How To Join Navy Federal Credit Union Without Being Military – The world’s largest credit union offers a variety of banking services to its members with low minimum balance requirements and fees.
David McMillin writes about credit cards, mortgages, banking, taxes and travel. Based in Chicago, he writes with one purpose in mind: help readers figure out how to save more and stress less. He’s also a musician, which means he’s spent a lot of time worrying about money. He applies the lessons learned from that financial balancing act to offer practical advice for personal spending decisions.
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Navy Federal Credit Union is the largest credit union in the world. With more than 12 million members, a network of 355 physical branches and more than 30,000 fee-free ATMs, the 90-year-old credit union provides easy in-person access to banking services along with a highly rated mobile app. does.
Navy Federal Credit Union is best for military members and their direct relatives. While “Navy” is in the name, the credit union is open to active duty and retired veterans of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard and Space Force. If you have an immediate family member who is serving or has served, you are also eligible for membership.
Navy Federal offers five different checking account options, which all come with different perks. Three of them — Free Active Duty Checking, Free Easy Checking and Free Campus Checking — offer a discount on ATM fees, while Free Everyday Checking doesn’t include any ATM discount.
If you’re looking for a checking account that earns interest, Flagship Checking Options is the way to go. As long as you maintain a minimum balance of $1,500, you can avoid the $10 monthly service fee and earn an annual percentage yield of between 0.35% and 0.45%.
0.35% for balances up to $9,999; 0.40% for balances between $10,000 and $24,999; 0.45% on balances over $25,000
Navy offers the Federal Basic Savings Account. It is an apt name as there is nothing extraordinary in it. As long as you deposit $5, you can start earning 0.25% APY on your savings. Ultimately, it’s best to browse the best high-yield savings accounts to accelerate your earning potential.
Navy Federal Credit Union really shines when it comes to savings certificates. Only a $1,000 minimum balance is required to open a Standard Certificate here, and you’ll find the best CD rates available on its many tenors. In some cases, you may be able to earn a slightly higher APY depending on the amount you deposit. Currently, deposits over $100,000 typically earn an additional 0.05% APY – not a huge jump worth writing home about.
A notable option for savers with less money and needing some added flexibility is the credit union’s EasyStart Certificate program, which carries a minimum deposit of just $50 with the option to add more funds over the term.
90 days interest on CDs of 1 year or less; 180 days interest on CDs between 1 year to 5 years; 365 days interest on CDs above 5 years
Navy Federal Credit Union offers the Jumbo Money Market Account as well as a Standard Money Market Account that offer higher rates on large balances – up to 2.25% on balances over $1 million. For savers with a more realistic amount to deposit, we’ll look at the standard credit union option below. While there is no minimum balance requirement, you will need to deposit at least $2,500 to earn interest.
In addition to its suite of checking and savings products, Navy Federal Credit Union offers credit cards, mortgages, auto loans, student loans, home equity loans and personal loans. The credit union, known for its exceptional customer experience, ranked first in Forrester’s CX Index survey.
As the nation’s largest credit union, members can access more sophisticated technology typically found at larger banks — a great mobile app, online chat, Zelle Pay and other innovations — credit union members Enjoying the first model which translates to reduced fees and higher APY earning potential.
While Navy Federal Credit Union charges a $20 overdraft fee, it’s actually easy to avoid paying that $20. You can opt out of protection entirely, or when your account is at $0, the credit union will allow you to link a credit line or checking account at no charge to cover the transaction.
When it comes to CDs, early withdrawal penalties are fairly standard – ranging from 90 days’ interest to 365 days’ interest. While the credit union doesn’t offer no-penalty CDs, the EasyStart Certificate program allows for additional flexibility when it comes to depositing additional funds after you’ve opened an account.
Navy Federal Credit Union provides 24/7 customer service, and has representatives located all over the US. Call 888-842-6328 to connect with one. Additionally, there are easy ways to send messages through its online banking portal or through its Facebook and Twitter pages. The credit union offers a chat facility on its website, although the hours of operation of this channel are unclear.
Navy Federal Credit Union was established in 1933, and the financial institution is headquartered in Vienna, Virginia, outside Washington, DC. Its employees understand the perspective of its members: 45% of its employees are directly related to the military. The credit union’s branch network is intentionally designed to help active-duty service members: 189 of its 355 physical locations are either on or near a military installation. Additionally, the credit union’s website provides helpful educational materials specific to military life. Written by Matthew Goldberg Arrow Right Consumer Banking Reporter Matthew Goldberg is a consumer banking reporter. Mathew has been in financial services for over a decade in banking and insurance. Connect with Matthew Goldberg on Twitter Twitter Connect with Matthew Goldberg on LinkedIn LinkedIn Email Contact Matthew Goldberg via email Matthew Goldberg
Edited by Brian Beers Edited by Brian Beers Arrow Right Managing Editor Brian Beers is the Managing Editor of the Wealth team. He oversees editorial coverage of banking, investing, the economy and all things money. Connect with Brian Beers on Twitter Connect with Brian Beers on Twitter LinkedIn LinkedIn Brian Beers
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