Navy Federal Credit Union (NFCU) was founded in 1933 and is a member-centric financial services organization dedicated to providing maximum value for more than 13 million members worldwide.
With $178 billion in assets, NFCU fosters financial health and well-being for the military, Veterans, and their families with a wide range of options, including core banking services, credit cards, mortgages, and more.
A Quick Look
Product Name: Navy Federal Credit Union
Product Description: Navy Federal Credit Union proudly serves families nationwide connected to the U.S. military, with numerous branches conveniently situated on or near military bases. It’s an excellent choice for those seeking a credit union renowned for its dependable customer service and a robust global presence, boasting over 300 branches worldwide.
Summary
Navy Federal Credit Union offers a comprehensive range of banking services, including various checking and savings accounts, certificates of deposit (CDs), and money market accounts. Checking account options cater to different member needs, from everyday use with no fees to specialized accounts for active military and students. Members benefit from extensive access to over 300 branches and 30,000+ free ATMs worldwide.
The credit union’s savings accounts, including basic savings and Education Savings Accounts (ESAs), provide secure, low-fee options for managing and growing funds. Navy Federal’s CDs and money market accounts offer competitive yields with flexible terms and deposit requirements, making them attractive choices for short-term and long-term savings. Overall, Navy Federal Credit Union combines flexibility, accessibility, and competitive rates to meet its members’ diverse financial needs.
- Extensive Branch and ATM Network: Navy Federal offers over 350 branches worldwide and access to more than 30,000 fee-free ATMs through the Co-op network, making it highly convenient for members globally.
- No Monthly Fees: Most of Navy Federal’s checking and savings accounts have no monthly maintenance fees, which makes them cost-effective for members?.
- Competitive CD Rates: The credit union offers high annual percentage yields (APYs) on certificates of deposit (CDs), which are generally above national averages.
- 24/7 Customer Service: Navy Federal provides round-the-clock customer support via phone, ensuring members can get help whenever needed.
- Recognized Customer Service: The credit union is frequently praised for its high-quality customer service, contributing to member satisfaction?.
- Digital Banking: Navy Federal’s mobile app and online banking services are well-rated and provide a seamless banking experience for tech-savvy members.
- Lower Savings Account Yields: The savings account APYs are relatively low compared to those at many online banks, which might not appeal to members looking for higher returns on their deposits.
- Strict Membership Requirements: Membership is limited to individuals with a military affiliation, including active duty, Veterans, Department of Defense employees, and their families. This exclusivity can be a barrier for potential members without these connections.
- Limited Branch Access: Despite being the largest credit union, its number of branches is less extensive than that of major national banks, which might be inconvenient for members who prefer in-person banking.
- Interest Compounding: Interest on savings accounts compounds monthly rather than daily, which can slightly impact the total interest earned over time.
Navy Federal Credit Union claims members could earn and save $461 annually by banking with them. See how you can take advantage of your new membership perks.
Who Qualifies for NFCU Membership
Before you can access NFCU banking services, you must become a member. To qualify for membership, you must be a service member or a Veteran of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, or Space Force.
Immediate family and household members are also eligible, including parents, grandparents, spouses, siblings, children (including adopted and stepchildren), and grandchildren. Minors under 18 can join through an existing member such as a parent, grandparent, or guardian.
Membership eligibility also includes Department of Defense civilians who support U.S. armed forces, including:
- DoD civilian employees
- U.S. Government employees assigned to DoD installations
- DoD contractors assigned to U.S. Government installations
- DoD civilian retirees and annuitants
If you’re an existing member and current small business owner, you can apply for business membership to access a suite of products and services designed especially for you. Some of those perks include:
- Business credit cards with rewards
- Business loans at competitive rates
- Business checking and savings accounts that earn guaranteed dividends
- Access to small business professionals and partner resources like payroll and credit card processing
If one of your immediate family members serves or has served in the military but is not an NFCU member, you may still be eligible for membership.
Compare Current Savings Account Rates
Navy Federal’s Banking Services
You have a wide range of account options with NFCU’s banking services.
Savings Accounts
Navy Federal has a tiered and structured approach to savings accounts. If you’re young or have little money saved, the best place to start is with a Basic Savings Account, which NFCU identifies as an Emergency Fund.
