Navy Federal Credit Union Review: Checking, Savings and CDs
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- Savings
- Checking
- Certificates of deposit
- Customer experience
- Overdraft fees
Overall institution rating
4.0
Navy Federal Credit Union is the largest credit union in the U.S., with over 13.5 million members and a mission to serve those who serve our country. Its membership is linked to the military: You can join Navy Federal if you’ve served in a branch of the U.S. armed forces on active duty or as a reservist, if you’ve worked for the Department of Defense or a DOD contractor, or if you’re an immediate family member of someone eligible for membership.
Best for: Those who are affiliated with the military and want competitive rates on share certificates and free access to ATMs, and aren’t concerned with getting in-person services or high savings rates.
NerdWallet star-rating penalty for CFPB settlement, Nov. 7, 2024: Navy Federal Credit Union entered into a consumer banking-related settlement with the Consumer Financial Protection Bureau. NerdWallet deducted 0.5 star from Navy Federal’s overall rating because of the negative impact of the actions discovered. For more details on Navy Federal’s penalty, scroll down to the customer experience section. For more information about penalties in general, see our methodology page.
Pros
- No monthly fees on some checking and savings accounts.
- Competitive rates on share certificates.
- Large, free, nationwide ATM network.
- 24/7 customer service by phone.
- Branches available worldwide.
Cons
- Low rates on savings accounts.
- Limited branch access.
- Limited membership.
Full review
Navy Federal Credit Union
Savings
Savings
Federally insured by NCUA
3.4
/5 NerdWallet ratingTo become a member, you need to open a Navy Federal savings account, which requires a minimum deposit of $5.
The credit union's basic annual percentage yield of 0.25% isn't the worst rate out there, but you can find better savings rates at many online banks and credit unions. (See our list of the best savings accounts to compare rates.)
Navy Federal also offers a term-based savings account and money market accounts that pay higher interest rates.
» Looking for similar options? See our list of the best military banks and credit unions
Checking
Checking
Federally insured by NCUA
4.7
/5 NerdWallet ratingAll five Navy Federal checking accounts earn interest dividends, and you can choose from some solid free and low-cost options. With the Free EveryDay Checking account, you can earn interest on any balance. Navy Federal also offers access to more than 30,000 ATMs with the Co-op network for free.
» Looking for a similar options? See NerdWallet's review of Global Credit Union
Certificates of deposit
CD
Federally insured by NCUA
4.2
/5 NerdWallet ratingNavy Federal's share certificates, the credit union version of bank CDs, have solid rates that are highly competitive compared with online bank CD rates. The minimum deposit requirement of $1,000 is similar to what you’ll find at many other banks and credit unions.
» COMPARE: Best CD rates
Customer experience
5.0
NerdWallet ratingNavy Federal has 350 branches worldwide, a large number of them near military bases in places such as Virginia, Maryland and California. For those who prefer mobile banking, Navy Federal offers apps with high ratings for Android and iOS devices.
The credit union also provides live phone support 24/7 and online chat support.
Editor's note: On Nov. 7, 2024, the Consumer Financial Protection Bureau ordered Navy Federal Credit Union to pay over $95 million for charging members illegal overdraft fees from 2017 to 2022.
Overdraft fees
5.0
NerdWallet ratingYou can link a savings account to cover overdrafts for free or opt into an overdraft line of credit that has no per-item fee but charges an annual percentage rate starting at 13.90%.
Navy Federal also offers an optional overdraft protection service, known as OOPS, which limits the $20 overdraft fee to being charged once per day. There’s no fee for transactions of $5 or less, or if your overdrawn balance is less than $15.
If you choose not to sign up for any of these overdraft services, debit card swipes and ATM withdrawals will be declined at no charge.
How does Navy Federal Credit Union compare?
 Member FDIC |  Member FDIC |
|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.20% With $0 min. balance for APY | APY 4.55% With $5,000 min. balance for APY |
Bonus $300 Earn up to $300 with direct deposit. Terms apply. | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank |
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
