Navy Federal Credit Union Review How Does It Stack Up?
Navy Federal Credit Union Review - How Does It Stack Up? Skip to content
Loans originated by NFCU have 10-year terms and a variety of repayment options while you’re still in school. You can get a cosigner release after 24 months of consecutive, on-time principal and interest payments. Refinance loan terms range from five to 15 years and offer cosigner release after 12 months of consecutive, on-time principal and interest payments. Rates are competitive on both loan types, and you’ll qualify for a 0.25% rate discount when you set up automatic payments.
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By Brian Martucci Date July 05, 2022FEATURED PROMOTION
Our rating
3 7 5
Pros
Full deposit account lineup Competitive CD yields Generous rewards credit cardsCons
Membership restricted to service members and their families No insurance products Mediocre savings yields Navy Federal Credit Union (NFCU) is one of the biggest and best-known credit unions in the United States. One look at its product and service lineup and it’s not hard to see why — from basic savings and checking accounts to specialty loans and lines of credit, NFCU is a one-stop banking institution. There’s just one catch: NFCU membership isn’t open to the general public. You need to have some association with the U.S. Armed Forces or Department of Defense to open an account here. But that still means millions of people are eligible for NFCU membership. Including you, perhaps. Read on to find out what to expect if you’re fortunate enough to join.Key Features of Navy Federal Credit Union
Navy Federal Credit Union offers a full lineup of deposit accounts and a wide variety of loans, plus some nice value-adds for its members. These are its most important features and capabilities.Becoming a Member
Navy Federal Credit Union membership isn’t available to everyone, unfortunately. You must meet at least one of these criteria to be eligible to join: Be a U.S. Service Member. Members of any branch of the U.S. Armed Forces are eligible to join NFCU. This includes officer trainees, reservists, and National Guard members. Veterans, retirees, and annuitants are eligible for membership as well.Be a Qualifying Family Member. Immediate family members of eligible service members can also join NFCU. This includes spouses, parents, grandparents, children, grandchildren, siblings, and other household members.Work for the U.S. Department of Defense. Civilian Department of Defense employees and contractors are eligible to join NFCU. Retirees and annuitants are eligible as well.Checking Accounts
NFCU offers several different checking accounts tailored to specific users: Free Active Duty Checking is a free checking account tailored to active duty members but open to others with qualifying direct deposit as well. Benefits include access to military pay one day early and a nominal yield on eligible balances.Free Easy Checking is a similar free checking account with a nominal yield and optional overdraft protection. Qualifying direct deposit is required here as well.Free Campus Checking is a student checking account for people between ages 14 and 24. There’s no minimum deposit to open an account.Free EveryDay Checking is a free checking account for adults that doesn’t require a regular direct deposit and has virtually no other requirements to speak of, including minimum balance.Flagship Checking is a high-yield checking account with a $10 monthly fee that’s easy to waive with an average daily balance of $1,500 or more. All checking accounts come with a Mastercard debit card that’s accepted at millions of merchants worldwide.Savings Account
Navy Federal Credit Union’s savings account has a decent but not spectacular yield that’s not competitive with the leading online banks. On the bright side, it requires just $5 to earn that yield and has few other hoops to jump through. There’s no monthly fee either. Saving for retirement? You can structure your NFCU savings account as a Roth or traditional IRA, with all the tax benefits those account types entail.Certificates of Deposit
NFCU offers standard certificates of deposit (CDs) with competitive yields and terms ranging from three months to seven years. Rates increase with term length and remain fixed for the entire term. You make a single opening deposit, and early withdrawals may trigger interest penalties. NFCU offers three nonstandard CD types, all of which are more flexible than standard CDs. Notably, and unusually in the CD world, these products allow you to add money at any time.Money Market Accounts
NFCU’s money market savings account promises slightly higher yields than the regular savings account, although you need a balance of at least $10,000 to qualify for the best interest rates. Otherwise, the two accounts are similar. Want to park a lot of cash? NFCU’s jumbo money market accounts deliver special higher rates on balances above $100,000.Education Savings Accounts
You can set up a 529 education savings plan through NFCU. Choose from one of three structures: traditional savings account, money market savings account, or certificate of deposit.Credit Cards
NFCU issues several credit cards backed by Visa, Mastercard, and American Express. The exact lineup changes over time, but the most popular cards include: NFCU cashRewards Credit Card, which earns up to 1.75% cash back on eligible purchasesNFCU Platinum Credit Card, an unsecured low-APR credit card for people who carry balances from month to monthNFCU GO REWARDS Credit Card, which earns up to 3 points per $1 spent on eligible purchasesNFCU nRewards Secured Credit Card, a secured credit card that’s an ideal first card for people in the process of building creditAuto Loans
NFCU offers low-APR auto loans for purchase and refinance transactions. Members may also qualify for savings and other perks through NFCU’s auto industry partners, including Liberty Mutual, TrueCar, and CARFAX.Real Estate Loans and Lines of Credit
NFCU offers VA home loans and conventional mortgage loans through its home lending arm. Rates are very competitive, and due to their service affiliations, many members qualify for VA loans with more favorable terms than the typical fixed-rate conventional product. NFCU also offers home equity loans and lines of credit. Unlike most home equity products, which top out at 80% or 85% loan-to-value (LTV), NFCU’s home equity loans let you borrow up to 100% of your home’s value. Its home equity lines of credit go up to 95% LTV.Personal Loans
NFCU offers unsecured and secured personal loans with competitive rates. If you’re able to keep your term under about three years, you’ll qualify for a much lower interest rate — not too far above a typical conventional mortgage rate, depending on your credit score. You can borrow up to $50,000 on an unsecured personal loan here. NFCU’s secured personal loans are relatively rare in the banking world. They’re secured by the value of your savings account or CDs — you can borrow up to 100% against those balances at rates 2% to 3% higher than their current yields.Student Loans
NFCU makes private student loans and offers student loan refinancing for students and parents.Loans originated by NFCU have 10-year terms and a variety of repayment options while you’re still in school. You can get a cosigner release after 24 months of consecutive, on-time principal and interest payments. Refinance loan terms range from five to 15 years and offer cosigner release after 12 months of consecutive, on-time principal and interest payments. Rates are competitive on both loan types, and you’ll qualify for a 0.25% rate discount when you set up automatic payments.