The money in your emergency savings account can help you cover costs beyond your monthly budget or provide a safety net if your income changes. If you want to open a regular savings account separate from an emergency account, you can also set up automatic transfers to help strengthen your savings habit.
Regardless of how you structure it, you’re encouraged to make regular contributions to work toward saving 3-6 months of living expenses.
Savings accounts earn 0.25% APY (subject to change) and require only a $5 minimum balance to earn dividends.
As your balance grows and you’re able to maintain a balance of $2,500 or more, consider switching to a Money Market Savings Account (MMSA) to increase your dividends. Navy Federal also has a calculator for what it will take to get there.
Upgrading to an MMSA means you’ll earn variable higher dividends, and you can still access your money anytime—through checks, ATMs, and digital banking.
Also, member shares are insured by the National Credit Union Administration.
Certificates
If you’re willing to tie up your money for a more extended period, a certificate will produce a much higher rate of return. Certificates allow you to plan out your savings by providing guaranteed returns you can access on a set maturity date.
Here are the basics of the various certificates that the Navy Federal offers.
Standard Certificate
The Standard Certificate is ideal for those looking to secure higher dividend rates without needing flexible access to their savings. With terms ranging from 3 months to 7 years and a minimum deposit of just $1,000, this certificate ensures your money grows securely and predictably. Enjoy an APY as high as 4.85%.
EasyStart Certificate
EasyStart Certificates are designed for individuals aiming to kickstart their savings journey. With a low minimum deposit of $50 and terms between 12 and 24 months, this certificate offers the flexibility to add money anytime, fostering good savings habits. The APY can reach up to 4.75%.
Special EasyStart Certificate
For those with direct deposit and a checking account, the Special EasyStart Certificate offers an exceptional savings opportunity. With a minimum deposit of only $50 and a 12-month term, you can take advantage of a special rate with an APY as high as 5.30%, perfect for quickly growing your savings up to $3,000.
SaveFirst Account
The SaveFirst Account is tailored for those who want the benefits of higher savings rates with the flexibility of a traditional savings account. With a minimum deposit of just $5 and terms from 3 to 60 months, this account allows for continuous contributions and offers an APY of up to 0.40%.
Navy Federal Credit Union’s diverse certificate options provide secure, guaranteed earnings, helping you protect against inflation and market volatility while steadily growing your savings.
NFCU Checking and Debit Services
Navy Federal Credit Union offers a variety of personal checking accounts designed to cater to the unique needs of military members, Veterans, and their families. Each account has standard features, ensuring security, convenience, and financial flexibility.
Included With All Navy Federal Checking Accounts
All Navy Federal checking accounts come with a Navy Federal Debit Card that includes Zero Liability protection, ensuring that unauthorized transactions do not affect you. Additionally, there are no monthly service fees, and dividends are credited monthly.
Members can access over 30,000 ATMs across the U.S. and Canada and digital banking services such as Mobile Deposits and Bill Pay. Checking Protection Options are also available to ensure you’re covered for overdrafts and other issues. Members receive free traditional name-only checks with easy online ordering?.
Personal Checking Accounts:
- Free Active Duty Checking® Designed specifically for active duty and retired military personnel, this account offers several benefits. Members can receive ATM fee rebates up to $240 per year and get early access to military pay with direct deposit. The account has no monthly service fee and no minimum balance requirement. Additionally, members receive free personalized checks. This account earns a 0.05% APY and a 0.05% dividend rate?.
- Free Easy Checking This account is ideal for general use with qualifying direct deposit. It offers ATM fee rebates up to $120 per year and has no monthly service fee or minimum balance requirement. Dividends are credited monthly, and comprehensive checking protection options are available. The account earns a 0.05% APY and a 0.05% dividend rate?.
- Free Campus Checking Targeted at members aged 14-24, this account provides convenient banking with ATM fee rebates up to $120 per year and no service fees. There is no minimum balance requirement, and the account earns a 0.05% APY and a 0.05% dividend rate?.
