at Navy Federal Credit Union,

Federally insured by the NCUA

Pros

High rates for share certificates
No monthly fees on basic savings and several checking accounts
Over 30,000 free ATMs, plus some checking accounts offer ATM fee rebates

Cons

Small branch network
0.25% APY on basic savings; better rates available elsewhere

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Overall

4.0

Navy Federal Credit Union is the largest credit union, with over 7.5 million members and a mission to serve those who serve our country.

 

Military-based membership: You can join Navy Fed if you’ve served in a branch of the U.S. armed forces on active duty or as a reservist, if you’ve worked for the Department of Defense or a DOD contractor, or if you’re immediate family of someone eligible for membership

 

Why join: If you live near a branch or don’t mind banking online, you can find mostly no-fee checking and savings accounts and high rates on share certificates.

Ratings methodology | Updated May 4, 2018

Checking

4.5
All five Navy Federal checking accounts earn dividends, and you can choose from some solid free and low-cost options.
Basic Savings Account
APY
0.25%
Min. balance for APY
$5

at Navy Federal Credit Union,

Federally insured by the NCUA

EveryDay Checking
APY
0.05%
Monthly fee
$0
Balance to waive monthly fee
$0

at Navy Federal Credit Union,

Federally insured by the NCUA

Standard Certificate
APY
3.00%
Min. balance for APY
$10,000
Length of term
5 years

at Navy Federal Credit Union,

Federally insured by the NCUA

How does Navy Federal Credit Union compare?

Navy Federal Credit Union

Basic Savings Account

NerdWallet Rating

at Navy Federal Credit Union,

Federally insured by the NCUA

APY

0.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Live help 24/7

Mobile-friendly

Goldman Sachs Bank USA

Online Savings

NerdWallet Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Citizens Access

Online Savings Account

NerdWallet Rating

at Citizens Access,

Member, FDIC

APY

2.35%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Not for you? Read more bank reviews
NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
PISSED
We have both personal and business accounts. On the personal side Navy Federal has approved myself and my fiance, very extreme large amount in credit cards . Our business account we cannot even borrow a penny. To make matters worse, Oh Lawd where do I begin!! So, let's start with opening a business account there. While talking with the rep at the branch and trying to decide what business account we would like. She inticed us with the account that earned interest, no hidden fees, whatever we spend in ATM fees at another bank we receive back, and etc. So yes we went for it, why not? It sounded great! Boy was’nt we in for a surprise! Let give a little background first. We own a automotive and semi repair shop. We sell tires, along with repairing all kinds of vehicles. It is usual business for us to have a $2500 parts bill on every Monday, $2000 or more payroll on Friday, and tire bill anywhere from $100 to $2000 per day. With being said it’s not unusual activity for me to write checks for these amounts, and deposit $100 to $8000 per week, if not more some weeks. After a year of banking is when the problems began. We began receiving returned checks, and vendors calling us. We did dismiss some of this for a while as our fault. While some of this was how our credit card processor was handling funding to our account. Then we had a employee do a internal theft, who is incarcerated now due to this criminal act. Does not help us any because he is a third time felon we found out during trial and was sent back for good, so we will never get that $23,000 back. During the theft of $23,000 stolen right out of our bank account, Navy federal never once helped us in any kind of way. In fact, we applied for a loan to help us get through the hurdle till more money came in, and to cover checks that had bounced during this theft. Navy federal declined the loan and gave no reason for the refusal, but greatly enjoyed all the money they was making on our grief. This is where bad went to worse with Navy Federal! I think they enjoyed the money they was making sooooo much they found this as a way to higher there financial scores with FDIC, and stocks and so forth. Let me fast forward a little to the recent past several months. So, we was back in business after receiving a loan from another financial institution, because Navy Federal declined, their loss so I thought. We had deposited a very large amount cashiers check, and we still was getting returned checks. I was making deposits on the daily and still getting returned checks. So, come to find out Navy federal started placing holds on our deposits, and returning checks even though they money is there in their hands to cover the checks written. I battled with Navy Federal branch for a few weeks till finally they stopped placing holds on deposits, and it was agreed upon that our account could not handle holding funds. It’s not like this is my trash guy, and I can tell him give me 7 days because my bank put a hold on paycheck. After this argreement, or so I thought we had one. We started getting returned checks again, and there was no way, cause we made sure there was funds to cover the checks written. We fought this with Navy Federal, and the explanation we kept receiving was well there are checks pending and they go through to be paid before your deposit is applied. OK, I will accept that explanation for now! So, my fiancé got a little smart and on purpose wrote a certain number of checks, and paid cash for other stuff because we was setting up to watch how Navy Federal was processing all this. The day finally came where we knew exactly how many checks was out when they would be presented and the time the deposit was made to cover those checks. And, on that day that we had been working on to watch we sat up from 11pm till 3am and sure enough there it was. Even though I made the $3000 deposit before 12pm that day, because you know their cut off time to be applied to the account was 1pm they said, they processed all those checks and returned everyone of them then did not apply my deposit till 7am the next day. When I presented this to the supervisor at the branch I got the most technical, rehearsed, bullcrap story of why my theory does not work and that it was all my fault. I argued why that was bullcrap!! A few days later I received a credit for all the returned checks, and bullcrap miscellaneous technical glitch letter to present to my vendors that never put Navy Federal to blame (of course). Did not help with our reputation with our vendors though. We still had to pay their fees. Also during all this investigating and watching our account we found we was being charged international fees, we never received any money back from other ATM’s, and something else that just states misc fee, WHAT? Now when questioned about this I get some bullcrap excuse and told to go to business services that the branch does’nt handle our account. WHAT? And WHEN DID THIS
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Problematic and Rude
I first had a problem with them when I realized I was late on a loan payment. I had called days before to figure out what day a payment was due because their app said one thing and then they charged late fees based on another. No one could give me a real answer. Now, fast forward to today, I called to pay some accounts over the phone. No one could tell me where my money had gone, when it would show up, etc. and I was told that the joint owner of my account, my mother, probably took my money. To accuse something like that is ridiculous. Then, I had my late charges read out to me and I was told that because I was paying late, I obviously did not know what I was talking about. I was on the phone for HOURS just to finally find out where Navy Federal had transferred my own money to!! On top of that, once they found out, they said it would take an entire 24 hours to show up as transfered on my account. Keep in mind this is a TINY sum of money, under $200, and that I would be charged a late fee for it not posting my account that same day. As soon as this posts, I am closing my account with them. I am a teacher and they often randomly called my school during the school day to "chat" about upcoming payments. These people are rude, inefficient, and have no idea what is going on. I know more about banking than anyone I have spoken to on the phone. What an utter disgrace to the Navy.
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