April 13, 2024

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.

5-point scale (the higher, the better)

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.

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]

You must have a checking account, Certificate, IRA, ESA, or a current borrowing account with Navy Federal for a minimum balance of $5.

How Much Can You Earn?

Check out this savings calculator to see how much you can earn with a Navy Federal Share Savings Account.

Savings Calculator

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


  • No monthly service fee
  • Access to 30,000+ fee-free co-op ATMs
  • Federally-insured


  • Low APY
  • $5 minimum opening deposit
  • Minimum balance requirement
  • Only for Navy Federal members

What matters most to you in a high-yield savings account?

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]

How often do you tweak your savings account for better returns?

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

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.


  1. ^ FDIC. National Rates and Rate Caps, Retrieved 11/11/2023
  2. ^ Navy Federal. Savings Rates, Retrieved 11/11/2023
  3. ^ Navy Federal. Savings Programs, Retrieved 11/11/2023
  4. ^ Navy Federal. Savings Programs, Retrieved 11/11/2023
  5. ^ Navy Federal. Membership Eligibility, Retrieved 11/11/2023
  6. ^ Navy Federal. What You'll Need to Join, Retrieved 11/11/2023
  7. ^ Navy Federal. About Navy Federal Credit Union, Retrieved 11/11/2023
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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