Navy Federal Credit Union review (2025): Low-fee military banking
Summary: Navy Federal Credit Union, commonly referred to as Navy Fed, was established in 1933 and has since grown to serve 14 million members belonging to the Department of Defense, Army, Marine Corps, Space Force, and Coast Guard, as well as veterans and their families. Navy Fed offers personal and business products and services, including checking and savings accounts, credit cards, loans, and more.
Navy Fed was ranked among our top 10 credit unions of the year and 5 best banks and credit unions for military.
Navy Fed's share savings account is required to join the credit union and maintain membership. A $5.00 minimum opening balance is required. This account earns 0.25% APY.
Read more: What is a share savings account?
Navy Fed also offers IRA share accounts with no minimum contribution required. This includes traditional IRA savings accounts, Roth IRA savings accounts, and SEP IRAs.
Navy Fed offers money market savings accounts and jumbo money market savings accounts that require a minimum of $2,500 to earn dividends and offer rates as high as 1.5% APY and 2.25% APY, respectively.
Read more: Where to find the best jumbo money market rates
The SaveFirst Account is a customizable savings account that customers can use to save for specific goals like holiday gifts, travel, and weddings. You can choose a timeline for your account to help you save the desired amount within a specific time frame. All you need is $5 to get started.
Standard Certificates: You can choose a term of three months to seven years, and earn up to 4.05% APY, depending on the term. A minimum deposit of $1,000 is required.
EasyStart Certificate: These accounts offer terms ranging from 12 months to 24 months and earn up to 3.95% APY, depending on the term. A minimum deposit of $50 is required.
Special EasyStart Certificate: These certificates only come in a 12-month term and require a minimum deposit of $50 to get started. You can earn up to 4.3% APY.
Read more: What is a share certificate?
Free Active Duty Checking: This account is designed for stateside or deployed, active duty, or retired service members. It offers ATM-fee rebates and early access to military pay.
Free Easy Checking: This account has no monthly service fee and no minimum balance requirement, as well as free ATMs and ATM-fee rebates.
Free EveryDay Checking: Navy Fed's most basic checking account, the Free EveryDay Checking account has no monthly fee, no minimum opening deposit, and no minimum balance requirement. This is an interest-bearing account that earns 0.01% APY. Dividends are credited monthly.
Flagship Checking: This is a tiered, interest-bearing checking account with no monthly service fee as long as you maintain an average balance of at least $1,500 (otherwise the fee is $10). Dividends are credited monthly.
Free Campus Checking: Members ages 18-24 can take advantage of Navy Fed's Free Campus Checking, which offers up to $120 per year in ATM fee rebates and no monthly service fee or minimum balance requirements.
Mortgages and mortgage refinancing: Navy Fed offers mortgage loans, refinancing, and preapprovals for members interested in purchasing a home or getting a better rate on their current home loan.
Home equity loans and lines of credit: Navy Federal offers fixed-rate home equity loans from $10,000 to $500,000 with no closing costs. APRs are as low as 7.34% and terms range from five to 20 years.
Auto loans, refinancing, and auto loan services: Navy Fed offers new and used auto loans with rates as low as 4.09%, as well as auto loan refinancing, preapproval, auto insurance, and registration and titling services.
Personal loans: Navy Fed's personal loans offer rates as low as 8.99% with fixed monthly payments and same-day funding in most cases.
Student loans: Navy Fed offers private student loans and student and parent refinance loans. Private student loans offer fixed APRs as low as 4.75% with an auto pay discount and terms ranging from five to 10 years, and refinance loans with fixed APRs as low as 4.85% and terms of five to 15 years.
Motorcycle, boat, and RV loans: Navy Fed also offers financing options for motorcycles and mopeds, personal watercrafts, campers and RVs, travel trailers, ATVs, and snowmobiles.
Customers can receive tailored advice from a Navy Fed investment professional regarding estate planning, portfolio management, life insurance, and general financial planning.
In addition to its personal banking products and services, Navy Fed also offers business checking and savings accounts, loans, credit cards, and more.
This embedded content is not available in your region.
