Credit union offering banking products, loans, and member benefits to military and Department of Defense personnel and their families; includes mobile app and discounts.
Navy Federal Credit Union
Navy Federal is an NCUA-insured credit union that serves members of the military, Department of Defense civilians and their immediate family members. Its banking products include checking and savings accounts. It also offers loans.
Members can access their accounts on the credit union’s mobile app. The app includes features such as depositing checks and paying bills.
Membership
Navy Federal is committed to “serving those who serve” and offers a variety of benefits for members. The credit union has a branch network, an online bank, mobile app, and a number of financial products. It also provides member discounts on products and services.
Those eligible to join the credit union include Army, Navy, Marine Corps, Air Force, and Coast Guard active duty personnel, veterans, retirees, and annuitants; Department of Defense civilian employees; U.S. government contractors; and reservists and officers in officer candidate programs and ROTC. Immediate family members also qualify for membership, including parents, grandparents, spouses, siblings, children, grandchildren, and household members.
To become a member, one must provide a sponsor who is an existing Navy Federal member, a Social Security number, driver’s license or state-issued ID card, and a current home address and email address.
Checking
Navy Federal has a suite of checking accounts designed to serve military members and their families. It also has a number of free ATMs across the United States, and its mobile app lets you find nearby ones quickly.
The world’s largest credit union, Navy Federal serves a large population of active duty servicemembers and their families. It charges no monthly fee on most deposit accounts and offers competitive APY rates on its certificates.
The credit union also provides a free business checking account that includes unlimited fee-free electronic transactions and modest interest rates. It’s available to small businesses owned by Navy Federal members. USAA offers similar accounts but with fewer branches and membership eligibility requirements. It also has less favorable fees and APYs on its business savings accounts.
Savings
Navy Federal has a variety of savings accounts with competitive APYs. It also offers a wide range of retirement, education and investment options. Its services are available online and through its mobile app. It has branches around the country and is part of the CO-OP network, which has 30,000 fee-free ATMs.
Its personal loans offer repayment terms up to 180 months, which is longer than many other lenders. Those seeking a personal loan should consider the benefits and costs of the longest possible term to minimize interest charges. Navy Federal also offers certificate savings accounts, including the Special EasyStart Certificate that earns 5.30% APY. Its certificates are open to active duty and retired members of the armed forces and Department of Defense civilian employees, as well as their family and household members.
Loans
Navy Federal offers personal loans with a wide range of terms and features. Its rates are competitive and it provides members with quick loan disbursements. It also allows members to use savings as collateral. It does not have a carved-in minimum credit score requirement, although applicants with higher scores may qualify for lower interest rates.
The lender’s customer support is available around the clock through phone, email, and live chat. It offers a mobile app that is free to download and offers secure remote deposit. The app allows users to check balances, locate branches, and access transactions. It also includes GAP coverage, which pays the difference between your loan value and your insurance payout if your vehicle is totaled. This is an important benefit because many lenders don’t offer this coverage.
Investments
Navy Federal has a money market account and jumbo money market account with rates near what’s available from the best money market accounts. It also offers five certificate options, including standard certificates with terms from three months to seven years. Its college savings options include Coverdell educational savings accounts and 529 college savings plans, which are tax-advantaged ways to save for your child’s education. Navy Federal also offers fixed annuities, which are not NCUA insured but have tax deferral advantages, death benefits and guaranteed lifetime income.