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
- ATM Fee Refunds
- Free Checking
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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 Savings rating = 5/5
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 Checking rating = 5/5
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 which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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.
We want to know what you think about Navy Federal Credit Union
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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.
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.”
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
Featured customer reviews
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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 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.
Navy Federal Credit Union customer reviews
Navy Federal Credit Union has 24 reviews
Dive into community reviews below and see what others think about Navy Federal Credit Union.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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