Navy Federal Credit Union savings account rates
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Navy Federal Credit Union has one basic savings account option, the Share Savings Account. Active duty military, veterans, their families and Department of Defense personnel may join the credit union by making a $5 deposit into the savings account. Navy Federal’s savings account pays an annual percentage yield (APY) that is lower than the national average.
Aside from Share Savings, NFCU offers two money market accounts that earn tiered interest rates based on the account balance.
Overall, the savings options at Navy Federal Credit Union offer subpar rates, with the base savings account offering an APY far below the national average. Higher-yielding options with lower deposit requirements can be found elsewhere, particularly at online-only banks.
Navy Federal Credit Union earned 4.0 out of 5 stars in Bankrate’s review, scoring 3.4 out of 5 for its savings account and 3.1 out of 5 for its money market accounts.
Navy Federal Credit Union savings account interest rates
Here’s a breakdown of Navy Federal’s savings rates.
| Account name | APY | Minimum deposit |
|---|---|---|
| Membership Share Savings Account | 0.25% | $5 |
Navy Federal also offers a Money Market Savings account and a Jumbo Money Market Savings account with variable, tiered APYs. A minimum daily balance of $2,500 is required to earn dividends for the standard MMSA; the jumbo MMSA requires $1 million to earn the highest APY.
| Account name | APY | Minimum daily deposit |
|---|---|---|
| Money Market Savings | 0.00% | $0 to $2,499 |
| Money Market Savings | 0.95% | $2,500 to $9,999 |
| Money Market Savings | 1.06% | $10,000 to $24,999 |
| Money Market Savings | 1.10% | $25,000 to $49,999 |
| Money Market Savings | 1.50% | $50,000 or more |
| Jumbo Money Market Savings | 0.25% | $0 to $99,999 |
| Jumbo Money Market Savings | 1.65% | $100,000 to $249,999 |
| Jumbo Money Market Savings | 1.85% | $250,000 to $499,999 |
| Jumbo Money Market Savings | 2.05% | $500,000 to $999,999 |
| Jumbo Money Market Savings | 2.25% | $1 million or more |
Note: The annual percentage yields (APYs) shown above are as of Dec. 12, 2024.
How Navy Federal Credit Union compares with top high-yielding banks
Navy Federal Credit Union’s Share Savings pays an APY that is below the national average and much lower than what you can find with savings accounts at online banks.
Navy Fed’s Money Market Savings Account starts close to an average APY, but the credit union requires a steep minimum balance of $1 million to earn the top yield. Keep in mind that the Federal Deposit Insurance Corporation (FDIC) limit is $250,000 per depositor and account ownership category.
Vio Bank, for example, offers a very competitive yield on every balance, far above the national average, with its money market account and requires just a $100 minimum deposit. (Here’s our list of the best credit union savings account rates.)
One benefit of Navy Federal’s Share Savings and money market accounts: There are no monthly service fees, though that’s often true with high-yield savings accounts as well.
How to become a member of Navy Federal Credit Union
To take advantage of Navy Federal savings accounts, you must be a member. Membership is available to those who are serving or have served in the U.S. Armed Forces and their family and household members, plus Department of Defense civilians.
Navy Federal has more than 13 million members. Members can access their accounts online, by using the Navy Federal mobile app or by visiting a branch or ATM. NFCU’s website offers a variety of educational content related to savings, as well as a savings calculator to help you plan for financial goals.
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