An Overview of Navy Federal Credit Union: Services, Features, Perks and Cons

Navy Federal Credit Union: A Comprehensive Review

Overview: Navy Federal Credit Union (Navy Fed), founded in 1933, provides comprehensive banking services to over 14 million members. These members include personnel from the Department of Defense, Army, Marine Corps, Space Force, Coast Guard, veterans, and their families. Navy Fed’s banking services range from checking and savings accounts, credit cards to various loan products.

Navy Fed has achieved recognition as one of the top 10 credit unions and also identified as one of the 5 best banks and credit unions for military.

Financial Products and Services

Membership at Navy Fed requires a share savings account with a minimum opening balance of $5.00, earning an interest at 0.25% APY. For more details on share savings account, click here.

Navy Fed also offers various IRA share accounts with no minimum contribution required. These include traditional IRA savings accounts, Roth IRA savings accounts, and SEP IRAs.

The credit union provides money market savings accounts and jumbo money market savings accounts that require a minimum of $2,500 to earn dividends. For the best jumbo money market rates, check here.

The SaveFirst Account is a tailor-made savings account that enables customers to save for specific goals. With just $5, you can start saving for your goals.

Investment Certificates

• Standard Certificates: With a term of three months to seven years, you can earn up to 4.05% APY, with a minimum deposit of $1,000 required.
• EasyStart Certificate: These certificates offer terms ranging from 12 to 24 months with an earning potential of up to 3.95% APY and a minimum deposit of $50.
• Special EasyStart Certificate: This 12-month certificate requires a minimum deposit of $50 and can earn up to 4.3% APY. To understand what a share certificate is, click here.

Checking Accounts

• Free Active Duty Checking: Designed for active duty or retired service members, this account provides ATM-fee rebates and early access to military pay.
• Free Easy Checking: A no-frills account with no monthly service fee, no minimum balance requirement, and access to free ATMs and ATM-fee rebates.
• Free EveryDay Checking: This interest-bearing account has no monthly fee, no minimum opening deposit, and no minimum balance requirement.
• Flagship Checking: This tiered, interest-bearing checking account has no monthly service fee if you maintain an average balance of at least $1,500.
• Free Campus Checking: Designed for members ages 18-24, it offers up to $120 per year in ATM fee rebates and has no monthly service fee or minimum balance requirements.

Loan Services

• Mortgages and mortgage refinancing: Navy Fed provides mortgage loans, refinancing, and preapprovals for those interested in home ownership or better rates on their current home loan.
• Home equity loans and lines of credit: Fixed-rate home equity loans from $10,000 to $500,000 are available, with no closing costs and APRs as low as 7.34% with terms ranging from five to 20 years.
• Auto loans, refinancing, and auto loan services: New and used auto loans are available with rates as low as 4.09%, as well as auto loan refinancing, preapproval, auto insurance, and registration and titling services.
• Student loans: Navy Fed provides private student loans and student and parent refinance loans with competitive APRs.
• Motorcycle, boat, and RV loans: Financing options are also available for motorcycles, personal watercrafts, campers, RVs, travel trailers, ATVs, and snowmobiles.

Customers can also receive tailored advice from a Navy Fed investment professional regarding estate planning, portfolio management, life insurance, and general financial planning.

Business Banking Products and Services

Navy Fed’s business services include business checking and savings accounts, loans, credit cards, and more.

Navy Fed Membership

All branches of the military, veterans, Department of Defense employees, and their immediate family members are eligible to join Navy Fed. To open an account, you’ll need your Social Security number, driver’s license or government ID, current home address, and a credit card or bank account and routing number to fund your account. A membership savings account with a $5 minimum balance is required to establish and maintain membership.

Is Navy Federal Credit Union Safe?

Yes, Navy Federal is an NCUA-insured credit union, which means your deposits are protected up to $250,000 per account holder.

What is Navy Federal’s routing number?

Navy Federal’s routing number is 256074974.

Does Navy Federal offer Zelle?

Yes. As a Navy Federal Credit Union member, you can easily send and receive money to friends and family via Zelle. For more about Zelle, click here.