Navy Federal Credit Union Review 2024
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At a glance
CDs
Checking
Savings
MMA
About Bankrate Score
Overview
Navy Federal Credit Union is open to families nationwide with ties to the U.S. military, with many of its branches located on or near military bases. It’s a good fit for anyone looking for a credit union known for providing reliable customer service and an extensive network of more than 300 branches worldwide.
Highlights
- 24/7 Customer Service
- Free Checking
- ATM Fee Refunds
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Navy Federal Credit Union is the world’s largest credit union serving millions of military members and their families. It offers more than 300 branches worldwide and 24/7 customer service. Its money market account and share certificates generally earn yields above the national average, but higher rates can still be found elsewhere.
Pros
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Members have access to more than 300 branches.
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Access is available to more than 30,000 free in-network ATMs.
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Navy Federal has been recognized for offering high-quality customer service.
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The credit union offers APYs on its money market account and certificates that are above national averages.
Cons
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The savings account yield is relatively low.
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Membership is only available to those with a military affiliation.
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Navy Federal Credit Union banking products
Navy Federal Credit Union savings overview
Navy Federal members also have the option of opening an Education Savings Account (ESA), in which funds grow tax free for qualified primary, secondary and higher education expenses. Total contributions per beneficiary, however, are capped at $2,000 a year.
Pros
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The minimum deposit needed to open and maintain the account is very low.
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No monthly service fees apply.
Cons
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Savings account yields are very low.
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The account does not come with an ATM card.
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An inactive member fee is assessed quarterly to those who don’t meet minimum balance or account activity requirements.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
This is a sponsored offer rated 4 stars or higher for competitive rate, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $20 |
| Non-sufficient funds fee | $29 |
| Monthly maintenance fee | $0 – $10 |
| Out-of-network ATM fee | $1 |
| Excessive transaction fee | None |
Customer experience
Customer support
Branch availability. Navy Federal offers more than 300 branches, some of which are located on military bases. It offers overseas branches located in 10 countries.
Customer service. Customer service representatives are available in the U.S. to speak with members over the phone 24/7. Online, members who have questions can access live chat. Those looking for help to manage their finances will find a bevy of useful tools, including calculators, deployment advice, seminars and events, and more on the credit union's website.
ATM access. While Navy Federal grants fee-free access to 30,000 ATMs across the U.S., consumers should note there are areas where you’ll be hard pressed to find an ATM. “In Virginia Beach, there were multiple branches and ATMs, likely due to the higher military/veteran population,” said a Bankrate staff member who uses Navy Federal personally. “Now that I live in Charlotte, North Carolina, I don’t have access to a single branch and there’s only one ATM in my area. I would not recommend Navy Federal in the Charlotte metro area for customers who prefer in-person banking.”
Digital experience
Highly rated mobile app. Navy Federal offers a mobile app for both Apple and Android users. These are highly rated and let customers do things like deposit checks, pay bills and transfer money between accounts. Apple Pay and Google Pay are options for account holders looking for a mobile wallet. Navy Federal also offers an app for Kindle Fire users.
Digital tools. Navy Federal customers can use Zelle for person-to-person transactions and connect external accounts for easy transfers. Moreover, customers can use the My Credit Score dashboard feature via the accounts page.
Bankrate staff insights
“Navy Federal offers competitive CD rates compared to most banks and credit unions, but low APYs on the basic savings account,” said a Bankrate staff member with an account. “For that reason, I keep minimal funds in there to keep my account open for other products like credit cards and loans, since Navy Federal offers much lower APRs compared to big banks I also use.”
Featured customer reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.
Our editor's take
Navy Federal has approximately 300 branches across the U.S. Compared with other big institutions, this is a relatively small amount, but customers get fee-free access to more than 30,000 ATMs nationwide, making it easy to get access to your cash.
Navy Federal offers a large host of financial products and services, ranging from share certificates to mortgages. However, not all of the credit union’s products are competitive, as is the case with its base savings account.
About Navy Federal Credit Union
Navy Federal Credit Union was founded in 1933. While it began with just seven members, the credit union now serves more than 13 million members across the globe. It’s headquartered in Vienna, Virginia.
The credit union primarily strives to support military members, veterans and their families. Membership is open to Department of Defense employees, retirees, veterans and active-duty service members in any branch of the armed forces.
Members have access to credit cards, loans and deposit accounts in addition to special discounts and offers for their affiliation with the credit union.
How does Navy Federal Credit Union compare to other banks?
Navy Federal Credit Union vs. USAA
Both Navy Federal Credit Union and USAA are financial entities that solely service military members, veterans and their families. USAA offers a wider array of services covering everything from car insurance to investment accounts. Navy Federal focuses solely on banking.
Neither institution offers high yields on its savings account. However, both Navy Federal and USAA are now offering above average rates on its share certificates. Moreover, Navy Federal offers a money market account while USAA doesn’t. If that’s what you’re in the market for, Navy Federal may be a good option.
In terms of digital and mobile banking, both Navy Federal and USAA get high marks for their apps and online experience. That noted, USAA is mostly an online-only experience, with no branches but access to around 100,000 ATMs. In contrast, Navy Federal has more than 300 branches and offers access to more than 30,000 fee-free ATMs. Thus, if you’re primarily looking for physical presence, Navy Federal Credit Union will be the better choice.
Navy Federal Credit Union FAQs
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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