Here's a closer look at some of the fees you may encounter as a Navy Federal member:
Here are some of the major perks and drawbacks of banking with Navy Fed.
Pros:
Large ATM network/ATM fee rebates: Navy Federal customers have access to a network of more than 30,000 free ATMs via the CO-OP network, making it easier to withdraw money without extra fees. However, if you do visit a machine outside of that network, Navy Fed also offers ATM fee rebates up to $10 or $20, depending on your account type.
24/7 customer support: Around-the-clock customer support is available via telephone, chat, secure messaging, and social media.
Cons:
Smaller field of membership: To become a member of Navy Fed, you'll need some kind of military affiliation — whether you actually served or have a relationship to someone in the military.
Low savings account yields: Navy Fed's savings account and money market rates are not the most competitive when compared to other banks and credit unions. If you're looking for the highest possible savings rate, it might pay to compare options offered by other financial institutions.
Navy Federal customer support specialists are available to chat 24/7 via telephone, chat, secure messaging, and social media. You can also speak to a customer service representative in person at a Navy Federal Credit Union branch. Navy Federal also has a general mailing address:
Navy FederalP.O. Box 3000Merrifield, VA 22119-3000
The credit union offers a mobile app on the Apple App Store and Google Play, with a user rating of 4.9 and 2.3 stars, respectively. Customers can use the app to check account balances and transactions, move money between accounts, send money via Zelle, find the nearest branch, and more.
Navy Fed is committed to the communities it serves and the environment in a number of ways. It fosters financial wellness through its Navy Federal Serves program and MakingCents program that has conducted over 2,750 financial literacy and wellness presentations at its branch communities.
It has also made a commitment to becoming a more sustainable business through its Greening Up! Program. In 2024, Navy Fed worked to make its office spaces more environmentally friendly by installing solar panels, energy-efficient lighting, and more.
Read more: What is sustainable banking?
All branches of the military, veterans, Department of Defense employees, and their immediate family members are eligible to join Navy Fed. To open an account, you'll need your Social Security number, driver's license or government ID, current home address, and a credit card or bank account and routing number to fund your account.
A membership savings account with a $5 minimum balance is required to establish and maintain membership.
Yes, Navy Federal is an NCUA-insured credit union, which means your deposits are protected up to $250,000 per account holder.
Navy Federal's routing number is 256074974.
Yes. As a Navy Federal Credit Union member, you can easily send and receive money to friends and family via Zelle.
Read more: What is Zelle, and is it safe to use?
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
4 hours ago
- Business Insider
Drone overload: Too many people want to sell drones to the US military
Drones are in high demand at the Petagon, but insiders say the market is already jammed with too many lookalike quadcopters and startups chasing the same investments and military dollars. "We're seeing a lot of companies in the space," one defense industry investor, who requested anonymity to speak freely on the topic, told Business Insider, noting that in many cases, there may not be significant differences in capability between the products that these companies are delivering. The relatively niche small uncrewed aerial vehicle market has seen a boom in competition in recent years, with many companies developing the actual uncrewed aircraft, as well as software programs and modular payloads. Lessons from new fights The Department of Defense has long used large drones like the MQ-9 Reaper built for reconnaissance and combat strike missions, but there is a growing recognition as a result of the Ukraine war and engagements in the Middle East that low-cost, attritable first-person-view (FPV) drones have a place in modern warfare. Heightened interest in these capabilities is, in turn, fueling the drone market and creating new research and development pathways even without programs of record. The yearslong war in Ukraine has driven significant advancements in aerial drones but also uncrewed ground and surface vehicles, sensors, electronic warfare, reconnaissance and intelligence systems, and more. "In the last five years, new technologies that are on display in Ukraine, they have a pretty big impact on warfare," Michael Brown, a partner with venture capital firm Shield Capital, told BI. Only the strong are likely to survive Within the US market, a lot of new drones are in technology demonstration programs. DoD is