Navy Federal Credit Union review 2024: Full-service credit union for military, with some trade-offs

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Founded in 1933, NFCU has become the largest credit union in the U.S., serving military members and their families. NFCU operates 357 branches worldwide, including 166 on or near military installations.

NFCU offers a full range of financial products, including checking, savings, CDs, loans, credit cards, and investment services. The credit union is known for its exceptional customer service, including 24/7 phone support and a highly-rated mobile app.

Who is eligible to join Navy Federal Credit Union?

Membership at Navy Federal Credit Union is available to active and retired members of: 

• U.S. Army
• Marine Corps
• Navy
• Air Force
• Coast Guard
• Space Force
• Delayed Entry Program (DEP)

Membership is also open to immediate family members and household members of eligible individuals, including grandparents, parents, spouses, siblings, grandchildren, and children (including adopted and stepchildren). Department of Defense (DOD) civilians can also apply. 

To join, you'll need to provide proof of eligibility, such as a military ID, DOD ID, or a family member's proof of eligibility, along with your government-issued ID.

Navy Federal Credit Union bank accounts and rates 

NFCU offers four main deposit accounts: checking accounts, savings accounts, money market accounts, and share certificates. 

Checking accounts  

Navy Federal Credit Union offers four checking accounts and a student checking account. All accounts come with a free debit card, access to over 30,000 ATMs, mobile check deposit, and overdraft protection.

Here's how each Navy Federal Credit Union checking account compares:

The Free Active Duty Checking is intended for active duty or retired military members. Its main benefit is early access to military pay. To qualify for this account, you'll need to receive a military direct deposit within 180 days of account opening.

NFCU's Free Easy Checking account is a basic account you can use to pay bills, write checks, and more. The catch is you need to make at least 20 debit card purchases each month or meet direct deposit requirements to be eligible for the account.

The Flagship Checking account is the best way to earn interest on your funds. It breaks down dividends based on different balance tiers:

• $0 to $9,999: 0.35% APY
• $10,000 and $24,999: 0.40% APY
• $25,000 and over: 0.45% APY

If you don't qualify for NFCU's other checking accounts, your default option is the Free EveryDay Checking account. It doesn't get ATM fee rebates or a higher APY, but there are no requirements to worry about.

Savings account

The Navy Federal Credit Union Share Savings Account is a basic, affordable savings option to get you started. It has no minimum opening deposit requirements or monthly fees and pays 0.25% APY. That’s much lower than what you’d find at online banks but higher than other brick-and-mortar institutions. 

NFCU lets you open as many savings accounts as you want, so you could create a new one to save up for a vacation, buy a new car, or build an emergency fund.

Navy Federal also offers retirement and education savings options, including a traditional individual retirement account (IRA), Roth IRA, Simplified Employee Pension (SEP) plan, or Coverdell Educational Savings Accounts (ESA). 

Money market savings account 

The Money Market Savings account is a step up from the NFCU’s standard savings account, offering potentially higher interest and greater accessibility. 

This account comes with check-writing privileges and an ATM card. There are no limits on the amount or how often you can withdraw.

One potential caveat is that the Money Market Savings uses a tiered system for its interest rates. Any balances under $2,500 don't earn any dividends. However, balances above this amount score higher APYs:

• $2,500 to $9,999: 0.95%
• $10,000 to $24,999: 1.06%
• $25,000 to $49,999: 1.10%
• $50,000 and over: 1.50%

NFCU also offers a Jumbo Money Market Savings with even higher APYs of up to 2.25%, depending on your balance. 

CDs

NFCU’s standard certificates come with tiered APYs based on your initial deposit. Terms range from three months to seven years, and you need at least a $1,000 minimum deposit, though higher deposits may earn a higher APY.

Here’s a closer look at NFCU’s standard CD rates.

Navy Federal also offers a few other types of share certificates. Its EasyStart Certificate has a lower opening deposit requirement ($50), allowing you to add money at any time. Terms range from 12 to 24 months, and rates go up to 4.75% APY.

If you meet certain direct deposit and checking account requirements, you may also qualify for a 12-month Special EasyStart Certificate with a much higher APY (up to 5.30%). 

The SaveFirst Account has an even lower minimum deposit ($5) and allows you to add funds whenever you choose. However, the APYs only go up to 0.40%. 

NCFU charges early withdrawal penalties if you withdraw funds from your certificate before maturity. The amount of the penalty depends on your certificate’s term:

• Terms of one year or less: 90 days of dividends
• Terms over one year and under five years: 180 days of dividends
• Terms five years or more: 365 days of dividends

Other Navy Federal Credit Union products and services

As a full-service credit union, Navy Federal offers more services than your typical online bank. 

Members can take out a mortgage, refinance their current home, or even get approved for a home equity loan or line of credit based on their home's current value. If you're in the market for a new or used car, NFCU also offers auto loans and refinancing. Private student loans for students and parents can make education more affordable.

NFCU also offers a range of credit cards, including cash back cards and credit builder cards. 

