Navy Federal Credit Union is a financial institution supplied to the navy. To find out if you qualify for Navy Federal Credit Union , continue reading this review below.
Since this is a federal credit union, you have to apply for membership. For those in the navy, this credit union has a wide variety of account options to explore as much as you would explore the sea.
You can apply for this if you are already a member on duty or a former military member.
Table of Contents
- 1 Checking Account Options
- 2 Compare Checking Accounts
- 3 Savings Account Options
- 4 Compare Savings Accounts
- 5 Money Market Account Options
- 6 Compare Money Market Accounts
- 7 Reasons to Bank with Navy Federal
- 8 Reasons Not to Bank with Navy Federal
- 9 Navy Federal Routing Number
- 10 Contact Customer Service
- 11 How Navy Federal Compares
- 12 Bottom Line
Checking Account Options
Navy Federal Credit Union has a large variety of checking accounts and each of them comes with different benefits.
This is a free checking account available for those in the military.
You can get free checks, free rebates up to $20 and free direct deposits.
There is no monthly fee required nor minimum balances to maintain.
This is a basic checking account that also requires no monthly fee nor minimum balance requirements.
This checking account is available to those who are 14-24 and are interested in being in the military or is already training to be in it.
This is available to full time students and the requirements to apply are low.
There is no monthly fee nor minimum balance requirements to maintain.
You also get ATM fees reimbursed up to $10 per statement period.
This a premier checking account that lets you earn tiered dividends depending on your account balance.
You can waive the $10 monthly service fee if you manage to keep a daily balance of $1,500 or more.
This is a checking account available online if you prefer to do your banking completely electronically.
If you have direct deposit set up, you can waive the $5 monthly fee.
Compare Checking Accounts
Savings Account Options
Navy Federal Credit Union has several savings accounts available to all ages. They all earn dividends depending on the circumstances.
This is a basic savings account that is included with your Navy Federal Credit Union membership.
You can earn competitive rates without having to worry about a monthly fee.
This is a savings account for students. The earnings are tax-free as they go towards educational expenses.
These also depend on Education Savings Account certificates. You can learn more about them here.
Any individual can make a non-deductible contribution, but the total contributions cannot be over $2,000.
This savings account is more for special occasions so you can use it to put money towards a specific goal.
This account is treated like a CD account because of the terms selection.
This account earns a higher dividend and dividend is compounded daily.
You can open this account with just $5 and make additional deposits at your convenience.
Compare Savings Accounts
Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code HMB622 by 09/15/2022
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account open date to earn the $150 Bonus
• Earn high interest rate of 1.10% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
See advertiser website for full details
With the American Express® High Yield Savings Account:
• Earn 1.00% APY as of 6/29/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard.
Navy Federal Credit Union has a few money market accounts that earn tiered competitive rates depending on your balance.
With this money market account, you can earn high dividends.
There are 4 tiers:
- $50,000 and over
- $25,000 – $49,999
- $10,000 – $24,999
- $0 – $9,999
The rates earned applies to your overall balance so they can vary.
You also don’t have to worry about maintaining a minimum daily balance.
This money market is for those who does business while being on duty.
You will have to call Navy Federal Credit Union to open it.
You can find out more information about how to contact them here.
Compare Money Market Accounts
• Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 1.05% APY balances $100,000 and over
• Earn 1.00% APY balances under $100,000
• Open with as little as $2,500.
• No hidden fees. No surprises.
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily.
• Earn 0.85% APY on your funds
• One of the nation's top rates — several times the national average.
• Get up to 6 digital transfers/withdrawals per statement cycle
• Save smart and get more for your money
• Higher rates than traditional banks
• Get 24/7 Account Access
• Secure banking features
• Open with as little as $100
• FDIC insured
- If you are a member of the military or navy you are eligible to apply.
- They have a large selection of checking accounts to choose from.
- Their basic checking account is very affordable.
- There are barely any monthly fees to worry about.
- The have a youth checking and savings account for those who want to join the military or are training to be in it.
- Their SaveFirst account is similar to a CD account.
- They earn pretty competitive and high APY on their accounts.
- Conduct all your banking online or through the Navy Federal Credit Union mobile app.
- If you are not a veteran or a member of the military, it would be pointless to bank with them.
- Their savings accounts earn low dividends.
The routing number for Navy Federal Credit Union is 256074974.
Contact Customer Service
You can reach Navy Federal Credit Union at 1-888-842-6328.
For international, you can call 1-703-255-8837.
They are available at these hours:
Monday – Friday, 8:00 a.m. to 8:00 p.m. EST
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Quorum Federal Credit Union: Another federal credit union, except it is not exclusive to the navy or military.
- USAA Bank: This is a military based bank that services those who serve the country. They have decent account options.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
- Huntington Bank: Huntington Bank has various account options and offers checking bonuses, overdraft protection, free mobile banking, online bill pay, access to over 800 branches and 1,800 ATMs, and much more.
If you are serving the country and are particular in the navy, then consider banking with Navy Federal Credit Union.
This credit union encourages those who are in training to start managing their finances and money responsibly with Campus Checking and Educational Savings.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with Navy Federal Credit Union, apply today! For more options from a variety of banks, see our list of the best bank promotions!