effectively putting out information on the types of systems and capabilities it wants. Various industry partners are applying with their solutions. Eventually, these will evolve into programs of record, and the competition will thin down dramatically when awards are granted to specific companies. Melissa Johnson, US Special Operations Command's acquisition executive, said the acquisitions, technology, and logistics team was "transparent with industry when issuing solicitations to communicate the needs of Special Operations Forces." She said that this process involves looking at a variety of factors, including "performance, manufacturability, operational considerations, and affordability." As the market becomes oversaturated with drone makers producing similar products, companies are increasingly trying to distinguish themselves in capability, as well as adaptability to countermeasures, such as electronic warfare. Not all of the companies rushing in are going to be competitive in the long run. Some won't be able to create a great product; others may not be able to scale up production to meet military demand. One drone maker, who requested anonymity to speak openly on the topic, said the current situation is comparable to the early automobile industry. "100 years ago, you had a bunch of companies trying to produce cars, and at the end of the day, the strong survived. I think that's what you're starting to see now." Cautious investing Drones are not exactly a new focus for American defense companies. In the mid- to late-2010s, a small but still substantial number of businesses were developing drones like small UAVs amid the growth of commercial drone development. Costs, mass production, and capabilities weren't clear, though, and many of these companies were unsuccessful or shifted focus. That could be shaping how investors think about where to put — or not put — money into the market even if there are many more companies to work with. "I think investors are a little scared about investing into an industry that historically, for small drones, has not been very profitable," the drone maker said. The nuance there, he said, is that Ukraine's use of drones and its sprawling defense industry have demonstrated a different look at the modern battlefield and the industries needed to sustain a war. Kyiv's drone makers are pumping hundreds of thousands of them, many with Chinese drone parts, out each month at relatively low costs. The US situation is a one-for-one, though. Chinese parts are a definite no-go, increasing the need for domestic supply chains. That said, there isn't a wartime demand for millions of combat drones the way there is in Ukraine. One of the biggest questions is whether the Defense Department will buy enough small drones to make these business endeavors profitable in the near term. Looking at small drones, "if the US continues to only purchase 12- to 15,000 drones a year, having 300 vendors is probably not going to satisfy market dynamics of returning the majority to those vendors," Sarah Pearson, deputy director for commercial operations at DIU, told BI. DIU's perspective is that competition in the market can push vendors to build better capabilities and ultimately lead to the best possible product. Concerns, however, remain over whether DoD would continually buy enough drones to keep businesses going. "If we buy, call it 10,000 drones, unless we're in high-intensity conflict," the industry investor said, "I don't necessarily know that I see a world where we're replacing 10,000 drones every year." And if that's not the case, it is an issue for the drone business.
Yahoo
4 hours ago
- Yahoo
The Best $100 Gen Z Can Spend on Retirement Planning
Gen Z may be decades away from retirement, but the steps they take today can significantly impact their future financial freedom. Learn More: Read Next: With time on their side, small, smart investments can now compound into significant returns later. Whether it's spending $100 on a one-time financial consult, a subscription to a savvy budgeting app or even investing in a starter index fund, the key is starting early and wisely. Here's the best $100 Gen Z can spend on retirement planning. Budgeting apps and robo-advisors can turn passive habits into active wealth-building strategies. For Gen Z, investing a small fee in the right tool can lead to consistent savings, long-term growth and financial stability. 'Paid tools can be worthwhile when they nudge you into better habits or automate tasks you'd otherwise skip,' said Lily Vittayarukskul, CEO and co-founder of Waterlily. Vittayarukskul said budgeting apps like YNAB come with a small subscription cost, but can help users become more deliberate with their spending. Meanwhile, robo-advisors like Betterment and Wealthfront offer automated investing services for a low annual fee. This approach appeals to around 40% of Gen Z investors who prefer a hands-off approach. 