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Navy Federal Credit Union has branches around the world.
Navy Federal Credit Union; Alyssa Powell/Insider
The bottom line: Navy Federal Credit Union Share Savings Account is a good institution for people affiliated with the military. Its strongest features are probably its 24/7 live customer support and out-of-network ATM refunds.
Overall credit union rating
FeatureInsider rating (out of 5)Savings4.25Checking4.5Share certificate4Money market account4.25Trustworthiness3Total4
Pros and cons
ProsCons
Pays competitive interest rates
Large branch and ATM network, and you can open an account online
Most checking accounts refund out-of-network ATM fees
No monthly service fees on most accounts
24/7 live customer support
Only certain people qualify to become a Navy Federal memberCompounds interest monthly, not daily
Navy Federal Credit Union Share Savings Account
The Navy Federal Credit Union Share Savings Account is an affordable option, with no minimum opening deposit or monthly service fees. It pays a solid APY, especially compared to other brick-and-mortar institutions. You can open multiple accounts and name each one to save for separate goals, such as “Emergency Savings” or “Travel Fund.”
Navy Federal Free Active Duty Checking™ Account
Navy Federal has several types of checking accounts, and the Navy Federal Free Active Duty Checking™ Account is a great option if you qualify. You could receive paychecks a day sooner with early direct deposit, and you’ll receive up to $20 per month in out-of-network ATM fee refunds.
Navy Federal Credit Union Standard Certificate
The Navy Federal Credit Union Standard Certificate pays high interest rates. It also has terms as long as seven years, while most institutions only offer term lengths up to five years.
Navy Federal Credit Union Money Market Account
Money market accounts are similar to savings accounts, but they make it easier to access your money. The Navy Federal Credit Union Money Market Account comes with both paper checks and an ATM card, so you can withdraw cash if necessary. This makes it a convenient place to store your emergency fund.
How Navy Federal Credit Union works
Navy Federal Credit Union Share Savings Account has 247 branches around the world, including ones on some military bases. (Look here to see a complete list of branches by country or by military branch.) It also has 30,000 free ATMs around the US.
If you don’t live near a branch, you can still open an account online.
Navy Federal has 24/7 live customer support over the phone. Its mobile app has 4.6 out of 5 stars in the Apple store, and 3.7 out of 5 stars in the Google Play store.
Your deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for joint accounts.
How to join Navy Federal Credit Union
Navy Federal is a credit union for people associated with the military. You can become a member if you fall under one of the following categories:
Active duty, retired, or veteran military members. This includes active duty members of the Air Force, Army, Coast Guard, Marine Corps, National Guard, Navy, and SpaceForce; those in the Delayed Entry Program; Department of Defense officer candidates or those in the ROTC; Department of Defense reservists; veterans, retirees, and annuitants.Department of Defense civilians. This includes civilian employees; US government employees who do DoD installations; DoD contractors who do US government installations; retirees and annuitants.Family members. You can join if you are a family member of someone who meets any of the aforementioned requirements. This includes parents, grandparents, spouses, siblings, children (including stepchildren and adopted children), grandchildren, and household members.
You’ll also need to open a Navy Federal Credit Union Share Savings Account to become a member.
Navy Federal Credit Union trustworthiness and BBB rating
The Better Business Bureau currently has an NR (“No Rating”) rating for Navy Federal Credit Union. The BBB says that the credit union is responding to customer complaints, so it currently doesn’t have a rating.
Responses to customer complaints play a large part in the BBB’s ratings, but it also looks at factors such as honesty in advertising and transparency about business practices.
The credit union does have one recent controversy. A Navy Federal employee has claimed the lender pressured mortgage underwriters to approve loans even if they didn’t have sufficient reason to believe applicants could repay the loans. Then she filed a lawsuit and said Navy Federal retaliated against her whistleblowing by changing her job duties. She dropped the case in late 2020.
Navy Federal Credit Union vs. Pentagon Federal Credit Union
Navy Federal has several types of checking accounts, so you may find one that’s a good fit. Pentagon Federal Credit Union only has Pentagon Federal Credit Union Access America Checking Account — but it’s a high-yield checking account, which you might decide you like.
You may prefer Navy Federal if you think you’ll use out-of-network ATMs often. Almost all Navy Federal checking accounts refund some ATM fees, whereas PenFed does not reimburse fees.
But PenFed could be the better fit if you want to earn a higher interest rate on your savings account.
Navy Federal Credit Union vs. USAA Bank
Navy Federal pays a higher interest rate on savings than USAA, and it has more checking account options.
But USAA has a cash-back checking account, which is not available with Navy Federal. You’ll earn $0.10 cash back every time you use your debit card, and there’s no limit on how much you can earn.