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The bottom line: Naft Federal Credit Union is a worthwhile option if you live in South Texas and want to explore local banking with a Hispanic American-led institution. Its share certificates are the credit union’s standout product and pay high interest rates. You may still earn the best CD rates at online banks, though.
Naft Federal Credit Union Review: Overall Rating
FeatureInsider rating (out of 5)Savings3.5Checking3.75Money market account3.75Share certificate2.5Trustworthiness4Total3.5
Naft Federal Credit Union Pros and Cons
ProsCons
Credit union that serves a Hispanic American community
Competitive short-term share certificates
Low minimum opening deposits on savings and checking accounts
Possible to waive monthly fees
Only available in South TexasMonthly fees on savings and checking accountsNo debit card or check-writing included in your money market accountLow interest rates on savings, checking, and money market account
About Naft Federal Credit Union
Naft Federal Credit Union is a Hispanic American-led financial institution with three branches in Pharr and Harlingen, Texas. The credit union has 13 free ATMs in its network. Members also have access to over 30,000 free ATMs through the CO-OP Shared Network.
To become a member, you or a family member must live or work in Pharr, San Juan, or Alamo, Texas. You’ll need to open a savings account with at least $20 and pay a $5 fee.
If you have questions about bank accounts or services, you can call the nearest branch location. Hours will vary between branches, but you can call any from 10 a.m. to 5 p.m. Monday through Friday or Saturday from 10 a.m. to 12 p.m. CT.
The credit union is part of the TouchBanking mobile app, which has 4.8 out of 5 stars on the Apple Store and 4.4 out of 5 stars on the Google Play Store.
Naft is also federally insured by the NCUA. Up to $250,000 deposited in an individual bank account is safe, even in the rare event that a credit union shuts down.
Is Naft Federal Credit Union Trustworthy?
Naft Federal Credit Union has a C rating from the Better Business Bureau because it hasn’t responded to one customer complaint and hasn’t been operating for a long time.
A good BBB rating isn’t necessarily the be-all and end-all to seeing if a credit union will be the right fit for you. You’ll also want to talk to friends or family that are current members or read online customer reviews to get other perspectives.
On a more positive note, Naft Federal Credit Union hasn’t been involved in any recent public scandals.
The Role of Hispanic American-led Financial Institutions
Hispanic American-led financial institutions are great local banking options for Hispanic American and underserved communities. These banks are often more closely tied to these communities than national banks.
At Naft Federal Credit Union, customer support is available in English and Spanish. It has also partnered with a local school to help low-income high school students enter college.
Naft Federal Credit Union Bank Account Reviews
Naft Federal Credit Union Savings Account
When you open the Naft Federal Credit Union Savings Account, you’ll have to pay a $5 fee and deposit at least Naft Federal Credit Union Savings Account. It’s a decent option if you can maintain at least $100 in your account daily, so you’ll earn a bit of interest.
But if you’d prefer to earn a higher rate or avoid the monthly service fee, our best high-yield savings accounts guide may have more appealing options.
Naft Federal Credit Union Checking Account
The Naft Federal Credit Union Checking Account makes it easy to waive the monthly bank maintenance fee. All you need to do is set up a direct deposit. You can also earn interest if you maintain at least $2,000 in your account daily.
Naft Federal Credit Union Share Certificate
Naft Federal Credit Union pays competitive interest rates on Naft Federal Credit Union Share Certificates. This account is a great choice if you can make the Naft Federal Credit Union Share Certificates minimum opening deposit.
Note that the early withdrawal penalty is the same regardless of which term you choose.
Naft Federal Credit Union Money Market Account
There’s Naft Federal Credit Union Money Market Account – Fees Display for the Naft Federal Credit Union Money Market Account. However, this account doesn’t provide easy access to your account like most money market accounts — there’s no debit card or check-writing included.
If this is a deal-breaker for you, our best money market accounts guide includes accounts that provide these features.
How Naft Federal Credit Union Compares
Naft Federal Credit Union vs. Lone Star National Bank
To open a bank account with a credit union, you’ll have to be eligible for membership.
You can become a member of Naft Federal Credit Union if you or a family member live in Pharr, Alamo, or San Juan.
If you don’t meet these requirements (or prefer a bank to a credit union), Lone Star National Bank doesn’t have any requirements to open a bank account.
Lone Star is also a good option if you want to bank with a financial institution that has a robust branch network. Lone Star National Bank has 38 locations in South Texas, while Naft Federal Credit Union has only three branches.
You might prefer Naft Federal Credit Union if you’re looking for the most competitive CD rates.
Lone Star National Bank Review
Naft Federal Credit Union vs. Security First Credit Union
To qualify for membership at Naft Federal Credit Union, you or a family member must live in Pharr, Alamo, or San Juan. Meanwhile, Security First Credit Union lets you join if you live, work, or study in a Rio Grande Valley county.
If you qualify for membership at both credit unions, your decision between these two institutions may also depend on which accounts best fit your needs.
Security First Credit Union might be a better choice if you prioritize getting free savings and checking accounts. At Naft Federal Credit Union, you’ll need to meet certain requirements to waive monthly service fees.
If you’d like to open a share certificate, Naft Federal Credit Union has a greater variety of short-term options, including a 1-month term. However, Security First Credit Union has more standout terms if you’d like to get a high interest rate.
Security First Credit Union Review
Why You Should Trust Us: How We Reviewed Naft Federal Credit Union
At Personal Finance Insider, we rate savings, checking, CD, and money market accounts using our banking methodology and CD methodology.
Each account receives a rating between 0 and 5. We evaluate a bank’s ethics, customer service, and mobile app for all accounts. We also consider different features for specific types of bank accounts. For example, we look at overdraft fees for checking accounts and early withdrawal penalties for CDs.