Navy Federal Credit Union Review: Checking, Savings and CDs

Navy Federal Credit Union provides accounts and products for people who have served as a member of the military or have worked for the Department of Defense, and immediate family members of those eligible.
Chanelle Bessette
By Chanelle Bessette 
Edited by Sara Clarke

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Navy Federal Credit Union
  • Savings
  • Checking
  • Certificates of deposit
  • Customer experience
  • Overdraft fees

Overall institution rating

4.5

NerdWallet rating 
The bottom line:

Navy Federal Credit Union is the largest credit union in the U.S., with over 10 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.

Best for: Those who are affiliated with the military and want competitive rates on share certificates and free access to ATMs, and aren’t concerned with getting in-person services or high savings rates.

Pros

  • 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.

Cons

  • Low rates on savings accounts.
  • Limited branch access.
  • Limited membership.

Full review

Savings

Navy Federal Credit Union Basic Savings Account
Navy Federal Credit Union Basic Savings Account

Savings

Federally insured by NCUA

3.5

/5
 NerdWallet rating 
APY
0.25%
With $5 min. balance for APY

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 still 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.

Checking

Navy Federal Credit Union Free EveryDay Checking
Navy Federal Credit Union Free EveryDay Checking

Checking

Federally insured by NCUA

4.5

/5
 NerdWallet rating 
Monthly fee
$0
APY
0.01%
With $0 min. balance for APY

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.

» Looking for a great business checking account, too? See why Navy Federal's is one of our picks for best free business checking accounts

Certificates of deposit

Navy Federal Credit Union Standard Certificate
Navy Federal Credit Union Standard Certificate

CD

Federally insured by NCUA

3.5

/5
 NerdWallet rating 
1-year APY
5.05%
3-year APY
4.00%
5-year APY
3.80%
Minimum deposit
$1,000

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.

» COMPARE: Best CD rates

Customer experience

4.5

NerdWallet rating 

Navy Federal has almost 350 branches worldwide, a large number of them near military bases in places such as Virginia, Maryland and California. For those who prefer mobile banking, Navy Federal offers apps with decent ratings for Android and iOS devices.

The credit union also provides live phone support 24/7 and online chat support.

Overdraft fees

5.0

NerdWallet rating 

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 an annual percentage rate starting at 13.90%.

Navy Federal also offers an optional overdraft protection service, known as OOPS, which limits the $20 overdraft fee to being charged once per day. There’s no fee for transactions of $5 or less, or if your overdrawn balance is less than $15.

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.

How does Navy Federal Credit Union compare?

NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5

APY 

4.60%

With $0 min. balance for APY

APY 

5.05%

With $5,000 min. balance for APY

Bonus 

$400

Up to $300 cash and $100 in rewards points. Terms apply.

Bonus 

N/A

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at SoFi Bank, N.A.

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at CIT Bank

Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.