Navy Federal Credit Union is one of the best institutions for the military. Its strongest features are probably its 24/7 live customer support and out-of-network ATM refunds.
Pros and Cons
Navy Federal Credit Union Pros
- Pays CD 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
Navy Federal Credit Union Cons
- Only certain people qualify to become a Navy Federal member
- Interest compounded monthly, not daily (except for CDs
The Navy Federal Credit Union Share Savings Account - Product Name
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.
Overview
Navy Federal Credit Union has 354 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.
Trustworthiness
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.
In late 2023, CNN published an investigative report about claims of racial bias in Navy Federal's mortgage lending. Navy Federal has not admitted to any wrongdoing, and the case is still ongoing.
In November 2024, the Consumer Financial Protection Bureau required Navy Federal to pay over $80 million to customers for illegal overdraft fees.
Navy Federal Credit Union released a statement following the investigation. "Navy Federal fully cooperated with the CFPB's investigation and we will continue to comply with all applicable laws and regulations, just as we always have and as we believe we did here," says the statement.
The statement also notes that Navy Federal Credit Union has also previously announced that it will be eliminating non-sufficient funds fees for checking accounts in the beginning of 2025, and will also look for ways to help members avoid fees.
Savings Accounts
no monthly service fee
0.05%
$0
- No minimum opening deposit
- Refunds up to $20 per month in out-of-network ATM fees
- Receive direct deposits one day before payday
- No monthly service fee if you set up military direct deposits
- Free personalized checks
- 3 overdraft protection options: savings transfer, line of credit, or optional overdraft protection service
- Interest compounded monthly, not daily
- Free Active Duty Checking is only for active military, retired military, or reservists
Navy Federal Credit Union is one of the best institutions for the military. Its strongest features are probably its 24/7 live customer support and out-of-network ATM refunds.
- Available to active military, retired military, or reservists
- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 354 branches worldwide, including on select military bases
- 30,000 free ATMs
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
Navy Federal has several types of checking accounts, and the Navy Federal Credit Union 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.
CDs
1.50% to 4.35%
$1,000 to $100,000
- Competitive APY, even for lower balances
- Terms up to 7 years
- $1,000 opening deposit
- Minimum $100k to earn highest APY with some terms
- Standard-to-high early withdrawal penalties
Navy Federal CD rates are high overall, with the exception of its 6-month terms — you'll find the best 6-month CD rates elsewhere. The SaveFirst Account rates are only so-so, but they're some of the few CDs out there that allow you to add more money to your account during the term.
Navy Federal Credit Union Standard Certificate- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 354 branches worldwide, including on select military bases
- Terms ranging from 3 months to 7 years
- Earn higher APY with a higher balance
- Early withdrawal penalty of 90 days dividends for terms of 3 months to 1 year; 180 days dividends for terms of 1 year to 5 years; 365 days interest for terms of 6 and 7 years
- Interest compounded daily, paid monthly
- Federally insured by the NCUA
Navy Federal CD rates are high on most terms. It also has terms as long as seven years, while most institutions only offer term lengths up to five years.
Money Market Account
no monthly service fee
0.00% to 1.50%
$0
- No minimum opening deposit
- No monthly service fee
- Competitive APY
- Includes paper checks
- Includes ATM card
- No interest earned when your balance is under $2,500
- Interest compounds monthly, not daily
- $1 out-of-network ATM fee
- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 354 branches worldwide, including on select military bases
- 30,000 free ATMs
- Tiered interest rate system; earn higher rates with higher balances
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
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.
Checking Accounts
no monthly service fee
0.05%
$0
- No minimum opening deposit
- Refunds up to $20 per month in out-of-network ATM fees
- Receive direct deposits one day before payday
- No monthly service fee if you set up military direct deposits
- Free personalized checks
- 3 overdraft protection options: savings transfer, line of credit, or optional overdraft protection service
- Interest compounded monthly, not daily
- Free Active Duty Checking is only for active military, retired military, or reservists
Navy Federal Credit Union is one of the best institutions for the military. Its strongest features are probably its 24/7 live customer support and out-of-network ATM refunds.
- Available to active military, retired military, or reservists
- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 354 branches worldwide, including on select military bases
- 30,000 free ATMs
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
0.01% APY
None
- No monthly service fee
- Low APY
- Member FDIC
Credit Cards
$0
1.99% intro APR for 12 months on balances transferred from non-Navy Federal credit card within 60 days of account opening (from 4/1/2025 through 6/30/2025)
14.90% - 18.00% Variable
Earn $250 cash back
Average to Good
- Good flat-rate cash back earning of 1.5% on all purchases
- Cash welcome bonus offer plus a low intro APR
- No annual, foreign transaction, balance transfer, or cash advance fees
- Must be a member of Navy Federal Credit Union to qualify
- From 4/1/2025 through 6/30/2025, 1.99% intro APR for 12 months on balances transferred from non-Navy Federal credit card within 60 days of account opening & $250 cash back when you spend $2,500 within 90 days of account opening.
