Bank Reviews

Navy Federal Credit Union Reviews, Rates: CDs, Savings, Money Market, Mortgages

Navy Federal Credit Union was established in 1933 and amazingly only started out with 7 members. It has grown to be a sought after financial institution with over 3 million members to date. Navy Federal Credit Union brought in roughly $44 billion in assets for the second quarter in 2011. Perhaps this particular credit union is going so well because they faithfully practice the guidelines of a credit union. Each member has a vote, so to speak, when they are apart of a credit union. They are not just customers, but they are also owners.

With the increase in Army enrollments, Navy Federal Credit Union has been able to help serve those who serve us. They tailor to the Army, Marine Corps, Navy, Air Force and DoD. It is a perfect combination as the fighting men and women in our country and this credit union share common qualities such as not for profit, not for charity, but for service. To see if you qualify to become a member, Navy Federal Credit Union offers a membership wizard on their website. The website also features interactive tools for members to rate the quality of each account Navy Federal Credit Union has to offer.

Navy Federal Credit Union is devoted to helping their clients learn about proper financial management and security. They do so by offering accounts with fees and charges that are lower than competitors. They are designed this way to help recover only the approximate overall cost of the client’s membership. This credit union guarantees fabulous customer service and believes in hiring friendly and intelligent individuals. In 2009 and 2010, Navy Federal Credit Union was awarded as one of the best companies to work for in Florida.

Review: Navy Federal Credit Union Services

Checking accounts: Navy Federal Credit Union offers five different checking accounts. Each one is designed to meet specific needs and all of them come with much needed features. For the Active Duty, Campus, e-Checking and Everyday Checking accounts, they all require no minimum balance and are at a flat interest rate of 0.15 percent. The interest rate grows higher with the more serious Flagship Checking accounts, which vary between 0.40 and 0.70 percent. The upper checking accounts require larger balances and minimum deposits. The ranges are from $0.00 to $9,999.99, $10,000.00 to $24,999.99 and $25,000.00 and over.

Savings accounts: This credit union offers basic savings account to fit around anybody’s savings goal. They have a Basic Savings which has no monthly service charge and great ways to save for education. Navy Federal Credit Union has Education Savings Accounts (ESA), EasyStartSM ESA Certificates and ESA Certificates. They come with competitive rates and are easy to manage.

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Navy Federal Credit Union offers great rates and better savings. Their CD options are able to fit into any financial goal you may have. They easily break their CDs into money groups for easy viewing and access. Some of the CDs offer a low minimum deposit, but still do offer a higher interest rate.

Navy Federal Credit Union: Special EasyStartSM Certificate (Share/IRA/ESA) – as of 8/27/11

  • $50.00 Minimum Deposit – 1 Year Term – 2.96% Dividend Rate – 3.00% APY

Navy Federal Credit Union: $5.00 to $500.00 Minimum – as of 8/2711

  • EasyStart Certificate (Share/IRA/ESA) – $100.00 Minimum Deposit
    • 1 Year Term – 0.85% Dividend Rate – 0.85% APY
  • Variable Rate Share, IRA and ESA Certificate – $500.00 Minimum Deposit
    • 3 Year Term – 0.47% Dividend Rate – 0.47% APY

Navy Federal Credit Union: $1K to $2.5K Minimum – as of 8/27/11

  • Share, IRA and ESA Certificates – $1,000.00 Minimum Deposit
    • 1 Year – 0.85% Dividend Rate – 0.85% APY
    • 2 Years – 1.04% Dividend Rate – 1.05% APY
    • 3 Years – 1.54% Dividend Rate – 1.55% APY
    • 4 Years – 1.88% Dividend Rate – 1.90% APY
    • 5 Years – 2.27% Dividend Rate – 2.30% APY
    • 7 Years – 2.86% Dividend Rate – 2.90% APY
  • Share and IRA Certificates – $2,500.00 Minimum Deposit
    • 6 Months – 0.60% Dividend Rate – 0.60% APY

