Navy Federal Credit Union started with solely seven members in 1933. Today, the credit score union, which is headquartered in Vienna, Virginia, has 9.8 million members and serves members of the armed forces, the Department of Defense, veterans and navy dependents. NFCU has 343 branches and a community of greater than 30,000 free ATMs. Some branches are situated outdoors of the U.S. in nations similar to Italy, Japan and Spain and require a navy ID to entry. In addition, GOBankingRates named Navy Federal Credit Union the Best Credit Union of 2021 in its annual Best Banks rankings.

GoBankingRates Score

Our Take: For individuals who can meet Navy Federal Credit Union’s membership {qualifications}, this credit score union has many options that is perhaps price contemplating, together with aggressive charges, an absence of charges and membership perks. Those options are a part of the explanation why GOBankingRates recognized NFCU as one of many 10 finest navy credit score unions of 2020. However, members should be snug with on-line banking or e-banking because of the restricted variety of branches obtainable.
  • Fees

  • Rates

  • Cash-Back Opportunities

  • Breadth of Products

How did we calculate this?

Pros

  • Dividend-paying checking accounts
  • Credit card choices with APRs as little as 5.99%
  • Freedom lock on each new mortgage and refinance loans, which permits relocking of the rate of interest if it drops earlier than the transaction is finalized

Cons

  • Limited variety of branches
  • Basic financial savings charge of 0.25% APY is decrease than charges of some opponents

About Navy Federal Credit Union

Navy Federal Credit Union started with solely seven members in 1933. Today, the credit score union, which is headquartered in Vienna, Virginia, has 9.8 million members and serves members of the armed forces, the Department of Defense, veterans and navy dependents. NFCU has 343 branches and a community of greater than 30,000 free ATMs. Some branches are situated outdoors of the U.S. in nations similar to Italy, Japan and Spain and require a navy ID to entry. In addition, GOBankingRates named Navy Federal Credit Union the Best Credit Union of 2021 in its annual Best Banks rankings.

Navy Federal Credit Union Products

NFCU gives a full vary of economic merchandise, together with financial savings, checking and cash market accounts, and loans, in addition to non-deposit merchandise similar to investments, life insurance coverage, and monetary and retirement planning. Here’s a fast overview of the credit score union’s choices. 

Product Key Details
Checking Accounts
  • 5 checking account choices
  • Dividends paid on all accounts
  • ATM payment rebates on most accounts
Money Market Accounts
  • Money Market Savings and Jumbo Money Market Savings accounts with as much as 0.60% APY
  • Higher charges apply to increased balances
Savings Accounts
  • Membership Share Savings Account is required to determine NFCU membership.
  • Share Savings Account is a further account and can also be obtainable as an Education Savings Account or IRA.
Certificates of Deposit
  • 5 sorts of certificates with phrases from 3 months to 7 years
  • Up to 1.2% APY on commonplace certificates
  • Up to three.50% APY on Special EasyBegin Certificate
Retirement Savings
  • Traditional or Roth IRA choices
  • Rates as much as 0.25% APY
Education Savings
  • Grow training financial savings tax free
  • Option to complement with a 529 plan
Credit Cards
  • Variety of card varieties on your way of life
  • Competitive charges beginning at 5.99% APR
  • No overseas transaction charges or stability switch charges
Loans
  • Personal loans  
  • Student loans 
  • Auto loans
  • Leisure automobile loans 
  • Mortgage and house fairness loans 

NFCU Checking Accounts

NFCU gives its members 5 choices for checking accounts, and all however one are free — plus all accounts earn dividends. Checking options are Free Active Duty Checking, Free EveryDay Checking, Free Campus Checking, Free Easy Checking and Flagship Checking. Here’s extra. 

