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Navy Federal Credit Union Savings Account Review
Navy Federal Credit Union Share Savings account review 2024: fees, APR/APY interest rates/high yields. New client promotions.
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About Navy Federal Credit Union
There are a great many credit unions across America, and Navy Federal Credit Union, commonly referred to as Navy Federal, or NFCU, is not unique in providing services to the armed forces. They are, however, the largest credit union in the world both in terms of membership and assets. In fact, they have more than $50 billion in assets, greater than 10,000 employees, and over 3 million members around the world. It should come as no surprise that with these numbers they are able to offer competitive rates across a wide range of services.
Navy Federal is no different than any other credit union in that membership requirements are set by the National Credit Union Administration, and limited to persons meeting specific criteria. In the case of NFCU that criteria is that the person must me in some way related to a branch of service within the United States Armed Forces, or a member of the Department of Defense. In simple terms this includes all active duty, reservist, and retired persons of all branches of the military, and all employees and contractors working for the Department of Defense. Additionally, once an eligible person becomes a member, their relatives and household members are also eligible for membership.
Navy Federal Credit Union Savings Accounts
The most fundamental and basic account available through Navy Federal is known as the Share Savings account. It is so named due to the fact that every member of the Credit
Union is considered a member, and therefore has a share of the credit union equal to their account values. This account is basic, and all other account services will be tied
to the member number on account opening. It is not possible to become a member of NFCU without opening a Share Savings account.
The minimum balance to open a Share Savings account is $5. This amount represents a purchase of one ‘share’, Is required, and earns interest at a variable rate that is compounded
monthly. At the time of this writing the dividend rate and an annual percentage yield are both at 0.25%, but subject to change depending on financial markets.
While this account is relatively bland in terms of comparable rates or savings performance such as a certificate of deposit would earn, it does represent an excellent way to start off young savers.
This can then lead to later account openings, college savings plans, and a number of other services offered by Navy Federal to their members. It is also an excellent way to start off with ATM use,
as there are about 30,000 ATM machines across the United States and Canada that members can use without incurring fees or surcharges. Among these locations are all 7-Eleven stores,
which charge no fees to NFCU members for use of machines located in the stores.
Navy Federal Credit Union Minimum Balance
Members over the age of 23 are required to additionally maintain an account balance of at least $50, or be current with one of the following account types:
- Checking
- Money Market Savings
- Certificate
- Individual Retirement
- Credit Card
Members can also maintain their account by being current with a consumer loan or mortgage account. Failure to meet at least the minimum standards described above will potentially subject the account to a quarterly ‘inactive’ fee, until such time as at least one of the above criteria are met, or the account is closed.
Navy Federal Credit Union Services
Account specific phone support is available 24 hours per day, seven days per week, including holidays. This support is provided from one of their three call centers, in Pensacola, Florida; Winchester, Virginia; or their headquarters in Vienna, Virginia. These services are available to members around the world, with the largest call center being the one located in Florida.
Additionally there is a secure web site, offering a full range of services to account holders, access to information, and current rates. While the security standards for the web site utilize the latest encryption algorithms, it should be noted that there are additional requirements to online access required that will be unique to the account holder or account. The actual Share Savings number is no longer supported as a standalone method of accessing accounts.
In order to determine membership eligibility with Navy Federal Credit union, a simple phone call to 1-888-842-6328, or a visit to their checklist page
at https://www.navyfederal.org/about/eligibility-checklist.php can confirm that potential account holders meet the established criteria for membership.
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