April 13, 2024

Navy Federal High Yield Savings

Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links. (read more)

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

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

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]

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.

References

  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
Bank of America
Member FDIC

Bank of America Advantage Banking - Up to $500 Cash Offer

Expires 5/31/2026
  • 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 BonusTotal 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.
Wells Fargo

Wells Fargo Everyday Checking Account - $325 Bonus

Expires 4/14/2026
  • Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
  • Wells Fargo Bank, N.A. Member FDIC
Chase
Member FDIC

Chase Total Checking® - $400 Bonus

Expires 4/15/2026
  • 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.
U.S. Bank
Member FDIC

U.S. Bank Business Essentials - $400 Bonus

Expires 3/31/2026

Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.

To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.

Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.

Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.

New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.

Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.

Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.

All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.

Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 3.75% APY

  • 3.75% 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
Disclosures

Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Subscribe to CreditDonkey: Get updates on the latest deals and keep up with the best money moves.
Your privacy is important to us. Unsubscribe anytime

Compare:

What matters most to you in a high-yield savings account?
77% Competitive interest rates
5% Low fees/no monthly maintenance fee
9% Easy access to funds (ATMs, transfers)
9% Safety and insurance of my funds
Source: CreditDonkey
Save money and build wealth. Sign up to get our FREE email newsletter.
Bask Bank Review

Bask Bank

Looking to earn a competitive APY? Interested in earning miles as you save? Bask Bank offers enticing savings options to meet your needs.

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

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.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*Terms and conditions apply. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. Please review the merchant's website for terms and conditions.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
© 2026 CreditDonkey Inc. All Rights Reserved.