Navy Federal Credit Union 2021 Exam

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Benefits explained

  • Competitive rates on certificates – There are four certificate options available through Navy Federal, and many of them offer better rates than most national banks.
  • No monthly fees on most savings and chequing accounts – Most deposit accounts through Navy Federal do not have monthly maintenance fees.
  • Large network of toll-free ATMs – Members of the Navy Federal have access to over 30,000 free ATMs.


Disadvantages Explained

  • Small branch network – Although it is the largest credit union, the number of local branches available is not as extensive as its members.
  • Strict membership conditions – Many credit unions offer a way to donate to a charity to become a member if you don’t meet the other conditions. Navy Federal does not do that.
  • Low interest rate compared to online banks – While some of the rates available may grab your attention, they still don’t compare to the highest interest rates found at many online-only banks.


Who is the Navy Federal Credit Union for?

Navy Federal Credit Union is a full-service credit union offering a wide range of products and services. It is a good choice for customers who:

  • Are in the armed forces or are related to someone who is a member
  • Want a full service credit union for all of their banking needs
  • Look for simple bank accounts that earn interest


What Does the Navy Federal Credit Union Offer?

As the largest credit union in America, Navy Federal Credit Union offers a host of banking products:


Check accounts

Navy Federal currently has five checking accounts. Each varies slightly, which means the credit union has an account for almost every need. Three of the checking accounts are currently earning an Annual Percentage Return (APY) of 0.05%, with the exception of the Daily Check, which yields 0.01% and the Flagship Check, which yields between 0.35% and 0. , 45% APY. Here’s a breakdown of each verification option:

  • Free active service check – This checking account is designed for active duty and retired servicemen. There is no monthly fee with an eligible military direct deposit. There is also no minimum balance requirement. Customers receive free personalized checks and up to $ 240 in reimbursement of off-grid ATM fees each year.
  • Free easy verification – This is a simple checking account with no minimum balance requirement and no monthly fees with an eligible military direct deposit. It comes with up to $ 120 in off-grid ATM fee refunds per year.
  • Free campus verification – Designed for members aged 14-24, this checking account has no monthly fees and no minimum balance requirements. The accounts also come with up to $ 120 off-grid ATM fee reimbursement per year.
  • Free daily check – This is a no-frills checking account. It doesn’t have a monthly fee or minimum balance requirement, but not much else.
  • Checking flagship products – Navy Federal’s first checking account, Flagship Checking, has a monthly fee of $ 10, which can be waived by maintaining an average daily balance of over $ 1,500 per month. He earns up to $ 120 in refunds from off-grid ATMs with direct deposit. Only balances over $ 25,000 earn the highest interest rate of 0.45% APY.

Interest dividends are credited monthly to all current accounts.

Navy Federal Credit Union Checking Accounts
Account name Minimum opening deposit Monthly fee Annual percentage return (APY)
Free active service check $ 0 $ 0 0.05%
Free easy verification $ 0 $ 0 0.05%
Free campus verification $ 0 $ 0 0.05%
Free daily check $ 0 $ 0 0.01%
Checking flagship products $ 0 $ 10 (if the balance is less than $ 1,500) Less than $ 10,000: 0.35%; $ 10,000 to $ 24,999: 0.40%; $ 25,000 and over: 0.45%
(As of June 14, 2021)

Savings account

Navy Federal offers a stock savings account for members, which is required to join the credit union. It’s a basic savings account that earns an APY of 0.25%. It requires an initial deposit of $ 5 to open a savings account.

Navy Federal Credit Union Savings Account
Account name Minimum opening deposit Monthly fee APY
Member sharing savings account $ 5 $ 0 0.25%
(As of June 14, 2021)

Money market accounts

There are two money market accounts available through Navy Federal Credit Union: Money Market Savings Account and Jumbo Money Market Savings Account. Both offer competitive rates close to those offered with the best money market accounts.

Federal Navy Money Market Accounts
Minimum deposit APY
$ 2,500 to $ 9,999 0.40%
$ 10,000 to $ 24,999 0.45%
$ 25,000 to $ 49,999 0.45%
$ 50,000 and over 0.45%
(As of June 14, 2021)
Giant Federal Navy Money Market Accounts
Minimum deposit APY
$ 0 to $ 99,999 0.25%
$ 100,000 to $ 249,999 0.50%
$ 250,000 and over 0.50%
(As of June 14, 2021)

Another popular account option through Navy Federal is its certificates, which are comparable to Certificates of Deposit (CDs). There are five CD options available through Navy Federal.