'The price tag is usually minor compared to the value of disciplined saving and diversified investing they facilitate,' Vittayarukskul said. 'I personally use Copilot, and I like that the finally added savings goals last month, but I think that most of the options out there have become very comprehensive and user friendly.' She added, 'Just make sure any app you pay for truly gets you to invest and track your spending in a way that is compounding your wealth and taking care of any high interest debts.' I'm a Financial Expert: Gen Z can skip the hype and spend $100 opening an account with a reputable brokerage that offers diversified, long-term investment options. 'The biggest mistakes I see younger adults making when trying to get ahead financially are listening to the wrong people and chasing outsized returns,' said Tyler End, a certified financial planner and CEO of Retirable. Starting with a solid, low-cost platform keeps new investors focused on sustainable growth without the distractions of viral trends or high-risk bets. Some examples include: Fidelity: No minimum investment for many accounts, zero-commission trades and strong educational tools. Offers Roth IRAs and index funds with no expense ratio. Vanguard: Known for low-cost index funds and long-term investing. Best suited for those who prefer a simple, set-it-and-forget-it approach. Charles Schwab: $0 account minimums, a wide range of low-fee ETFs and mutual funds, and solid customer support. Gen Z doesn't need thousands to start investing for retirement. With just $100, they can open a Roth IRA, one of the most tax-efficient accounts available, and begin compounding gains over decades. 'A Roth IRA is a great place to build and, given their time horizon, they can afford to take on more strategic risk in the market which can make for higher returns,' said Lukendric Washington, founder of Manifest Wealth Management. Washington said by splitting the money between a high-yield savings account for emergencies and a Roth IRA for the long term, Gen Z can build short-term security and long-term returns, laying the foundation for more confident investing down the line. Spending $100 on digital estate planning services can help Gen Z start organizing their assets, even if retirement is decades away. 'Digital estate planning tools can be a smart investment not just for older generations, but for Gen Z because they simplify you and your loved ones' lives and help you make more informed decisions,' said Howard Enders, the COO at the Estate Registry. 'These easy-to-use tools allow tech-savvy Gen Z to stay organized and prepared in ways that traditional methods often fall short,' Enders explained. 'By having all your important documents and assets all in one secure digital location, designated individuals can easily access anything they may need should anything happen.' In addition, it's a low-cost way to ensure the money and accounts they're building now are protected, and it helps form good habits around long-term financial responsibility. 'The real value lies in bringing long-term clarity and peace of mind, no matter your age or stage of life,' Enders said. More From GOBankingRates 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses This article originally appeared on The Best $100 Gen Z Can Spend on Retirement Planning Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15 hours ago
- Yahoo
8 best Roth IRA investments to maximize your retirement
A Roth IRA is one of the best possible ways to invest for retirement, and in fact, many experts think it's the single best retirement account to have. Naturally, it makes sense to take full advantage of this account by maxing out your annual contributions. But what are the best investments for your Roth IRA? You'll want to focus on investments that have a strong likelihood of growing a lot over the long term, but with little chance of going down. That means steering clear of highly speculative investments. Here are some of the top investments to consider for your Roth IRA and why they may work for you. Investment Holdings Key features S&P 500 index funds Companies in the S&P 500 Instant diversification Dividend stock funds Stocks that pay dividends No taxes on dividends Value stock funds Stocks that are a relative bargain Lower volatility Nasdaq 100 index funds The largest non-financial companies in the Nasdaq Exposure to big tech stocks REIT funds Companies that own, operate or finance income-producing real estate High dividends Small-cap funds Smaller companies Potential for higher returns Bond funds Bonds Lower returns, but less risk Target-date funds Stocks, bonds, cash and other investments Automatic rebalancing and reallocation A Roth IRA uses after-tax contributions to grow your money tax-free and then allows you to withdraw it without paying taxes in retirement. You can build up a nest egg that the government will never be able to touch again. (All fund data is from Morningstar as of June 10, 2025.) One of