, 2021

Navy Federal Credit Union

Navy Federal Credit Union was founded in 1933 by employees of the Department of the Navy, with a mission to help service members reach their financial goals. The credit union now has a membership of more than 10 million worldwide, across all military branches, the Department of Defense and their families.

The credit union has a lot to offer its members — including checking and savings accounts, certificates of deposit, money market accounts, retirement accounts, loans and credit cards — and they can enjoy competitive savings rates with low loan interest rates.

Navy Federal Credit Union savings accounts 3.5 out of 5

Navy Federal Share Savings
  • APY:0.25% on all balances
  • Minimum opening deposit: $5
  • Monthly fee: None

It’s required to open a Membership Share Savings account when you join Navy Federal, though you can open as many more Share Savings accounts as you wish. This account requires just $5 to get started and doesn’t have any monthly fees. However, Navy Federal’s savings account has a relatively low interest rate compared with other accounts on the market. In fact, the APY on its savings account is even lower than that of its flagship checking account.

While there are no monthly maintenance fees, there may be some other miscellaneous fees. For example, Navy Federal Credit Union charges $3 per month for members ages 24 or older with less than $50 in their accounts, no activity for more than 12 months and no other Navy Federal accounts. Because of the low interest rate, this account may not be best for long-term savings, but could be suitable for Navy Federal Credit Union members to use for short-term savings.

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on Navy Federal Credit Union’s secure website

NCUA Insured

To see more savings account options, see our list of the best savings accounts on the market today.

Navy Federal Credit Union checking accounts 3 out of 5

Navy Federal Flagship Checking
  • APY:0.35% on balances between $1,500 and $9,999; 0.40% on balances between $10,000 and $24,999; 0.45% on balances $25,000 and over
  • Minimum opening deposit: None
  • Monthly fee: $10 (or $0 if average daily balance is $1,500 or more)
  • ATM access: 28,000+ free ATMs through CO-OP

The Flagship Checking account is Navy Federal Credit Union’s primary checking account and comes with the most advantages for account holders. With this account, Navy Federal rewards members who keep high account balances, thanks to its tiered dividends — customers must keep a daily ending balance of at least $1,500 to earn them. Members with less than $10,000 in their accounts will earn a 0.35% APY. Those with between $10,000 and $25,000 will earn 0.40%. Finally, members with more than $25,000 in their accounts will earn 0.45%.

Not only does your account balance help you earn more interest, but it could also save you from monthly service fees. This account comes with a $10 monthly service fee if your average balance is less than $1,500 — but with an average daily balance above $1,500, you won’t be subject to it. Keep in mind, though, that there may be other miscellaneous fees, including non-sufficient funds fees, stop payment fees and inactive member fees.

There are plenty of free ATM options available for Navy Federal members. Along with Navy Federal Credit Union branches, members can also access free ATMs through the CO-OP Network.

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on Navy Federal Credit Union’s secure website

NCUA Insured

Navy Federal Free Active Duty Checking
  • APY:0.05% on all balances
  • Minimum opening deposit: None
  • Monthly fee: None
  • ATM access: 28,000+ free ATMs through CO-OP
This checking account comes with many of the same benefits as Navy Federal’s Flagship Checking account, but also has a lower interest rate. This account is specifically designed for active duty and retired military personnel and allows members to access their military pay one day earlier via direct deposit.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Navy Federal Free Easy Checking
  • APY:0.05% on all balances
  • Minimum opening deposit: None
  • Monthly fee: None
  • ATM access: 28,000+ free ATMs through CO-OP
This account offers a simple, fast and free checking account option for Navy Federal members. To qualify for this account, you must set up direct deposit or use your Navy Federal debit card on at least 20 qualified transactions per statement period. You can also use this account to pay bills and make deposits. It comes with no monthly maintenance fees or minimum balance requirements, as well as a low monthly APY.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

Navy Federal Free Campus Checking
  • APY:0.05% on all balances
  • Minimum opening deposit: None
  • Monthly fee: None
  • ATM access: 28,000+ free ATMs through CO-OP

Navy Federal Credit Union’s campus checking account is designed for members ages 14 through 24. It has no monthly service fees, no minimum balance requirement and a low monthly APY.

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on Navy Federal Credit Union’s secure website

NCUA Insured

Navy Federal Free EveryDay Checking
  • APY:0.01% on all balances
  • Minimum opening deposit: None
  • Monthly fee: None
  • ATM access: 28,000+ free ATMs through CO-OP

Free EveryDay Checking is the most basic checking account that Navy Federal offers. It’s available to every member and includes all of the basic benefits of the other checking accounts without any extra perks.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

To find your next savings account, see our list of the best checking accounts on the market today.

Navy Federal Credit Union CDs 2 out of 5

TermAPYMinimum opening deposit to earn APY
1 year0.55% on balances between $1,000 – $99,999.99; 0.60% on balances $100,000 and over$1,000
3 years0.70% on balances between $1,000 – $99,999.99; 0.75% on balances $100,000 and over$1,000
5 years0.90% on balances between $1,000 – $99,999.99; 0.95% on balances $100,000 and over$1,000

Navy Federal Credit Union has a wide variety of certificates of deposit (CD) options. First, it offers standard certificates with terms ranging from three months to seven years. All of these CDs have a minimum deposit of $1,000, and APYs go as high as 0.95%.

There are also plenty of other CDs available to Navy Federal members. First, its EasyStart Certificates are more accessible, with minimum deposits of just $50. Terms range from six months to two years, with APYs as high as 0.50%.

Next, Navy Federal offers a Special EasyStart Certificate. These CDs are designed for members with direct deposit and checking accounts. They offer a high APY of 3.00% with a minimum deposit of just $50 and a term of just one year.

Finally, The SaveFirst Account comes with the lowest minimum deposit for just $5. Terms range from three months to five years and APYs up to 0.40%.

Keep in mind that early withdrawal penalties may apply for all of Navy Federal Credit Union’s CDs.

SEE DETAILS Secured

on Navy Federal Credit Union’s secure website

NCUA Insured

To keep shopping CDs, see our roundup of the best CDs on the market today.

Customer experience at Navy Federal Credit Union

Navy Federal Credit Union has over 340 branches around the world for members to access. In addition to its U.S. branches, the credit union also has branches in a handful of other countries and military branch locations. Navy Federal members have far more options when it comes to ATMs, thanks to the CO-OP Network — through CO-OP, there are more than 28,000 ATMs around the U.S. and Canada that Navy Federal members can use for free.

Navy Federal Credit Union also serves its customers with a robust website and digital app experience. The Apple iOS app is, at time of writing, ranked 33rd in the Finance category and has an average 4.8 of 5 stars from nearly 96,000 ratings. On the Google Play store, the app has 4.0 of 5 stars with more than 73,000 ratings.