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 Federal Credit Union product overview

Share savings accounts

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?

IRA share accounts

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.

Money market savings accounts

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

SaveFirst Account

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.

Share certificates

Read more: What is a share certificate?

Checking accounts

Loans

Investment services

Customers can receive tailored advice from a Navy Fed investment professional regarding estate planning, portfolio management, life insurance, and general financial planning.

Business banking products and services

In addition to its personal banking products and services, Navy Fed also offers business checking and savings accounts, loans, credit cards, and more.

Navy Federal Credit Union fees

Here’s a closer look at some of the fees you may encounter as a Navy Federal member:

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Navy Federal Credit Union pros and cons

Here are some of the major perks and drawbacks of banking with Navy Fed.

Pros:

Cons:

Customer service and mobile banking experience

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 Federal
P.O. Box 3000
Merrifield, 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.

Social and environmental impact

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?

How to become a member of Navy Federal Credit Union

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.

Navy Fed FAQs

Is Navy Federal Credit Union NCUA-insured?

Yes, Navy Federal is an NCUA-insured credit union, which means your deposits are protected up to $250,000 per account holder.

What is Navy Federal Credit Union’s routing number?

Navy Federal’s routing number is 256074974.

Does Navy Federal have Zelle?

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?