Navy Federal Credit Union: $10K to $20K Minimum – as of 8/27/11

  • Share and IRA Certificates – $10,000.00 Minimum Deposit
    • 6 Months – 0.70% Dividend Rate – 0.70% APY
  • Share, IRA and ESA Certificates – $10,000.00 Minimum Deposit
    • 9 Months – 0.80% Dividend Rate – 0.80% APY
    • 18 Months – 1.04% Dividend Rate – 1.05% APY
  • Share and IRA Certificates – $20,000.00 Minimum Deposit
    • 1 Year – 0.95% Dividend Rate – 0.95% APY
    • 2 Years – 1.14% Dividend Rate – 1.15% APY
    • 3 Years – 1.64% Dividend Rate – 1.65% APY
    • 4 Years – 1.98% Dividend Rate – 2.00% APY
    • 5 Years – 2.37% Dividend Rate – 2.40% APY
    • 7 Years – 2.96% Dividend Rate – 3.00% APY

Navy Federal Credit Union: $100K Minimum – as of 8/27/11

  • Jumbo Share and IRA Certificates – $100,000.00 Minimum Deposit
    • 6 to 11 Months – 0.85% Dividend Rate – 0.85% APY
    • 12 to 23 Months – 1.04% Dividend Rate – 1.05% APY
    • 24 to 35 Months – 1.24% Dividend Rate – 1.25% APY
    • 36 to 59 Months – 1.74% Dividend Rate – 1.76% APY
    • 60 to 84 Months – 2.47% Dividend Rate – 2.50% APY

Navy Federal Credit Union: Custom Club Account – $5.00 Minimum Deposit– as of 8/27/11

  • 3 months to 5 years – 0.75% Dividend Rate – 0.75% APY

 

Terms & ConditionsFees may reduce earnings and offering rates may change.

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Navy Federal Credit Union offers an array of choices to save money. Their Basic Savings is ideal for those who are starting to save. They will not be charged monthly service charges and will still receive competitive rates.

Navy Federal has a good list of educational accounts. They have Education Savings, Education Savings Accounts (ESA), EasyStartSM ESA Certificates and ESA Certificates. For the Education Savings, earnings are tax-free if used for education expenses and the ESAs require no minimum or maximum deposit and no early-withdrawal penalties. The EasyStartSM ESA Certificates only require a $100.00 opening deposit to start and these are available for a 1-year term. ESA Certificates have minimum purchase amounts of $100.00, $500.00 and $1,000.00 and 1-,2-,3-,4 and 7-year terms.

They also offer estate management products that are able to help make difficult decisions seem a litter easier. They have a revocable trust, a custodial account and an estate account. Navy Federal does have share accounts with competitive rates.

Navy Federal Credit Union: Share Savings Account – $5.00 Minimum Deposit – as of 8/27/11

  • 0.30% Dividend Rate – 0.30% APY

Navy Federal Credit Union: IRA Share Accounts (ESA, Roth, SEP & Traditional) – as of 8/27/11

  • 0.30% Dividend Rate – 0.30% APY

Terms & ConditionsFees may reduce earnings. Navy Federal reserves the right to discontinue or modify offers at any time. Rates on deposit accounts and specified certificate accounts may change after account opening.

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Navy Federal Credit Union’s money market accounts are able to earn more than a Basic Savings account and they have no term restrictions. For the Money Market Savings account, a minimum of $2,500.00 is required in order to earn dividends and the Jumbo Money Market Savings account requires a $100,000.00 minimum to earn off of the Jumbo dividend rate.

The IRA Money Market Savings account requires no minimum deposit; however, a $2,500.00 minimum balance must be maintained in the account to earn dividends. Navy Federal offers business money market savings accounts and can be opened with a telephone call.

Navy Federal Credit Union: Money Market Savings Rates – as of 8/27/11

  • $0.00 – $9,999.99 – 0.40% Dividend Rate – 0.40% APY
  • $10,000.00 – $24,999.99 – 0.50% Dividend Rate – 0.50% APY
  • $25,000.00 – $49,999.99 – 0.60% Dividend Rate – 0.60% APY
  • $50,000.00 and over – 0.70% Dividend Rate – 0.70% APY

Navy Federal Credit Union: Jumbo Money Market Savings Rates – as of 8/27/11

Jumbo Money Market Savings Account

  • $0.00 to $99,999.99 – 0.30% Dividend Rate – 0.30% APY
  • $100,000.00 and over – 0.80% Dividend Rate – 0.80% APY
  • Jumbo IRA Money Market Savings Account
  • $0.00 – $99,999.99 – 0.30% Dividend Rate – 0.30% APY
  • $100,000.00 and over – 0.80% Dividend Rate – 0.80% APY

Navy Federal Credit Union: IRA/ESA Money Market Savings Account Rates – as of 8/27/11

  • $0.00 – $9,999.99 – 0.40% Dividend Rate – 0.40% APY
  • $10,000.00 – $24,999.99 – 0.50% Dividend Rate – 0.50% APY
  • $25,000.00 – $49,999.99 – 0.60% Dividend Rate – 0.60% APY
  • $50,000.00 and over – 0.70% Dividend Rate – 0.70% APY

Terms & Conditions: Fees may reduce earnings. Navy Federal reserves the right to discontinue or modify offers at any time. Rates on deposit accounts and specified certificate accounts may change after account opening.

