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.
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Savings | 2.0 | ||
Fees | 4.0 | ||
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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
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
UFB Portfolio Savings - Earn up to 3.26% APY
- Earn up to 3.26% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High Yield Savings Account - 3.86% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Axos ONE - Earn up to 4.21% APY
- Earn up to 4.21% APY* on savings, and 0.51% APY* on checking when you meet requirements.
- Get your money up to 2 days early.
- No monthly maintenance, minimum balance, account opening, or overdraft fees.
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 - Up to $500 Cash Offer
- The cash offer up to $500 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 05/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- 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® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- 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*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
CIT Bank Platinum Savings - 4.10% APY Boost
| Tier | Boost APY |
|---|---|
| Balance over $5,000 | 4.10%* |
| Balance less than $5,000 | 0.60%* |
After boost is completed, you will continue to earn our best standard rates:
| Tier | APY |
|---|---|
| Balance over $5,000 | 3.75%1 |
| Balance less than $5,000 | 0.25%1 |
- Needs to use promo code to qualify: CITBoost
- Boost lasts 6 months over standard APY
- Tiered account
- $100 minimum account opening
- Member FDIC
- No Monthly Service fees
- No account opening fees
HSBC Premier - Up to $5,000
Discover all that Premier can do for you
- Earn our best savings rate with a Premier Relationship Savings account for an introductory period and thereafter if you qualify
- Send money internationally, securely, quickly and fee-free in the HSBC mobile app with our award-winning HSBC Global Money Transfers
- Enjoy peace of mind with unique travel benefits available through our credit cards
Here's how the offer works
- Open a Premier checking account by June 30, 2026
- Add your desired level of deposits and/or eligible investments within 20 days
- Get $1,500: Deposit or invest $150,000 to $249,999
- Get $2,500: Deposit or invest $250,000 to $499,999
- Get $3,500: Deposit or invest $500,000 to $999,999
- Get $5,000: Deposit or invest $1,000,000+
- Maintain your balances for 3 full consecutive months
- Remain opted-in to receive HSBC marketing emails
If all offer requirements are met, the bonus will be paid within 8 weeks.
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 2.68% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
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