Logo by Navy Federal Credit Union; Illustration by Hunter Newton/Bankrate
Navy Federal Credit Union has one basic savings account option, the Share Savings Account. Active duty military, veterans, their families and Department of Defense personnel may join the credit union by making a $5 deposit into the savings account. Navy Federal pays an annual percentage yield (APY) that is lower than the national average.
Aside from Share Savings, NFCU offers two money market accounts that earn tiered interest rates based on the account balance.
Overall, Navy Federal Credit Union earned 4.0 out of 5 stars from Bankrate, with a score of 3.4 for its savings account and 3.1 for its money market accounts.
Navy Federal Credit Union savings account interest rates
Here’s a breakdown of Navy Federal’s savings rates.
| Account name | APY | Minimum deposit |
|---|---|---|
| Membership Share Savings Account | 0.25% | $5 |
Navy Federal also offers a Money Market Savings account and a Jumbo Money Market Savings account with variable, tiered APYs. A minimum daily balance of $2,500 is required to earn dividends for the standard MMA; the jumbo MMA requires $1 million to earn the highest APY.
| Account name | APY | Minimum daily deposit |
|---|---|---|
| Money Market Savings | 0.00% | $0 to $2,499 |
| Money Market Savings | 0.95% | $2,500 to $9,999 |
| Money Market Savings | 1.06% | $10,000 to $24,999 |
| Money Market Savings | 1.10% | $25,000 to $49,999 |
| Money Market Savings | 1.50% | $50,000 or more |
| Jumbo Money Market Savings | 0.25% | $0 to $99,999 |
| Jumbo Money Market Savings | 1.65% | $100,000 to $249,999 |
| Jumbo Money Market Savings | 1.85% | $250,000 to $499,999 |
| Jumbo Money Market Savings | 2.05% | $500,000 to $999,999 |
| Jumbo Money Market Savings | 2.25% | $1 million or more |
Note: The annual percentage yields (APYs) shown above are as of March 13, 2024.
How Navy Federal Credit Union compares with top high-yielding banks
Navy Federal Credit Union’s Share Savings pays an APY that is below the national average. Navy Fed’s Money Market Savings Account starts close to an average APY, but the credit union requires a steep minimum balance of $1 million to earn the top yield, which is considerably higher than other banks. Vio Bank, for example, offers a very competitive yield on every balance with its money market account and requires just a $100 minimum deposit. (Here’s our list of the best credit union savings account rates.)
One benefit of Navy Federal’s Share Savings and money market accounts: There are no monthly service fees.
How to become a member of Navy Federal Credit Union
To take advantage of Navy Federal savings accounts, you must be a member. Membership is available to those who are serving or have served in the U.S. Armed Forces and their family and household members, plus Department of Defense civilians.
Navy Federal has more than 13 million members. Members can access their accounts online, by using the Navy Federal mobile app or by visiting a branch or ATM. NFCU’s website offers a variety of educational content related to savings, as well as a savings calculator to help you plan for financial goals.
Other savings options at Navy Federal Credit Union
In addition to a basic savings account and the higher-interest money market accounts, Navy Federal Credit Union offers share certificates, or CDs, for short-term and long-term savings. For shorter-term saving goals, like a down payment on a new car, there are CDs with terms as short as three months.
Finally, Navy Federal offers education savings accounts (ESAs), as well as traditional IRAs and Roth IRAs for retirement savers.
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