the best places to begin investing your Roth IRA is with a fund based on the Standard & Poor's 500 Index. It's a collection of hundreds of America's top companies, including many of the names you know and use every day (Amazon, Apple and Microsoft, for example). Over time, the index has performed well with average annual returns of about 10 percent. With this index fund, you'll enjoy a broadly diversified portfolio that includes some of the world's strongest companies, meaning you'll have reduced risk and the potential for solid gains. It also doesn't hurt that these funds often come with low expense ratios, meaning you won't pay a lot to the fund's managers, so more of your returns stay in your pocket. Fund 5-year annual returns Expense ratio Fidelity 500 index fund (FXAIX) 15.1% 0.015% Vanguard S&P 500 ETF (VOO) 15.1% 0.03% SPDR S&P 500 ETF Trust (SPY) 15.0% 0.095% Learn more: Top S&P 500 index funds Dividend stock funds are another popular option. Companies that pay dividends tend to be in mature industries and generate a ton of cash, allowing them to distribute the money to shareholders. The best companies increase their payouts annually for decades, turning your investment into a dividend dynamo. Plus, they tend to be less volatile than an average fund. Dividend stock funds can be particularly attractive in a retirement account because of their relative safety (they're in a mature industry). Even better, when held in a Roth IRA, the dividends are not subject to tax. Investors can roll dividends right back into the dividend fund and keep the payouts growing year after year. Fund 5-year annual returns Expense ratio Vanguard Dividend Appreciation ETF (VIG) 12.53% 0.05% Vanguard High Dividend Yield ETF (VYM) 12.28% 0.06% Schwab US Dividend Equity ETF (SCHD) 11.31% 0.06% Learn more: Best dividend ETFs Value stock funds include stocks that are more value-priced than the rest of the market, helping you find companies with share prices that are relative bargains. That means value stocks tend to be less volatile than the rest of the market, and they tend to have good returns over time. Plus, many of these companies also pay dividends, meaning you can enjoy attractive returns plus a cash payout. Because of their (usually) lower volatility, value stock funds may make an attractive addition to a Roth IRA. And of course, any dividends can be plowed right back into the value stock fund, too. Fund 5-year annual returns Expense ratio Vanguard Small-Cap Value ETF (VBR) 12.76% 0.07% Vanguard Value ETF (VTV) 12.66% 0.04% iShares Russell 1000 Value ETF (IWD) 11.45% 0.19% Learn more: Best value ETFs A Nasdaq 100 index fund focuses on the largest names trading on the Nasdaq stock exchange, which is chock-full of tech firms you might use every day, including Amazon, Apple and Meta Platforms (formerly known as Facebook). This kind of fund gives you high exposure to these top players, even more than you'd get in an S&P 500 index fund, supercharging your returns if these stocks do well. If you believe in the continued growth of tech stocks, this kind of Nasdaq fund is a great place to invest, potentially for decades. You'll get some diversification and may be able to compound your money at attractive rates. Of course, inside a Roth IRA you won't pay any capital gains taxes, either on your sales or when you make a qualified withdrawal from the account. Fund 5-year annual returns Expense ratio Invesco QQQ Trust (QQQ) 17.62% 0.2% Invesco Nasdaq 100 ETF (QQQM) 21.92% (3-year) 0.15% Direxion Nasdaq-100 Equal Weighted ETF (QQQE) 11.46% 0.35% Learn more: Best Nasdaq ETFs Real estate investment trusts (REITs) may sound fancy, but it's just the name for a special kind of tax-advantaged company that manages real estate investments. By law, REITs must pay out most of their income as dividends in exchange for not having to pay tax at the corporate level. That tax-advantaged structure means that they're a preferred place for real estate investors. Perhaps unsurprisingly, REIT funds are popular with investors because they pay out high dividends, and they have a strong track record of returns over time, too. Plus, inside the Roth IRA you won't owe any taxes on those dividends, allowing you to reinvest them in more shares. It's a double whammy of investment returns that keeps many investors hooked on REITs. Fund 5-year annual returns Expense ratio Real Estate Select Sector SPDR Fund (XLRE) 5.75% 0.08% Vanguard Real Estate ETF (VNQ) 4.98% 0.13% iShares U.S. Real Estate ETF (IYR) 4.84% 0.39% Learn more: Best REIT ETFs Funds that invest in small companies — those called small-cap stocks — are an attractive place for long-term investment returns. Small-caps have the potential to grow quickly over time, and they're often high-growth companies, but not always. Because they're smaller and have fewer financial resources, small caps tend to be riskier, but they can make up for it with high returns. Because of their potential