Navy Federal Credit Union was established in 1933 to ensure financial security for U.S. Navy employees. Today's membership is available to all military branches and their families, retirees, and veterans. Navy Federal offers savings and checking products, including credit cards, loans, and loans. The credit union has over 10 million customers and 346 branches worldwide.
Checking Accounts
Navy Federal has five checking accounts that are available at the moment. Each differs slightly, meaning there are accounts to meet almost all needs. The three checking options currently earn 0.05 percent per year (APY) other than Everyday Checking, which earns 0.01 percent.
Free Active Duty
This account is designed to serve both active duties as well as retired members of the military. There's no monthly charge with a Military direct deposit. There's no minimum amount to be deposited. Customers receive free personal checks and up to $240 annually.
Free Easy
This is a basic checking account that does not have a minimum balance requirement, and there are no monthly fees that are a Direct Deposit from the military. It offers up to $120 per year.
Free Campus
For members aged 14-24, this checking account comes with zero monthly charges, and there are no minimum balance requirements. Accounts are also eligible for up to $120 per year.
Free Everyday
This is a basic checking account. There is no monthly fee or minimum balance requirement, but it has nothing else.
Flagship
The most popular checking account offered by Navy Federal, Flagship Checking, costs $10 per month but can be waived by maintaining the balance of over 1500 dollars per month. It can earn as much as $120 out of network ATM reimbursements through direct deposits. Only balances that exceed $25,000 earn the highest interest rate, 0.45 percent per annum.
Savings Account
A mere $5 is required to start the Basic Savings account. There's no monthly fee for service. It has a higher rate than the national average; however, the higher rates are available elsewhere. Navy Federal members also can open the Education Savings Account (ESA) if they have a child or a relative who is in school and requires financial assistance. Contributions per beneficiary are total; however, they can be limited to $2,000 per year.
Money Market Accounts
Contrary to the Basic Savings Account, the Money Market account at Navy Federal Savings Account offers an additional yield based on the deposit amount. Savers must deposit at least $25,000 to earn the highest rate of return on this account. There is no minimum deposit requirement for opening; however, you'll need to deposit a minimum of $2,500 to earn interest. The account doesn't charge a monthly cost and has check writing capability. Navy Federal also offers a Jumbo Money Market Savings Account with a minimum deposit of $100,000 to receive the higher return that these accounts offer.
Bank Experience
Navy Federal offers a mobile application for Apple as well as Android users. Members can log into the app with facial recognition technology to pay bills and deposit checks. Customer service representatives are available throughout America. The U.S. to speak with members on the phone 24 hours a day. Members who are online and are seeking answers can use live chat. If you need assistance in managing their finances will find a variety of tools that can be useful, such as calculators, deployment tips seminars, and other events and more, on the credit union's website.
How Navy Federal Stacks Up
Navy Federal Credit Union offers many financial services, an excellent electronic experience and competitive interest rates, and user-friendly features for checking accounts. In a group of credit unions known for their commitment to its members, Navy Federal has an impressive track record of placing its customers first and offering outstanding value.
How to Bank Through Navy Federal Credit Union
Deposit money in Navy Federal requires membership, which isn't available to everyone. To be a member of Navy Federal, you must be active duty, retired, or a veteran of the armed forces including:
- Army
- Marine Corps
- Navy
- Air Force
- Coast Guard
- National Guard
- Space Force
Family members of military personnel, as well as minors, can become members of the credit union as well. Membership is also available for Department of Defense civilians, such as retirees and annuitants, and other selected citizens. You can apply for membership through the Navy Federal website or by calling the number 888-842-6328. It is necessary to have the right personal information to verify your identity. This includes the Social Security number, driver's license, and another valid ID, along with an account number for your credit card or bank account routing number to open a Navy Federal account.