  • Standard certificates – The Navy Federal Master Certificate has terms of three months to seven years and earns up to 0.95% APY. To earn the highest level of interest, you will need a balance of more than $ 100,000. It comes with a minimum deposit as low as $ 1,000.
  • EasyStart Certificates – This startup certificate has a duration of six months to 24 months, earning up to 0.50% APY. With a minimum deposit of $ 50, members can add money at any time, and there is no account maximum.
  • Special EasyStart certificates – This certificate is only valid: 12 months. It pays up to 3.00% APY and can be opened for as little as $ 50. You must have a checking account and direct deposit to open this certificate, and there is a maximum purchase of $ 3,000.
  • Account RegisterFirst – This certificate comes with a minimum deposit of $ 5 with terms of three months to five years, earning up to 0.40% APY.

Standard certificate rates are based on both term length and balance amount. Only accounts with a balance of $ 100,000 or more get the highest interest rates.

Federal Navy Standard Certificates
Term APY $ 1K Min APY $ 20K Min APY $ 100,000 minimum
Three months 0.40% 0.40% 0.45%
Six months 0.45% 0.45% 0.50%
Nine months 0.50% 0.50% 0.55%
One year 0.55% 0.55% 0.60%
18 months 0.55% 0.55% 0.60%
Two years 0.55% 0.55% 0.60%
Three years 0.70% 0.70% 0.75%
Four years 0.70% 0.70% 0.75%
Five years 0.90% 0.90% 0.95%
Seven years 0.90% 0.90% 0.95%
(As of June 14, 2021)

Certificates of deposit (CD)

Credit card

Navy Federal Credit Union also offers a handful of credit cards, including several reward credit cards, a cash back card, and a secured credit card. Here is the full list of its offers:

  • cashRewards card
  • Navy Federal More Rewards American Express Card
  • Visa Signature Flagship Rewards Card
  • Go Rewards Card
  • Platinum card
  • NRewards secure card


Other financial products offered by Navy Federal

Navy Federal offers a host of other products and services:

  • Retirement savings accounts
  • Money Market and Jumbo Money Market Accounts
  • Certificates
  • Education savings accounts (CES)
  • Education Money Market Accounts
  • Study certificates
  • Prepaid cards and gifts
  • Mortgages
  • Home equity loans (currently suspended)
  • Home equity lines of credit (currently suspended)
  • Student loans
  • Personal loans
  • Auto loans
  • Motorcycle, boat and recreational vehicle loans


Federal Navy Customer Service

Members of the Navy Federal have access to a wide range of credit union support options. Phone support is available 24/7, with options for domestic and international callers:

  • Domestic: 888-842-6328
  • International: 703-255-8837

Other support options include chat, email, mail, and social media channels.

Navy Federal provides members with online and mobile access, which many credit unions do not. Members can check balances, make payments, transfer money, and order checks from almost anywhere.


How to Bank Through the Navy Federal Credit Union

To do banking at Navy Federal, you must be a member, which is not open to everyone. To become a member of the Navy Federal, you must be an active, retired, or veteran of the armed forces, which includes:

  • Army
  • Marine Corps
  • Marine
  • Aviation
  • coast guard
  • National Guard
  • Space force

Family members of military personnel, including minors, can also become members of the credit union. Membership is also an option for civilians in the Department of Defense, including retirees and annuitants, and other selected citizens.

You can apply for a membership only on the Navy Federal website or by calling 888-842-6328. You will need to have personal information on hand to verify your identity, including your social security number, driver’s license or other valid identification, as well as a card routing number. credit or bank account to fund your Navy Federal account.

Verdict

If you are an eligible person for membership, Navy Federal Credit Union offers enough accounts and services to meet most banking needs. It is a full-service credit union that rivals national banks. If you prefer a credit union over a bank, Navy Federal may be the best place to keep your savings. However, it’s not for everyone, especially if you don’t qualify for membership. Despite its size, it still does not have enough local branches to offer in-person service to all of its members. You can find better rates on most deposit accounts at an online bank.


Methodology

Investopedia is committed to providing consumers with unbiased and comprehensive ratings of banks. We’ve collected over 20 data points from over 80 banks, including available products, interest rates, fees, and affordability, to ensure our content helps users make the right decision for their savings. and their banking needs.






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