Navy Federal Credit Union offers a basic savings account and a money market savings account, both of which bear interest. For customers who don’t need immediate access to their funds, the credit union also has savings certificates that earn higher interest rates.
Here’s an overview of NFCU savings account interest rates and how much you can earn. Rates and account details are accurate as of May 1, 2024.
| Account Name | Balance | APY |
|---|---|---|
|
Navy Federal Credit Union Basic Savings Account
|
$5 and above
|
0.25%
|
Money Market Savings Options
Rates on NFCU’s money market accounts vary greatly depending on your balance. The credit union offers both the Navy Federal Credit Union Money Market Account and, for customers with larger balances, the Navy Federal Credit Union Jumbo Money Market Account.
| Account Name | Balance | APY |
|---|---|---|
|
Navy Federal Credit Union Money Market Account
|
$0 to $2,499
$2,500 to $9,999
$10,000 to $24,999
$25,000 to $49,999
$50,000 and above
|
0.00%
0.95%
1.06%
1.10%
1.50%
|
|
Navy Federal Credit Union Jumbo Money Market Account
|
$0 to $99,000
$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1,000,000 and above
|
0.25%
1.65%
1.85%
2.05%
2.25%
|
Term Savings Options
NFCU’s term savings options require you to keep your money locked up for a pre-set term, during which you earn a fixed interest rate.
| Account Name | Term | Minimum Deposit | APY |
|---|---|---|---|
|
Navy Federal Credit Union SaveFirst Account
|
3 to 60 months
|
$5
|
0.40%
|
|
Navy Federal Credit Union EasyStart℠ Certificate
|
12 months
18 months
24 months
|
$50
$50
$50
|
4.75%
4.70%
4.15%
|
|
Navy Federal Credit Union Special EasyStart Certificate
|
12 months
|
$50 up to $3,000
|
5.30%
|
Overview of NFCU Savings Account
As with most credit unions, you must meet the eligibility requirements for membership to open a Navy Federal savings account. Membership at NFCU is open to active and retired military members, their families and Department of Defense civilians. You’ll have to open a Membership Share Account with a $5 minimum balance to establish membership.
Basic Savings Account
This no-frills account is designed for emergency savings. Navy Federal automatically provides a Basic Savings Account to each member. The account has no monthly maintenance fee and accrues interest on balances over $5. Members can open multiple Basic Savings Accounts to save for different goals.
While the ease of using the default saving account may be appealing, the interest earned on this account is below the national average of 0.46% as of April 15, 2024.
Money Market Savings Account
Navy Federal also offers Money Market Savings Accounts designed to pay higher interest on larger balances. This account begins earning interest on balances of $2,500 and above. Like the Basic Savings account, there is no monthly fee. Savings interest rates on this account vary by balance and are notably higher than the measly rate offered by the credit union’s basic account.
Once your balance exceeds $100,000, switching to a Jumbo Money Market Savings account will increase your interest rates even more. That said, these rates are still below what you’d get from the best money market accounts at online banks.
Term Savings Account
Navy Federal also offers a variety of term savings accounts, also known as certificates. These products function like typical certificates of deposit (CDs), requiring you to keep your money in the account for the entirety of the term. If an emergency hits, you can access your funds, but you will incur an early withdrawal penalty.
While the credit union’s standard certificates only allow for a single initial deposit, its SaveFirst Account, EasyStart Certificate and Special EasyStart Certificate allow for additional deposits throughout the term of the certificate. These hybrid savings and CD accounts may be a great option if you’re trying to build your savings over time.
The SaveFirst Account is a term savings account that begins earning interest on balances as low as $5. With terms ranging from three to 60 months, the interest earned on this account is higher than what’s earned on the Basic Savings account but still low.
The EasyStart Certificate requires a slightly higher opening deposit of $50, but it offers a competitive APY on terms of 12 months or more. If you have a Navy Federal checking account with direct deposit, you can open one Special EasyStart Certificate. This 12-month certificate has one of the highest interest rates available on savings accounts or CDs. However, the maximum deposit amount on this certificate is $3,000.
Navy Federal Credit Union also offers retirement and college saving account options.
How Much Can You Earn With an NFCU Savings Account?
Before opening a savings account with Navy Federal, you’ll want to know how much interest you could earn over time. Use the below calculator to find out how much money you stand to earn.
Enter your initial deposit, monthly contribution and the APY of the NavyFed account you’re interested in to see how much you could earn over a specific number of months or years.
How the NFCU Savings Accounts Stack Up
Navy Federal Credit Union charges no fees for opening accounts or certificates and has low minimum balance requirements, making these accounts highly accessible. However, the Basic Savings Account interest rates are lower than the national average. And while Money Market Savings and SaveFirst accounts offer higher interest rates, these rates don’t measure up to the best online savings accounts.
If you don’t need funds in the short term, Navy Federal’s 12- to 24-month EasyStart and Special EasyStart Certificates offer APYs that compete with the best CD rates. If you’re looking for a more traditional savings account but still want to maximize your earnings, the best high-yield savings accounts might be a better fit.
About Navy Federal
Navy Federal Credit Union was founded by a group of U.S. Navy employees during the Great Depression. It was initially only open to members of the U.S. Navy, but membership is now open to members from all branches of the military and Department of Defense employees as well as their families.
Over the years, Navy Federal has grown into the largest credit union in the United States. With over 12 million members, the credit union has 335 branches with $156.7 billion in deposit assets. Members can access funds from a network of over 30,000 ATMs and 350 branches worldwide.
Navy Federal Credit Union
Our members could earn and save hundreds per year by banking with us. See how you can take advantage of your new membership perks.
