Pros

No monthly fees on several checking accounts.
Some checking accounts offer ATM fee rebates.
At least 0.05% APY on all checking accounts.

Cons

High average balance required to avoid fee on Flagship Checking.
0.25% APY on basic savings; better rates available elsewhere.
Recently ordered to pay $28.5 million for improper debt collection practices.

Overall

3.5

Navy Federal may be right for you if:

  • You’ve served in a branch of the U.S. armed forces, on active duty or as a reservist; you’ve worked for the Department of Defense or a DOD contractor; or you have an immediate family member who is eligible for membership
  • You want a checking or savings account with no minimum deposit or monthly service fee, and you don’t necessarily need access to a branch

Ratings methodology | Reviewed June 26, 2017

Checking

4.5

All five Navy Federal checking accounts earn dividends, and there are some solid free and low-cost options to choose from.

Standard Certificate
1.15%
APY
$10,000
Min. balance for APY
18 months
Length of term
Learn moreat Navy Federal Credit Union
Basic Savings
0.25%
APY
$5
Min. balance for APY
Learn moreat Navy Federal Credit Union
EveryDay Checking
$0
Monthly fee
None
Balance to waive monthly fee
Learn moreat Navy Federal Credit Union
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
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
All time 2nd favorite banking institution
Been with them for 10 years and with my other favorite banking institution for 30. Both are equally my favorite, however, one I have more experience. Their ATM cards are "Co-op" networked. Access to my funds (or deposits) is seemingly everywhere I travel in the continental US. I use their credit line to avoid NSF's and their "rewards" Visa for purchases. As always with any banking institution, the APR/APY paying on my accounts could be better. Customer service? Priceless.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
UNRELIABLE, UNPROFESSIONAL, INADEQUATE
I have inquire what is needed to re-open my checking acct. I was informed that i need to pay my negative bal. I did that, they re-open my account, i waited 2 weeks for my atm card to come, i called back to inquire again and was informed that the rep shouldnt have re-open my account but should have open a new account, so i had to cancel my direct deposit and have the rep open a new checking account, waited another week, still no card, i called navy federal back again and was informed this time that an account can not be open until the credit card balance is paid. which now im furious that each time i speak with a rep they are informing me with false information. I spoke with a supervisor she said she can mail me out a atm card for my savings and once my credit card payment is made then i can reopen a new checking account but in the meantime can send out the atm card, as of today it has been 3 fucking weeks and I still have not received my card. needless to say i am calling today actually speaking with a rep as i type my complaint and am being told that they will get the card out to me express in two days. this type of service is simply unprofessional, it was an inconvenient for me and straight out an unreliable source when being told information. Navy federal do not know what they are doing at all!
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