Navy Federal Credit Union Basic Savings Account

Navy Federal Credit Union Basic Savings Account Review

Navy Federal Credit Union Basic Savings Account is offered by Navy Federal Credit Union, a credit union founded in 1933 and based in Vienna, VA. Navy Federal Credit Union Basic Savings Account are available in 50 states (and Washington, DC).

Key Takeaways

• Higher than average APY. Navy Federal Credit Union Basic Savings Account has an annual percentage yield of up to 0.25%, which is higher than the average interest rate for savings accounts. Note that you must keep a minimum balance of $5 to earn that interest rate.
• $0 monthly fee. This account does not charge any monthly account fees.
• No minimum initial deposit. There is no minimum balance required to open an account online.
• No ATM fees. Navy Federal Credit Union Basic Savings Account does not charge fees on ATM transactions.

Navy Credit Union savings account Pros & Cons

Pros	Cons
Available in all 50 states. Dividend-yielding account. Insured by NCUA. Access to physical branches. Free debit card No charge on incoming domestic or international wire transfers.	No signup bonus. Higher than average wire transfer fees.

Navy Credit Union savings account FAQ

Are savings accounts from Navy Federal Credit Union federally insured?

Yes, your savings accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

Does Navy Federal Credit Union offer a signup bonus?

Navy Credit Union savings account has a signup bonus of $0.

What is the minimum initial deposit for Navy Credit Union savings account?

There is no minimum deposit to open a Navy Credit Union savings account.

Navy Federal Credit Union Basic Savings Account Minimums

Description
Minimum Balance to Earn APY	$5
Minimum Opening Deposit	Starting at $0

What APY does Navy Federal Credit Union Basic Savings Account offer?

Navy Credit Union savings account offers an APY of 0.25% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Navy Credit Union savings account charge?

Navy Credit Union savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

• Outgoing domestic bank transfers come with a $14 fee.
• Outgoing international bank transfers come with a $25 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.

What features and perks does Navy Credit Union savings account offer?

This savings account includes the following features:

• Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
• Fraud monitoring - Navy Credit Union savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
• Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
• Mobile Banking Services - Navy Credit Union savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
• Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Navy Credit Union savings account?

Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

What is the customer support email for Navy Credit Union savings account?

The customer support email for Navy Credit Union savings account is info@navyfederal.org.

How do people rate the customer service and user experience of Navy Credit Union savings account?

Overall, Navy Credit Union savings account is strongly recommended based on community reviews that rate customer service and user experience.