Navy Federal Credit Union Review (2024)

Pros Explained

• Competitive rates on certificates: There are four certificate options available through Navy Federal, and many of them offer better rates than found at most national banks.
• No monthly fees on most savings and checking accounts: Most deposit accounts through Navy Federal have no monthly maintenance fee.
• Large fee-free ATM network: Navy Federal members have access to more than 30,000 fee-free ATMs.

Cons Explained

• Small branch network: Although it’s the largest credit union, the number of local branches available aren’t as widespread as its members.
• Strict membership requirements: Many credit unions offer a way to make a donation to charity to gain membership if you don’t meet the other requirements. Navy Federal doesn’t do that.
• Low interest rates compared with online banks: While some of the available rates might catch your eye, they still don’t compare with the top interest rates found at many online-only banks.

Who Is Navy Federal Credit Union Best For?

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

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

What Does Navy Federal Credit Union Offer?

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

• Checking accounts
• Savings account
• Money market accounts
• Certificates
• Credit cards

Checking Accounts

Navy Federal has five checking accounts available currently. Each varies slightly, which means the credit union has an account for almost every need. Three of the checking accounts currently earn a 0.05% annual percentage yield (APY) except Everyday checking, which earns 0.01% and Flagship checking, which earns between 0.35% and 0.45% APY. Here’s a breakdown of each checking option:

• Free Active Duty Checking: This checking account is designed for both active duty military and retired military. There is no monthly fee with a qualifying military direct deposit. There’s also no minimum balance requirement. Customers get free personalized checks and up to $240 in out-of-network ATM fee reimbursements annually.
• Free Easy Checking: This is a simple checking account with no minimum balance requirement and no monthly fee with a qualifying military direct deposit. It comes with up to $120 in out-of-network ATM fee reimbursements annually.
• Free Campus Checking: Designed for members ages 14 to 24, this checking account features no monthly fee and no minimum balance requirements. Accounts also come with up to $120 in out-of-network ATM fee reimbursements annually.
• Free Everyday Checking: This is a no-frills checking account. It has no monthly fee or minimum balance requirement but not much else.
• Flagship Checking: Navy Federal’s premier checking account, Flagship Checking has a $10 monthly fee, which can be waived by keeping an average daily balance of more than $1,500 each month. It earns up to $120 in out-of-network ATM reimbursements with direct deposit. Only balances over $25,000 earn the highest interest rate of 0.45% APY.