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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We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.

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
An embarrassment to the navy
At one point it was a useful benefit for naval employees, but the wheels have been coming off the last few years. Using NFCU to pay a bill could put your credit rating in jeopardy: they send out the checks by regular mail and then do not monitor if they have arrived. Sending money in is also a problem: They have branches only near military bases, and so the next one might be several states away; when you mail in they often lose track of them. Customer service is polite, but ineffectual. NFCU has outsourced many of the key functions, like billpaying, to outside entities. When something goes wrong it is treated as out of NFCU's control; or even worse, they make their best guess at the status, without indicating that another organization has to be contacted to see what's really going on.
Overall
Customer service
Poor
Website / app
Poor
Rates
Fair
Fees
Fair
Closing soon
When you transfer money from savings or checking to pay your Visa is IMMEDIATELY deducted from that account but not credited to Visa for 2 days. They are holding your $$$ but still charging credit card interest. Don't even think about a mortgage unless you want to get hassled 3 to 4 times a year about insurance docs and other miscellaneous items then end up in Voicemail Limbo for an hour to talk to someone about it.
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