- Free EveryDay Checking This account is designed for anyone seeking a hassle-free, no-requirement checking option. It features no monthly service fee, no opening deposit requirement, and no minimum balance requirement. The account earns a 0.01% APY and a 0.01% dividend rate?.
- Flagship Checking For members with higher balances, Flagship Checking offers tiered dividends based on balance. Members earn dividends with a daily ending balance of at least $1,500. The account provides ATM fee rebates up to $120 per year with direct deposit and has no monthly service fee if the average daily balance is $1,500 or more; otherwise, a $10 fee applies. This account earns between 0.35% and 0.45% APY and dividend rate, depending on the balance.
Navy Federal Debit Card
The Navy Federal Debit Card is a robust feature included with all checking accounts. It offers extensive security measures such as Zero Liability protection, chip technology for encrypted transactions, and 24/7 fraud monitoring. The card can be used worldwide wherever Visa is accepted, and it supports contactless payments like Amazon One. Additionally, members can receive their card instantly at any Navy Federal branch, and it includes various Visa perks.
Navy Federal Credit Union’s checking and debit products are designed to provide secure, flexible, and convenient banking solutions tailored to the needs of military members and their families. These accounts ensure members can manage their finances effectively, with benefits supporting their unique lifestyle and financial goals.
Navy Federal’s Mobile Banking App
NFCU makes it convenient to manage your savings and checking accounts with their mobile banking app. Navy Federal uses state-of-the-art fraud prevention systems to keep your accounts safe and give you additional tools to keep you in control.
Downloading the app from several stores is easy.
With digital banking, you can perform several actions, including:
- View account balances and past statements, make payments, transfer funds, and order checks.
- Pay off your balance.
- Report lost cards or suspicious transactions.
- Deposit personal and business checks safely and securely from anywhere with your phone or other mobile device.
- Use notifications to get alerted to activity in your accounts.
- Switch to Paperless Statements
- Reduce waste while increasing your account security by switching to paperless statements.
- Transfer money
- Pay bills and send a payment to almost anyone in the U.S.
FAQs
Does Navy Federal have educational resources about savings and checking accounts I can tap into?
Yes. Visit the Savings Learning Center and the Savings Resources pages to learn more about strategies for accomplishing your financial goals.
What are the security protections for NFCU savings and checking accounts?
- Insurance up to $250,000 through NCUA for all deposits
- Protection from confirmed unauthorized charges with NFCU’s Zero Liability policy
- State-of-the-art account verification with VoiceID
What kind of reviews do members give NFCU?
Based on more than 30,000 TrustPilot reviews, members give Navy Federal 4.5 out of 5 stars, including 83% of members who rate NFCU 5 out of 5 stars. Even more impressive, Navy Federal activity monitors TrustPilot and works to resolve problematic reviews, demonstrating its stated commitment to outstanding customer service.
Can I have more than one savings or checking account?
There is no limit to the number of savings or checking accounts you can have.
How do I add a joint owner to my account?
To add a joint owner, you and the other person must visit a branch to validate their identity and start enrollment. If they’re unavailable, you can initially open your account as an individual and then request an application to add them later. You can have up to three joint owners on each of your savings or checking accounts.
A joint owner shares access to your account but isn’t necessarily a member of Navy Federal. To become a member, you or one of your family or household members must have ties to the armed forces, DoD, or National Guard.
How do I contact Navy Federal Credit Union for more information?
Phone Support: You can talk to a live person anytime by calling 1-888-842-6328. Stateside member reps are available 24/7. Other important and international phone numbers can be found here.
Business Solutions: Representatives are available Monday through Friday, 9 am to 5 pm ET at 1-877-418-1462.
Secure Message: To discuss your account, sign in to online banking, choose “Messages,” and then “Send us a message.”
In-Person: Team members at any branch can help. Before you go, you can book an appointment online to make your trip easier and faster.
Chat: Get your questions answered in real-time. Look for the chat icon to appear on certain pages to start chatting. Stateside member reps are available Monday through Friday, from 9 am to 6 pm ET.
Social Media: Connect with Navy Federal on Facebook and Twitter.
General Mailing Address:
Navy Federal
P.O. Box 3000
Merrifield, VA 22119-3000
Additional mailing addresses
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