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Navy Federal illustrates how easy home buying can be with their unique services. They offer personal guidance from the first call to closing. Navy Federal mortgage loans are available nationwide and there are special mortgages for military personnel.

A mortgage application checklist is available on their site to ensure you have everything you need before starting the loan application process. They also provide state of the art mortgage calculators to provide with realistic figures.

Navy Federal Credit Union: Fixed Rates – as of 8/26/11

  • 30 Yr Conforming – 4.000% Interest Rate – 1.125 Discount Points – 4.179% APR
  • 30 Yr Jumbo – 4.125% Interest Rate – 1.125 Discount Points – 4.305% APR
  • 30 Yr Super Conforming – 4.125% Interest Rate – 1.125 Discount Points – 4.305% APR
  • 15 Yr Conforming – 3.250% Interest Rate – 1.250 Discount Points – 3.581% APR
  • 15 Yr Jumbo – 3.375% Interest Rate – 1.250 Discount Points – 3.707% APR
  • 15 Yr Super Conforming – 3.375% Interest Rate – 1.250 Discount Points – 3.707% APR

Navy Federal Credit Union: VA & FHA Rates – as of 8/26/11

  • 15 Yr VA – 3.125% Interest Rate – 1.000 Discount Points – 3.718% APR
  • 15 Yr FHA – 3.125% Interest Rate – 1.000 Discount Points – 3.838% APR
  • 30 Yr VA – 3.875% Interest Rate – 0.625 Discount Points – 4.181% APR
  • 30 Yr FHA – 3.875% Interest Rate – 0.625 Discount Points – 4.808% APR
  • 1 Yr FHA ARM – 4.375% Interest Rate – 0.375 Discount Points – 3.264% APR
  • 3 Yr FHA ARM – 5.125% Interest Rate – 0.375 Discount Points – 3.978% APR

Navy Federal Credit Union: Adjustable Rates – as of 8/26/11

  • 3 Yr Conforming ARM – 2.000% Interest Rate – 0.500 Discount Points – 3.125% APR
  • 2 Yr Conforming ARM – 2.125% Interest Rate – 0.500 Discount Points – 2.996% APR
  • 3 Yr Jumbo ARM – 2.250% Interest Rate – 0.500 Discount Points – 2.989% APR
  • 5 Yr Conforming ARM – 2.875% Interest Rate – 0.500 Discount Points – 3.327% APR
  • 5 Yr Jumbo ARM – 2.875% Interest Rate – 0.500 Discount Points – 3.107% APR

Navy Federal Credit Union: 100% Financing – as of 8/26/11

  • 15 Yr HomeBuyers Choice – 3.875% Interest Rate – 0.750 Discount Points – 4.403% APR
  • 15 Yr Jumbo HomeBuyers Choice – 4.000% Interest Rate – 0.750 Discount Points – 4.530% APR
  • 30 Yr HomeBuyers Choice – 4.500% Interest Rate – 0.750 Discount Points – 4.807% APR
  • 30 Yr Jumbo HomeBuyers Choice – 4.625% Interest Rate – 0.750 Discount Points – 4.934% APR

Navy Federal Credit Union: HomePath® Financing – as of 8/26/11

  • 15 Yr HomePath – 3.250% Interest Rate – 1.250 Discount Points – 3.581% APR
  • 15 Yr HomePath Investment – 4.250% Interest Rate – 1.250 Discount Points – 4.590% APR
  • 30 Yr HomePath – 4.000% Interest Rate – 1.125 Discount Points – 4.179% APR
  • 5 Yr HomePath ARM – 2.875% Interest Rate – 0.500 Discount Points – 3.107% APR

Terms & Conditions: Rates based on creditworthiness, so your rate may differ. Mortgage Loan Payment Example: $200,000 mortgage for 30 years at 6.125% (6.196% APR) will result in a monthly payment of $1,215.22. Taxes and insurance not included, therefore the actual payment obligation will be greater.

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