Navy Federal Credit Union Review

Joseph Meyer
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Who is Navy Federal Credit Union?

NFCU is a credit union that is one of the largest in the country.

If your employer participates in the TSP program, (and if you invest in it), you have a chance to save some cash on fees and get better rates. The TSP My Way retirement investment plan of the Thrift Savings Plan (TSP), is a program that gives you a chance to invest in a wide variety of investment options. If you have a TSP account at work, you can access it through the NavyFederal Credit Union. Navy Federal Credit Union offers TSP participants the opportunity to invest in a wide variety of investment options.

Navy Federal Credit Union offers an extensive array of banking and personal financial services for consumers and businesses at competitive rates. Navy Federal Credit Union members enjoy outstanding value on their deposit products, auto loans, mortgage loans, business banking services, credit cards, investment products and more.

Navy Federal Credit Union’s mission is to provide members with the highest level of quality service in an environment that promotes and enhances the well-being of our members and their families.

Banking with NFCU

We opened a Navy Federal Credit Union checking account and got a credit card shortly after. We were not fully aware of what an NFCU checking account offered, nor did we quite understand what it meant to be a Navy Federal member.

What we like most about NFCU is that all of the physical branches are open on Sundays. This has proven to be a big plus for us. We are always able to access an employee who is friendly, knowledgable, and willing to help us with any of our concerns. Whenever we have called the branch, the employees have been friendly, knowledgable, and willing to help us with any of our concerns.

Another big selling point is that you can have your money at least 6 days faster than other banks to which you may be considering. Your Navy Federal accounts are immediately accessible through the 24-hour network, and the funds are deposited on the next business day.

Finally, Navy Federal Credit Union is an American-owned institution that's committed to serving its members. They take pride in providing the best service possible.

e-Checking

What makes Navy Federal Credit Union’s e-checking account rates really special is the wide range of choices that are available to meet the needs of almost any consumer. Regardless of the type of checking account that you need, you’ll surely be able to find it at Navy Federal Credit Union.

It’s pretty rare to find such a wide range of options when it comes to e-checking account rates, so it’s something that you really want to keep in mind if you’re looking to choose a checking account.

Flagship Checking

As a member of Navy Federal Credit Union, you can have a favorite item on your “high interest list” … like a favorite credit card or a certain set of accounts. Now, NuUnion is taking that concept one step further with the introduction of its”Flagship Checking Account.”

Essentially, with the Flagship Checking Account, you can actively choose the interest-bearing accounts that you want to be in line for the cash back rewards program. In addition, you get a free checking account with features specifically for credit union members.

Campus Checking

With so many different bank accounts out there, choosing the right one can be a difficult decision. However, if you are a Navy Federal Credit Union Member, you have plenty of options to choose from. One of the most popular accounts offered is their Campus Checking account.

The Campus Checking has many of the same features that consumers expect from a checking account. It includes check writing, online and mobile banking, and unlimited transactions. The Campus Checking also has some great benefits that you won’t find with other checking accounts.

With the Campus Checking, there are no monthly maintenance fees which means you don’t have to worry about paying for checks, a monthly fee, or any other type of fee. You also get free online bill pay and FDIC insurance. Federal protections like this give consumers a certain level of comfort with their banking.

If you want to open an account with Navy Fed, this is an account that you will want to consider. While there may be a fee associated with the account, it comes with all of the standard features of a checking account. You can make deposits, transfer funds, and make withdrawals and transfers. Even with the Campus Checking offering all of these features, there are no monthly fees. That, on its own, may make this account worth looking into when you are shopping around.

Free Active Duty Checking

Once you open that account, you’re granted a special membership. With that membership, you get access to their great suite of checking features. Among the options you can choose from:

A no cost checking account with over 40,000 no cost ATMs around the country, no balance requirements, no monthly maintenance fees, and a link to the Navy Federal Credit Union shared branch system.

There are other perks to this bank, including a free share savings account, waived CD account opening fees, and low processing fees. Interest rates for both checking and savings accounts are below national averages. Because this is a credit union, you can’t become a member through marriage, but you can still apply for membership and begin enjoying these excellent benefits.

Free EveryDay Checking

Navy Federal Credit Union has been in the business of helping service men and woman and their families for over 80 years. Their strong ties in the government benefits through military jobs and federal employees has allowed them to branch out into a other lucrative sectors. Their most loyal base of users is still from the US military sector but they are working to change that. Their military funding still makes up a large portion of their clients but only is estimated to make up roughly thirty percent of their overall funding.

Navy Federal offers a number of different loans, ranging from car loans to home loans. You can get rates as low as 2.99% on qualifications. A number of these loans have no down payment and offer very flexible terms. A number of their loan offerings do require collateral and will carry a large down payment in order to receive a lower interest rate because of your credit rating or the type of collateral. You can go to their website and apply for the loan you are looking for and they can go over the different loan programs with you.

Navy Federal is a great retailer for a lot of military members and families. They are a great choice if you are looking to refinance your current loan or need a different type of loan. A lot of their loans include no PMI, no credit, or no qualifying and a very low fixed interest rate. These are great terms for people who want to purchase a car or a home.

Becoming a Member of NFCU

You should be eligible to become a member of the Navy Federal Credit Union if you or a family member is part of the military, you or an immediate family member are a retired or deceased veteran, work for the federal government or live or work in the community. There are some other restrictions that you should check before applying to become a member (more information below).

There are three easy ways that can help you become a member … (1) you can be related to someone that currently has an account with NFCU, (2) you can meet the eligibility requirements to become a member or (3) you can join the Armed Forces.

NFCU will provide you with a TECRA (The Electronic Check Reporting Act) report from one of the industry’s largest consumer reporting agencies that lists all of your credit references, whether favorable or unfavorable. You will receive this report to help you determine the best way to open an account with them. However, if you have already established a line of credit elsewhere, you can provide them with a SCARD report.

Your account will be FDIC insured up to the maximum amount allowed by law.

Drawbacks of Navy Federal

Although Navy Federal Credit Union (NFCU) has many benefits, it’s not the bank for everyone. Here are some drawbacks you should be aware of before you choose it as your main financial institution … 1. NFCU is not a full-service bank. It only offers checking, savings, credit cards, and mortgages. For other personal checking and savings accounts, you’ll need to open a separate account with a partner bank. This means you’ll have to manage multiple accounts, log into multiple websites, and track your funds across multiple online bank accounts. Although this might not be an issue if you’re a financial institution expert, it can be overwhelming for those who aren’t used to so much maintenance!

NFCU only offers Navy Federal Credit Union checking products. In addition to these limited products, the credit union only offers a few types of home loans and doesn’t offer credit cards, student loans, or checking accounts for businesses.

Final Verdict on NFCU

NFCU isn’t your everyday credit union. It stands out as one of the best government credit unions in the United States.

Its high-end service is impressive and has earned it high marks from its customers. It’s even made it to Fortune’s “Best Companies to Work For” list. But are these accolades enough to overcome the relatively high interest rates?

The annual percentage yield on my savings account was a paltry 0.10%, which is the lowest annual savings yield of any credit union in my rating. Existing customers at NFCU will be glad to hear that the rates on new savings accounts are almost double at 0.20%. The promotional interest rates on certificates could sway me into recommending it. The 1-year CD has a promising 0.75% APY rate. With these rates, NFCU is one of the best CD rates in the country.

Unfortunately, NFCU doesn’t offer credit cards to the general public. Even existing customers have to visit a branch to apply. If you’re not interested in the CDs, I’ve reviewed more than 20 credit union credit cards here that offer high interest rates and cash back reward programs.