for growth over time, small-caps can be a good investment for a Roth IRA, letting you compound your money. You can invest in a fund focused exclusively on small caps, such as an index fund that tracks the Russell 2000, and enjoy the relative safety created by the fund's well-diversified portfolio of holdings. Fund 5-year annual returns Expense ratio Invesco S&P SmallCap 600 Revenue ETF (RWJ) 17.04% 0.39% Avantis U.S. Small Cap Value ETF (AVUV) 16.65% 0.25% Invesco S&P SmallCap 600 Pure Value ETF (RZV) 14.55% 0.35% Learn more: Best small-cap ETFs Bond funds may not perform as well as stocks over the long term, but they can generate meaningful income that is tax-free when it's held in a Roth IRA. Look for core bond funds that hold highly rated bonds, which means the companies are likely to meet their debt obligations. High-yield bond funds offer higher returns, but they come with additional risk that can make them behave more like stocks than bonds. The bonds held in high-yield funds are non-investment grade, or junk, because there's a real risk they won't be able to make their interest payments. Fund 5-year annual returns Expense ratio Vanguard Total Bond Market ETF (BND) -0.94% 0.03% iShares Core U.S. Aggregate Bond ETF (AGG) -0.96% 0.03% Fidelity U.S. Bond Index Fund (FXNAX) -1% 0.025% Learn more: Best bond funds for retirement investors A target-date fund is a good pick for investors who don't want to focus on managing a portfolio. With a target-date fund, you choose the year when you want to access the money, and the fund automatically moves you from riskier, high-return assets (stocks) to safer, low-return assets (bonds) as you approach your date. Deposit money and let the fund company run the show. If there's a downside to target-date funds, it's that they can cost more than other funds, though their expense ratio is still often reasonable. But that additional cost is for their extra management. Also, it may make sense to pick a target date that's five or 10 years later than you actually want to retire, because that leaves more high-growth assets in your portfolio. By doing this, you help ensure that you won't outlive your money, a risk that can prove very stressful in your retirement years. Fund Expense ratio Vanguard Target Retirement 0.08% T. Rowe Price Retirement 0.56% – 0.64% BlackRock LifePath Index Varies Get started: Match with an advisor who can help you achieve your financial goals If you're investing the money you need for your retirement, you want to balance the prospect for strong, long-term returns with taking reasonable risks. For example, a well-diversified portfolio of stocks is likely to outpace most investments over time. Yet in the short term, stocks can fluctuate significantly. But overall, a portfolio of stock index funds is a time-tested way to build wealth. Recently, Fidelity and other companies have begun offering the ability to purchase cryptocurrencies, such as Bitcoin, in an IRA or 401(k). While Bitcoin has had a strong run since it was first introduced in 2009, it's still a highly speculative asset. That's led some investing experts to caution that using a retirement account to invest in cryptocurrencies is 'gambling' and 'pure, unadulterated speculation.' Instead, stick to the tried-and-true methods of building wealth in your retirement accounts, because that money must be there when you need it. Can anyone contribute to a Roth IRA? No, there are income limits for contributing to a Roth IRA. For the 2025 tax year, single filers can make the full $7,000 contribution if their income is below $150,000. Those over age 50 can make an additional $1,000 contribution. If you're single and make $165,000 or more, you can't contribute to a Roth IRA. The income limit for a married couple filing jointly maxes out at $246,000. There are still ways to get money into a Roth IRA if your income is high. Here's what to know about the backdoor Roth IRA. How much can you contribute to a Roth IRA? Roth IRA contribution limits are $7,000 for those under 50 years old or $8,000 for those age 50 and older for the 2025 tax year. Which investments should you avoid in a Roth IRA? You should avoid speculative investments in a Roth IRA because you're relying on these investments to fund your future retirement. Cash is also a poor investment for a Roth IRA because it's likely to lose value over time due to inflation. Municipal bonds should also be avoided because their tax advantage isn't needed in a tax-advantaged account. A Roth IRA is a great investment account for retirement, and investors should look to take maximum advantage of it. Find investments with a strong, long-term track record and stay clear of highly speculative investments. With potentially decades to let your Roth IRA compound, you can give yourself every chance of building a huge nest egg that's untouchable by the taxman. Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation. Sign in to access your portfolio
