Summary: Navy Federal Credit Union, commonly referred to as Navy Fed, was established in 1933 and has since grown to serve 14 million members belonging to the Department of Defense, Army, Marine Corps, Space Force, and Coast Guard, as well as veterans and their families. Navy Fed offers personal and business products and services, including checking and savings accounts, credit cards, loans, and more.
Navy Fed was ranked among our top 10 credit unions of the year and 5 best banks and credit unions for military.
Navy Fed’s share savings account is required to join the credit union and maintain membership. A $5.00 minimum opening balance is required. This account earns 0.25% APY.
Read more: What is a share savings account?
Navy Fed also offers IRA share accounts with no minimum contribution required. This includes traditional IRA savings accounts, Roth IRA savings accounts, and SEP IRAs.
Navy Fed offers money market savings accounts and jumbo money market savings accounts that require a minimum of $2,500 to earn dividends and offer rates as high as 1.5% APY and 2.25% APY, respectively.
Read more: Where to find the best jumbo money market rates
The SaveFirst Account is a customizable savings account that customers can use to save for specific goals like holiday gifts, travel, and weddings. You can choose a timeline for your account to help you save the desired amount within a specific time frame. All you need is $5 to get started.
-
Standard Certificates: You can choose a term of three months to seven years, and earn up to 4.05% APY, depending on the term. A minimum deposit of $1,000 is required.
-
EasyStart Certificate: These accounts offer terms ranging from 12 months to 24 months and earn up to 3.95% APY, depending on the term. A minimum deposit of $50 is required.
-
Special EasyStart Certificate: These certificates only come in a 12-month term and require a minimum deposit of $50 to get started. You can earn up to 4.3% APY.
Read more: What is a share certificate?
-
Free Active Duty Checking: This account is designed for stateside or deployed, active duty, or retired service members. It offers ATM-fee rebates and early access to military pay.
-
Free Easy Checking: This account has no monthly service fee and no minimum balance requirement, as well as free ATMs and ATM-fee rebates.
-
Free EveryDay Checking: Navy Fed’s most basic checking account, the Free EveryDay Checking account has no monthly fee, no minimum opening deposit, and no minimum balance requirement. This is an interest-bearing account that earns 0.01% APY. Dividends are credited monthly.
-
Flagship Checking: This is a tiered, interest-bearing checking account with no monthly service fee as long as you maintain an average balance of at least $1,500 (otherwise the fee is $10). Dividends are credited monthly.
-
Free Campus Checking: Members ages 18-24 can take advantage of Navy Fed’s Free Campus Checking, which offers up to $120 per year in ATM fee rebates and no monthly service fee or minimum balance requirements.
-
Mortgages and mortgage refinancing: Navy Fed offers mortgage loans, refinancing, and preapprovals for members interested in purchasing a home or getting a better rate on their current home loan.
-
Home equity loans and lines of credit: Navy Federal offers fixed-rate home equity loans from $10,000 to $500,000 with no closing costs. APRs are as low as 7.34% and terms range from five to 20 years.
-
Auto loans, refinancing, and auto loan services: Navy Fed offers new and used auto loans with rates as low as 4.09%, as well as auto loan refinancing, preapproval, auto insurance, and registration and titling services.
-
Personal loans: Navy Fed’s personal loans offer rates as low as 8.99% with fixed monthly payments and same-day funding in most cases.
-
Student loans: Navy Fed offers private student loans and student and parent refinance loans. Private student loans offer fixed APRs as low as 4.75% with an auto pay discount and terms ranging from five to 10 years, and refinance loans with fixed APRs as low as 4.85% and terms of five to 15 years.
-
Motorcycle, boat, and RV loans: Navy Fed also offers financing options for motorcycles and mopeds, personal watercrafts, campers and RVs, travel trailers, ATVs, and snowmobiles.
Customers can 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
In addition to its personal banking products and services, Navy Fed also offers business checking and savings accounts, loans, credit cards, and more.
Here’s a closer look at some of the fees you may encounter as a Navy Federal member:
Here are some of the major perks and drawbacks of banking with Navy Fed.
Pros:
-
Large ATM network/ATM fee rebates: Navy Federal customers have access to a network of more than 30,000 free ATMs via the CO-OP network, making it easier to withdraw money without extra fees. However, if you do visit a machine outside of that network, Navy Fed also offers ATM fee rebates up to $10 or $20, depending on your account type.
-
24/7 customer support: Around-the-clock customer support is available via telephone, chat, secure messaging, and social media.
Cons:
-
Smaller field of membership: To become a member of Navy Fed, you’ll need some kind of military affiliation — whether you actually served or have a relationship to someone in the military.
-
Low savings account yields: Navy Fed’s savings account and money market rates are not the most competitive when compared to other banks and credit unions. If you’re looking for the highest possible savings rate, it might pay to compare options offered by other financial institutions.
Navy Federal customer support specialists are available to chat 24/7 via telephone, chat, secure messaging, and social media. You can also speak to a customer service representative in person at a Navy Federal Credit Union branch. Navy Federal also has a general mailing address:
Navy Federal
P.O. Box 3000
Merrifield, VA 22119-3000
The credit union offers a mobile app on the Apple App Store and Google Play, with a user rating of 4.9 and 2.3 stars, respectively. Customers can use the app to check account balances and transactions, move money between accounts, send money via Zelle, find the nearest branch, and more.
Navy Fed is committed to the communities it serves and the environment in a number of ways. It fosters financial wellness through its Navy Federal Serves program and MakingCents program that has conducted over 2,750 financial literacy and wellness presentations at its branch communities.
It has also made a commitment to becoming a more sustainable business through its Greening Up! Program. In 2024, Navy Fed worked to make its office spaces more environmentally friendly by installing solar panels, energy-efficient lighting, and more.
Read more: What is sustainable banking?
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.
Yes, Navy Federal is an NCUA-insured credit union, which means your deposits are protected up to $250,000 per account holder.
Navy Federal’s routing number is 256074974.
Yes. As a Navy Federal Credit Union member, you can easily send and receive money to friends and family via Zelle.
Read more: What is Zelle, and is it safe to use?
