Navy Federal High Yield Savings
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Navy Federal Credit Union provides various financial products. But do they have a high-yield savings account? Find out here.
Overall Score | 3.5 | ||
Savings | 2.0 | ||
Fees | 4.0 | ||
Mobile App | 4.0 | ||
Customer Service | 4.0 | ||
Pros and Cons
- $0 monthly charge
- Extensive ATM network
- Low interest rate
- $5 opening deposit
- Only for members
Bottom Line
Savings account with low APY, best for military personnel
Navy Federal is one of the largest credit unions in the US. They are popular with folks associated with the military.
To their members, they offer a Share Savings Account with just an average rate. Read on for more details.
Does Navy Federal Have High-Yield Savings?
Navy Federal does not offer high-yield savings right now. Instead, they have a basic savings account with a rate lower than the national average.[1]
They also have other savings options with higher APY. But overall, their rates may not be as competitive as what online banks and credit unions offer.
What Is Navy Federal Credit Union Share Savings Account?
Share Savings Account is a standard savings option with a 0.25% APY. You need to be a Navy Federal member to avail of this product.[2]
If you have other accounts with Navy Federal, your savings account will have a minimum balance of $5. If not, then the required minimum is $50.[3]
How Much Can You Earn?
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Check out this savings calculator to see how much you can earn with a Navy Federal Share Savings Account.
Fees to Look Out For
Navy Federal does not have monthly service charges, but there is a fee of $3 per quarter if your account has:[4]
- No activity for 12 months
- No other Navy Federal account relationships; and
- A combined balance of less than $50
But, if you are under 24 years old, this fee is waived.
Pros and Cons
Pros
- No monthly service fee
- Access to 30,000+ fee-free co-op ATMs
- Federally-insured
Cons
- Low APY
- $5 minimum opening deposit
- Minimum balance requirement
- Only for Navy Federal members
Who Is Eligible to Open an Account?
Only members of Navy Federal Credit Union can open a Share Savings Account. Membership is open to those from all branches of the armed forces, such as:[5]
- Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, and Space Force in Active Duty
- Delayed Entry Program (DEP)
- DoD Officer Candidate/ROTC
- DoD Reservists
- Veterans, Retirees and Annuitants
- Immediate family and household members
- DoD civilian personnel
Who Is It Best For?
The Navy Federal Share Savings Account is best for active or retired members of the military. It is also a good option for eligible family and household members.
This is a good account to consider if you need a straightforward savings account. And, if you want to enjoy the benefits of being a Navy Federal member. Joining requires you to open a savings account to maintain membership.[6]
Is Navy Federal Credit Union Safe?
Yes, it is. Navy Federal savings accounts are covered by the National Credit Union Administration (NCUA) up to $250,000[7]. This means account holders are insured up to the said amount should the credit union ever fail.
How It Compares
High-Yield Savings Premier - 4.81% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.70% APY
- 4.70% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
High Yield Savings Account - 4.57% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank
High-Yield Savings Account - 4.61% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Bottom Line
Navy Federal's Share Savings Account is a good option for members who want a convenient place for their money. Though, the rate is low.
But if you are not eligible to open a Navy Federal account or you prefer getting a higher APY, you can check out online banks and other credit unions for high-yield savings.
References
- ^ FDIC. National Rates and Rate Caps, Retrieved 11/11/2023
- ^ Navy Federal. Savings Rates, Retrieved 11/11/2023
- ^ Navy Federal. Savings Programs, Retrieved 11/11/2023
- ^ Navy Federal. Savings Programs, Retrieved 11/11/2023
- ^ Navy Federal. Membership Eligibility, Retrieved 11/11/2023
- ^ Navy Federal. What You'll Need to Join, Retrieved 11/11/2023
- ^ Navy Federal. About Navy Federal Credit Union, Retrieved 11/11/2023
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
U.S. Bank Smartly® Checking - Up to $400 Bonus
Earn up to $400 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $200 or $5,000 or more to earn $400
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.70% APY
- 4.70% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
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