Features

  • Free checks
  • ATM payment rebates on all accounts besides Free EveryDay Checking
  • Dividends credited month-to-month
  • Checking safety choices: financial savings switch, checking line of credit score and non-compulsory overdraft safety service
  • No month-to-month service payment on all accounts besides Flagship Checking

Pros

  • Wide number of checking merchandise
  • Dividends paid on all accounts
  • ATM payment rebates on most accounts
  • No service charges on most accounts
  • Free checks

Cons

  • Dividends credited month-to-month, not day by day
  • $1,500 common day by day stability required to waive $10 service payment for Flagship Checking

NFCU Money Market Accounts

If you’re keen on incomes greater than what an ordinary financial savings account can present, an NFCU cash market account is perhaps price your whereas.

Features

  • 0.40%-0.50% APY for normal Money Market Savings Account
  • 0.25%-0.60% APY for Jumbo Money Market Savings Account
  • Minimum $2,500 stability to earn dividends on commonplace account
  • Minimum $100,000 stability to earn dividends on jumbo account

Pros

  • Access cash with checks and ATM withdrawals
  • Higher balances equal increased earnings

Cons

  • Better charges and decrease minimums could also be discovered elsewhere

NFCU Savings Accounts

NFCU gives has one financial savings account possibility — the primary Membership Share Savings account. It is required to change into an NFCU member.

Features

  • Minimum opening deposit of $5
  • Basic financial savings charge of 0.25% APY

Pros

  • Low opening deposit of $5
  • Earn dividends from account opening
  • Multiple accounts allowed

Cons

  • Higher financial savings charges could also be discovered elsewhere. 

NFCU CD Account

NFCU gives a number of CDs — also referred to as share certificates  together with commonplace and particular certificates. Options embody a Standard Certificate, 3-Year Variable Rate Certificate, EasyBegin Certificate, Special EasyBegin Certificate, and the SaveFirst Account. Many of those choices help you add cash to your account at any time. Here’s extra.

Features

  • Terms from three months to 5 years, relying on certificates sort
  • Rates from 0.40%-3.50% APY, relying on certificates sort
  • Minimum deposits from $5

Pros

  • Variety of CD choices to suit virtually anybody’s financial savings targets
  • Low minimal deposits obtainable
  • Higher APYs than what yow will discover at conventional banks

Cons

  • Special EasyBegin Certificate has a $3,000 most stability.

Banking Experience

The breadth of merchandise and competitiveness of charges {that a} monetary establishment gives are essential. However, the standard of the particular banking expertise can also be an element to contemplate. Here’s what you want to know.

Customer Service

NFCU has a wide range of customer support choices. Call 888-842-6328 across the clock to talk to a consultant. Or should you’re outdoors of the U.S., you may make a global accumulate name to 703-255-8837. You can also sign up to Online Banking and ship a safe message, or entry assist through chat or social media.

Accessibility/Branch Availability

While NFCU doesn’t have as many branches as larger monetary establishments solely 343 whole  it does provide 24/7 accessibility to stateside representatives. Plus, some branches are opening an hour early on Wednesdays to serve high-risk members, together with seniors, amid the COVID-19 pandemic.

Mobile and Digital Experience

NFCU gives a cell app that means that you can do your banking wherever, on the fly. The app charges 3.3 out of 5 stars on the App Store. The decrease ranking could also be from a number of fixes the developer has needed to full, in accordance with the app’s web page on the App Store. On Google Play, the app charges barely increased at 3.8, however customers complain of gradual performance, having to uninstall and set up the app to get it to work, and extra. The app can also be obtainable on Amazon Appstore with a ranking of 4.4.

NFCU gives two-step verification for its app, which it contends is 3 times safer with the verification than with out it.

Convenience/Ease of Use

Banking with Navy Federal is straightforward, so long as you might be snug doing all your banking on-line should you don’t occur to have a department close by. Branch places are restricted to 343 places, however the credit score union does provide entry to a community of greater than 30,000 free ATMs.

How To Open an Account

A primary Membership Share Savings account is required for membership. Here’s what you’ll have to open the account.

  • Social Security quantity
  • Driver’s license or different authorities ID
  • Current house deal with
  • Account quantity and routing quantity for funding supply

Here’s open an account:

  1. Click on the orange “Join Now” button on the NFCU web site.
  2. Answer some eligibility questions.
  3. Complete the membership utility.
  4. Enroll in digital banking.

