Navy Federal High Yield Savings
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Navy Federal Credit Union provides various financial products. But do they have a high-yield savings account? Find out here.
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Pros and Cons
- $0 monthly charge
- Extensive ATM network
- Low interest rate
- $5 opening deposit
- Only for members
Bottom Line
Savings account with low APY, best for military personnel
Navy Federal is one of the largest credit unions in the US. They are popular with folks associated with the military.
To their members, they offer a Share Savings Account with just an average rate. Read on for more details.
Does Navy Federal Have High-Yield Savings?
Navy Federal does not offer high-yield savings right now. Instead, they have a basic savings account with a rate lower than the national average.[1]
They also have other savings options with higher APY. But overall, their rates may not be as competitive as what online banks and credit unions offer.
What Is Navy Federal Credit Union Share Savings Account?
Share Savings Account is a standard savings option with a 0.25% APY. You need to be a Navy Federal member to avail of this product.[2]
If you have other accounts with Navy Federal, your savings account will have a minimum balance of $5. If not, then the required minimum is $50.[3]
How Much Can You Earn?
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Check out this savings calculator to see how much you can earn with a Navy Federal Share Savings Account.
Fees to Look Out For
Navy Federal does not have monthly service charges, but there is a fee of $3 per quarter if your account has:[4]
- No activity for 12 months
- No other Navy Federal account relationships; and
- A combined balance of less than $50
But, if you are under 24 years old, this fee is waived.
Pros and Cons
Pros
- No monthly service fee
- Access to 30,000+ fee-free co-op ATMs
- Federally-insured
Cons
- Low APY
- $5 minimum opening deposit
- Minimum balance requirement
- Only for Navy Federal members
Who Is Eligible to Open an Account?
Only members of Navy Federal Credit Union can open a Share Savings Account. Membership is open to those from all branches of the armed forces, such as:[5]
- Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, and Space Force in Active Duty
- Delayed Entry Program (DEP)
- DoD Officer Candidate/ROTC
- DoD Reservists
- Veterans, Retirees and Annuitants
- Immediate family and household members
- DoD civilian personnel
Who Is It Best For?
The Navy Federal Share Savings Account is best for active or retired members of the military. It is also a good option for eligible family and household members.
This is a good account to consider if you need a straightforward savings account. And, if you want to enjoy the benefits of being a Navy Federal member. Joining requires you to open a savings account to maintain membership.[6]
Is Navy Federal Credit Union Safe?
Yes, it is. Navy Federal savings accounts are covered by the National Credit Union Administration (NCUA) up to $250,000[7]. This means account holders are insured up to the said amount should the credit union ever fail.
How It Compares
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
UFB Portfolio Savings - Earn up to 4.01% APY
- Earn up to 4.01% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High-Yield Savings Account - 4.30% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Bottom Line
Navy Federal's Share Savings Account is a good option for members who want a convenient place for their money. Though, the rate is low.
But if you are not eligible to open a Navy Federal account or you prefer getting a higher APY, you can check out online banks and other credit unions for high-yield savings.
References
- ^ FDIC. National Rates and Rate Caps, Retrieved 11/11/2023
- ^ Navy Federal. Savings Rates, Retrieved 11/11/2023
- ^ Navy Federal. Savings Programs, Retrieved 11/11/2023
- ^ Navy Federal. Savings Programs, Retrieved 11/11/2023
- ^ Navy Federal. Membership Eligibility, Retrieved 11/11/2023
- ^ Navy Federal. What You'll Need to Join, Retrieved 11/11/2023
- ^ Navy Federal. About Navy Federal Credit Union, Retrieved 11/11/2023
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Promo code Q1AFL25 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts. Business Essentials is not available in all markets; contact a banker for more details.
Earn your $500 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials account between 1/16/2025 and 3/31/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
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Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
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