You can also use NFCU’s investment services to help you meet your financial goals. This includes financial planning, online portfolio management, life insurance, and estate planning.

Navy Federal Credit Union fees 

Most Navy Federal accounts don't have monthly fees, and you won't pay a fee to use one of the 30,000 ATMs in NFCU's network. 

However, there are a few fees to be aware of: 

• Monthly maintenance fee: $0-$10, depending on the account 
• Non-sufficient funds fee: $29
• Out-of-network ATM fee: $1
• Check deposit at a CO-OP Network ATM: $2
• Stop payment fee: $20
• Optional overdraft protection service: $20
• Outgoing wire transfer fee: $14 (domestic), $25 (international)

Navy Federal Credit Union banking experience

Even though NFCU has plenty of in-person locations, you can access your account features online. Here's a closer look at Navy Federal's banking experience.

Online and mobile banking platform

Navy Federal's online and mobile banking platform is comparable to some of the best online banks today. Via the website or mobile app, you can: 

• Check account balances and transaction history
• Transfer funds between NFCU accounts and to external banks
• Deposit checks using mobile check deposit
• Pay bills and set up automatic payments
• Send and receive money with Zelle
• Manage your debit and credit cards, including freezing and unfreezing cards
• View statements and tax documents
• Locate nearby branches and ATMs
• Contact customer support through secure messaging

The mobile app consistently receives high ratings, with 4.2 stars on Google Play (out of almost 100,000 reviews) and 4.9 stars on the App Store (out of over 750,000 reviews). Users praise its user-friendly interface, reliability, and wide range of functionalities. Some have reported occasional login issues or slowdowns, but these appear to be isolated incidents rather than widespread problems.

Customer service

Navy Federal offers several ways to get in touch with customer service:

• 24/7 phone support: 1-888-842-6328
• Secure message through your online account
• Live chat on the website (Monday-Friday, 9 a.m. to 6 p.m. EST)
• Social media channels (Twitter, Facebook)
• In-person at a branch location

Navy Federal Credit Union reviews indicate that customer service is a strong point of the bank. Many customers appreciate the 24/7 availability and the helpfulness and kindness of the customer service agents. Navy Federal has a 4.5-star rating on the online review site Trustpilot (out of over 30,000 reviews).

Account Security

The mobile app and online banking platform employ state-of-the-art security measures like encryption and multi-factor authentication to protect your financial information. In the event of suspicious activity on your account, NFCU's fraud monitoring system will alert you and take appropriate action to safeguard your funds.

Navy Federal is also insured by the National Credit Union Administration for up to $250,000 per member, per account. 

How Navy Federal Credit Union stacks up

Is Navy Federal Credit Union a good bank compared to the competition? It can be, especially if you're considering another credit union with physical locations. But if you're looking for an online bank account, you may be able to find higher APYs and accounts with fewer requirements.

NFCU offers competitive rates on CDs and money market accounts, often surpassing those of traditional banks. However, its basic savings account rates are lower than online banks like Ally or Marcus. Other credit unions, such as PenFed or USAA, may offer similar or slightly better rates on some products, but the difference is generally minimal.

Navy Federal Credit Union has a relatively low fee structure, with many accounts featuring no monthly maintenance fees. Traditional banks often charge higher fees for account maintenance, overdrafts, and other services.

Here's a breakdown of how NFCU stacks up against some popular credit unions:

Is Navy Federal Credit Union right for you? 

Navy Federal Credit Union is an excellent choice for many military members, veterans, and their families, but it may not be the perfect fit for everyone. Consider joining NFCU if:

• You want a full-service financial institution: NFCU offers various products and services, from basic checking and savings accounts to loans, credit cards, and investment options.
• You prefer a mix of online and in-person banking: With an extensive network of branches and ATMs and a robust online and mobile banking platform, NFCU caters to traditional and digital banking preferences.
• You're looking for competitive rates on CDs and money market accounts. NFCU often provides higher yields on these products than traditional banks.

However, you may want to consider other options if:

• You're seeking the highest possible rates on savings accounts. Online banks like Ally or Marcus often offer better yields than NFCU.
• You don't meet the membership eligibility requirements. NFCU membership is limited to active-duty military personnel, veterans, DOD employees, and their families. You'll need to look elsewhere if you don't fall into one of these categories.

How we rated this credit union 

Every bank review we publish has undergone a rigorous editorial process to ensure accuracy and objectivity. Learn more about our methodology here. 

Here are some of the factors that influenced this bank’s overall score: 

Frequently asked questions 

The bottom line

NFCU is a strong choice for military members, veterans, and their families who want a combination of online and in-person banking.

Before making a decision, it’s essential to consider your financial priorities and compare NFCU with other banks and credit unions. While NFCU excels in many areas, some online banks may offer higher rates on basic savings accounts, and not everyone will meet the membership eligibility requirements.

Editorial disclosure: Opinions expressed are author's alone, not those of any bank, credit card issuer, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included in the post.