$0
0.99% intro APR for 12 months on balances transferred from non-Navy Federal credit card within 60 days of account opening (from 4/1/2025 through 1/1/26)
10.99% - 18.00% Variable
N/A
Average to Excellent
- No balance transfer fee
- Low regular APR
- No annual, foreign transaction, or cash advance fees
- Must be a member of Navy Federal Credit Union to qualify
- No rewards earning
- From 4/1/2025 through 1/1/2026, 0.99% APR for 12 months on balances transferred from non-Navy Federal credit card within 60 days of account opening.
$0
1.99% intro APR for 12 months on balances transferred from non-Navy Federal credit card within 60 days of account opening (from 4/1/2025 through 6/30/2025)
14.90% - 18.00% Variable
Earn $250 cash back
Average to Good
- 2% flat rate cash back on purchases
- Low APR
- No annual fee
- No fees on balance transfers, foreign transactions, or cash advances
- Limited to applicants with military affiliation
- Requires being approved for a credit limit of $5,000 or higher
- From 4/1/2025 through 6/30/2025, 1.99% intro APR for 12 months on balances transferred from non-Navy Federal credit card within 60 days of account opening & $250 cash back when you spend $2,500 within 90 days of account opening.
$0
0.99% intro APR on purchases for six months (from 1/2/2025 through 1/1/2026)
14.24% - 18.00% Variable
N/A
Average to Excellent
- No fees
- Low interest rates with low intro APR
- Bonus rewards on dining and gas
- Limited to military-affiliated NFCU members
- Intro APR period shorter than most
- Requires good to excellent credit
- If you live life on the go, our GO REWARDS card is for you. From 1/2/2025 through 1/1/2026, 0.99% intro APR for 6 months on purchases.
Mortgages
Undisclosed
Conforming, VA, jumbo, Military Choice, Homebuyers Choice, home equity loan, HELOC
- No-down-payment mortgages available
- Apply with non-traditional credit data if you don't have a credit score
- Low average fees
- No FHA or USDA mortgages
- You must be eligible to join Navy Federal Credit Union to get a mortgage
- No personalized mortgage rates available online
- Doesn't disclose minimum credit score required
Navy Federal Credit Union is one of our best VA mortgage lenders. It's a good option for people affiliated with the military overall, especially if you're looking to avoid making a down payment. But it lacks transparency around its credit score requirements.
Navy Federal Credit Union- You may be eligible for a mortgage if you are an active military member, veteran, family member of someone affiliated with the military, Department of Defense civilian, or housemate of an existing Navy Federal member
660
Conventional, cash-out, VA refinancing
- Especially strong lender for VA mortgages
- Accepts alternative forms of credit
- No FHA or USDA mortgage refinancing
- You can only become a member of Navy Federal Credit Union if you or your family is affiliated with the military, you are a Department of Defense civilian personnel or contractor, or you live with a Navy Federal member
Navy Federal is a good option for people affiliated with the military overall, but especially if you're searching for a lender that's friendly to people who aren't in the best financial situation — namely, people with low credit scores.
Navy Federal Credit Union Mortgage- You may be eligible for a mortgage if you are an active military member, veteran, family member of someone affiliated with the military, Department of Defense civilian, or housemate of an existing Navy Federal member
- Branches around the US and on US military bases abroad
- Apply with alternative credit data, such as proof that you pay utility bills
- Live customer support 24/7
- Minimum credit score listed is for VA loan refinancing
Alternatives
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 PenFed Credit Union 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.
USAA Bank
Navy Federal pays a higher interest rate on savings than USAA, and it has more checking account options.
As for CDs, the best choice between the two institutions will depend on which term length you want. For example, USAA pays a great rate on a CD term of 182 days (or roughly six months), while Navy Federal Credit Union doesn't offer a 6-month term at all. On the other hand, Navy Federal pays a higher 1-year CD rate.
Why You Should Trust Us
We rate bank accounts on a scale from one to five stars. For Navy Federal Credit Union's checking, savings, and money market accounts, we used Personal Finance Insider's bank account ratings methodology. The exact factors we evaluate vary depending on the type of account — for example, we look at overdraft fees for checking accounts and interest rates for savings and money market accounts.
For Navy Federal Credit Union's CDs, we used our CD rating methodology which looks at interest rates, minimum opening deposits, early withdrawal penalties, CD variety, customer support availability, mobile app ratings, miscellaneous features, and the security and ethics of the company.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Navy Federal Credit Union: Overall Rating
| Feature | Personal Insider rating (out of 5) |
| Savings | 3.5 |
| Checking | 4.25 |
| Share certificate | 3.5 |
| Money market account | 4 |
| Trustworthiness | 2 |
| Total | 3.5 |
