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

4.5

Navy Federal Credit Union is the largest credit union in the country, with over 8 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 Feb. 14, 2019

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

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
Good
Fees
Fair
Wonderful Experience
I opened a checking and savings and IRA account at a local branch office. It was a very good experience because everyone I did business with was very personable and helpful. I later used the NFCU app to open and fund a CD account and it was so easy. NFCU app is very user friendly and allows customers to see everything about your account. NFCU has competitive rates on CD's and IRA'S.
Overall
Customer service
Good
Website / app
Fair
Rates
Good
Fees
Fair
I Love Navy Federal
I've had an account with them for many years, starting when I was in the Navy. They were the first banking institution that had I heard of that paid interest (dividends) on Checking accounts. They are pretty good at keeping up with modern banking norms, with a decent mobile app, and they have always had a very low fee structure, as they are a credit union. I have fairly simple banking needs, just checking, savings, and credit card. Never used their mortgage services. I don't remember if I ever used the auto loan services, as it's hard to compete with dealer financing, and I have always purchased cheap vehicles using a credit card or cash. They don't have a lot of branch locations outside of military bases, so that can be inconvenient, and it's one reason that NFCU isn't my only bank. But it's where I keep most of my money. They are very proactive about account security, and very responsive to alerting and otherwise responding to possible fraudulent transactions. Customer Service is very good most of the time, and they can handle most things either in the app or over the phone very smoothly. I just found out they offer business banking solutions too, and I will be looking into that soon.
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