Navy Federal Credit Union Review: Checking, Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Navy Federal Credit Union is the largest credit union in the U.S., with more than 14 million members and a mission to serve those who serve our country. Its membership is linked to the military: You can join Navy Federal 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 an immediate family member of someone eligible for membership.
Penalty for outsized CFPB complaints: NerdWallet deducted 0.5 star from Navy Federal’s overall rating due to the volume of complaints on the Consumer Financial Protection Bureau database relative to its asset size. For more details on Navy Federal’s penalty, scroll down to the customer experience section. For more information about penalties in general, see our methodology page.
No monthly fees on some checking and savings accounts.
Competitive rates on share certificates.
Large, free, nationwide ATM network.
24/7 customer service by phone.
Branches available worldwide.
Low rates on savings accounts.
Limited branch access.
Limited membership.
Product reviews
Savings
To become a member, you need to open a Navy Federal savings account, which requires a minimum deposit of $5.
The credit union's basic annual percentage yield of 0.25% isn't the worst rate out there, but you can find better savings rates at many online banks and credit unions. (See our list of the best savings accounts to compare rates.)
Navy Federal also offers a term-based savings account and money market accounts that pay higher interest rates.
Navy Federal Credit Union Basic Savings Account
Checking
All five Navy Federal checking accounts earn interest dividends, and you can choose from some solid free and low-cost options. With the Free EveryDay Checking account, you can earn interest on any balance. Navy Federal also offers access to more than 30,000 ATMs with the Co-op network for free.
Navy Federal Credit Union Free EveryDay Checking
Certificates of deposit
Navy Federal's share certificates, the credit union version of bank CDs, have solid rates that are highly competitive compared with online bank CD rates. The minimum deposit requirement of $1,000 is similar to what you’ll find at many other banks and credit unions.
Full List of Certificate Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 1.40% | $100,000 |
| 3 months | 1.35% | $1,000 |
| 6 months | 0.50% | $100,000 |
| 6 months | 0.45% | $1,000 |
| 1 year | 3.80% | $100,000 |
| 1 year | 3.75% | $1,000 |
| 1 year | 3.70% | $50 |
| 1.5 years | 3.70% | $100,000 |
| 1.5 years | 3.66% | $1,000 |
| 2 years | 3.55% | $100,000 |
| 2 years | 3.50% | $1,000 |
| 3 years | 3.66% | $100,000 |
| 3 years | 3.60% | $1,000 |
| 4 years | 0.75% | $100,000 |
| 5 years | 3.55% | $100,000 |
| 5 years | 3.50% | $1,000 |
| 6 years | 0.95% | $100,000 |
| 7 years | 3.55% | $100,000 |
| 7 years | 3.50% | $1,000 |
Navy Federal Credit Union Standard Certificate
Customer experience & overdraft fees
Customer experience
Navy Federal has about 350 branches, with a large number of them near military bases in places such as California, Maryland and Virginia. A few hundred branches isn’t a lot compared with how many some of the largest banks offer, but Navy Fed has worldwide locations.
For those who prefer mobile banking, Navy Federal offers apps for Android and iOS devices. Note that the iOS app is rated very well by users while the Android app is rated poorly.
The credit union also provides 24/7 live phone support and online chat support with a virtual assistant.
Editor's note: For a 12-month period beginning June 2024, Navy Federal Credit Union had more than 10,000 consumer complaints in the CFPB database related to checking and savings accounts only. Separately, on Nov. 7, 2024, the Consumer Financial Protection Bureau ordered Navy Federal Credit Union to pay over $95 million for charging members illegal overdraft fees from 2017 to 2022. While the current CFPB has reversed this order, complaints to the CFPB remain far higher relative to financial institutions of similar asset size.
Overdraft fees
You can link a savings account to cover overdrafts for free or opt into an overdraft line of credit that has no per-item fee but charges interest with an annual percentage rate starting at 13.90%.
Navy Federal also offers an optional overdraft protection service, which limits the $20 overdraft fee to one charge per day. There’s no fee for transactions of $20 or less, or if your overdrawn balance is less than $50 total.
If you choose not to sign up for any of these overdraft services, debit card swipes and ATM withdrawals will be declined at no charge.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.