Key Information 

NFCU Fees

While you possibly can escape lots of the account charges that different banks cost, NFCU does have charges for some companies. Here’s extra.

  • Monthly upkeep charges: $10 for Flagship Checking, waived with $1,500 common day by day stability; $0 for many account choices  
  • Incoming wire switch: $0 
  •  Outgoing home wire switch: $14 
  • Outgoing worldwide wire switch: $25
  • Non-sufficient funds payment: $29 
  • Stop cost payment: $20 for single merchandise; $25 for collection of things
  • Inactive member payment, per quarter: $3

    NFCU vs. Competitors

    Take a take a look at how Navy Federal Credit Union compares to different credit score unions and an enormous nationwide financial institution.

    Bank Name Best For
    Navy Federal Credit Union Variety of no-fee checking choices that earn dividends
    USAA People in search of a one-stop store for banking, insurance coverage, investing and recommendation
    Pentagon Federal Credit Union People who wouldn’t usually qualify for membership at a navy credit score union
    Wells Fargo People who wish to financial institution in individual

      Navy Federal Credit Union vs. USAA

      None of USAA’s checking accounts embody month-to-month service charges, whereas NFCU’s Flagship Checking does. But Navy Federal has a a lot wider number of checking account choices than USAA’s two choices.

      Navy Federal Credit Union vs. Pentagon Federal Credit Union

      Pentagon Federal Credit Union gives further paths to membership should you don’t have shut connections to the navy. However, NFCU has higher beginning APRs on its bank card choices than Pentagon Federal Credit Union. 

      Navy Federal Credit Union vs. Wells Fargo

      Wells Fargo is far more accessible with no membership necessities and 7,200 places. However, Navy Federal gives a lot increased financial savings and CD charges than Wells Fargo’s commonplace 0.01% APY.

      Final Take

      For individuals who can meet NFCU’s membership {qualifications}, this credit score union has a lot to supply, similar to account selection and 24/7 customer support. But, with the restricted variety of branches obtainable, members should be snug with on-line banking. If you suppose NFCU is best for you, you will get began at the moment by opening a Membership Share Savings account

      Editor’s Favorite

      NFCU gives a wide range of checking accounts — 5 to be actual — to fulfill nearly anybody’s preferences. A bonus is that every one checking choices provide the chance to earn dividends. Plus, 4 out of 5 of the account choices are free from month-to-month upkeep charges.

      FAQ

      Now that you already know extra about NFCU’s merchandise and companies, listed here are some solutions to often requested questions.

      • Can anybody be part of Navy Federal Credit Union?

        • No. You should qualify to be a member by being a present or retired member of the armed forces, a member of the family of a present or retired navy member, or a Department of Defense civilian worker.
      • Is there a month-to-month payment for Navy Federal?

        • There is not any month-to-month payment for NFCU membership.
      • How lengthy does it take to get permitted for Navy Federal?

        • You can apply for an account on-line or in a department. Approval can occur as quickly as that day.
      • Does Navy Federal Credit Union have Zelle?

        • Yes, NFCU is partnered with Zelle for the straightforward switch of cash.
      • Does Navy Federal provide free cash for signing up for an account?

        • Yes, NFCU gives financial institution promotions. Currently, Navy Federal is providing $150 money again with its cashRewards bank card whenever you spend $2,000 inside 90 days of account opening.

      Rates are topic to alter; except in any other case famous, charges are up to date periodically. All different data on accounts is correct as of 1/5/2021.

      This content material isn’t supplied by Navy Federal Credit Union. Any opinions, analyses, opinions or suggestions expressed on this article are these of the creator alone and haven’t been reviewed, permitted or in any other case endorsed by Navy Federal Credit Union.

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      About the Author

      Cynthia Measom is a private finance author and editor with over 12 years of collective expertise. Her articles have been featured in MSN, Aol, Yahoo Finance, INSIDER, Houston Chronicle, The Seattle Times and The Network Journal. She attended the University of Texas at Austin and earned a Bachelor of Arts diploma in English.