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The bottom line: 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.
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PenFed Pathfinder® Rewards Visa Signature® Card -
PenFed Power Cash Rewards Visa Signature® Card
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PenFed Platinum Rewards Visa Signature® Card
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Navy Federal Credit Union Share Savings Account
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Navy Federal Free Active Duty Checking™ Account
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Navy Federal Credit Union Standard Certificate
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Navy Federal Credit Union Money Market Account
Navy Federal Credit Union: Overall Rating
| Feature | Personal Insider rating (out of 5) |
| Savings | 4.25 |
| Checking | 4.5 |
| Share certificate | 4 |
| Money market account | 4.25 |
| Trustworthiness | 2 |
| Total | 3.75 |
Navy Federal Credit Union Pros and Cons
| Pros | Cons |
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Navy Federal Credit Union Share Savings Account Review
no monthly service fee
0.25%
$5
- $5 minimum opening deposit
- Competitive APY
- No monthly service fee
- Name your account so you can open multiple accounts for separate goals
- Dividends compound monthly, not daily
- 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
- Interest compounded monthly, paid monthly
- You'll pay $3/quarter if you have no other Navy Federal accounts, AND your balance is under $50, AND your account has been inactive for 12 months
- Federally insured by the NCUA
The Navy Federal Credit Union Share Savings Account 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."
Navy Federal Free Active Duty Checking™ Account Review
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 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.
Navy Federal Credit Union Standard Certificate Review
2.15% 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.
Navy Federal Credit Union Money Market Account Review
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.
About Navy Federal Credit Union
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.
Navy Federal offers multiple credit cards for members with different rewards structures: the Navy Federal Credit Union nRewards Secured Credit Card, the Navy Federal Credit Union Platinum Credit Card, and the Navy Federal More Rewards American Express Credit Card.
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.
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.
How Navy Federal Credit Union Compares
Navy Federal has several types of checking accounts, so you may find one that's a good fit. Pentagon Federal Credit Union only has one 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.
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.
