Navy Federal Credit Union Info + Reviews
Navy Federal Credit Union is our focus here. We’ll be taking a look at this Virginia CU and going over a lot of details like their products, rates, membership eligibility and more.
By the time you’re finished reading, it should give you useful information to make an educated decision about working with them.
At the end, you can also add in your own personal review of this CU if you have experience with them.
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*Routing #: 256074974
*Phone #: 1-888-842-6328
*Mailing address:
Navy Federal
P.O. Box 3000
Merrifield, VA 22119-3000
They have hundreds of branches worldwide, so, you’ll always be able to find one.
A Little History on Navy Federal Credit Union
Navy Federal was started around the time that most credit unions out there were chartered. The crazy thing is that even though plenty of other ones started in 1933, NFCU is one of the few that now has assets of $150 billion dollars. That’s wild. They also have over 10 million members, which is really impressive.
Because they are part of the CO-OP ATM network, there are over 30,000 surcharge-free ATMs that you can use to get your cash from there.
Do They Give Back At All?
Navy Federal Credit Union does give back, yes. Through their Dollars for Doers program, they have donated a lot of money in the past. In September 2021, for example, they donated $100,000 between 100 nonprofits.
Membership Requirements at Navy Federal Credit Union
If you aren’t already familiar with them from hearing or seeing ads, NFCU is a little more exclusive. You won’t just be able to work or live in a certain place to be a member there. However, servicemembers in all branches of the armed forces (that includes Space Force) are eligible for membership.
Immediate family members also qualify for membership, which is good, too. Department of Defense civilian employees are also in.
In addition to the adult memberships, they also have minor memberships for children and grandchildren.
Their Products
You’ll be able to find personal products and products for small businesses at Navy Federal Credit Union. As far as the personal ones go, you’ll be able to get checking/savings accounts, certificates, money market accounts, retirement savings, education savings, education savings, and prepaid giftcards.
You can also get help with your investments through the Navy Federal Financial Group. As far other products go, you can debit/credit cards, auto loans, mortgages, personal loans, student loans, home equity loans, and motorcycle, boat and leisure vehicles.
Veterans (or people active in the service) who own businesses can take advantage of their Business Checking, Business Plus Checking, or Business Premium Checking offerings.
There are also business money market accounts and certificates.
Rates
(all rates were current at the time of publishing this article, however, they are subject to change without notice)
Auto Loan Rates 1
| Loan Type | Up to 36 mos. APR as low as | 37-60 mos. APR as low as | 61-72 mos. APR as low as | 73-84 mos. APR as low as | 85-96 mos. APR as low as |
|---|---|---|---|---|---|
| New Vehicle | 1.79% | 2.19% | 2.29% | 4.69% | 5.59% |
| Late Model Used Vehicle | 2.19% | 2.29% | 3.79% | N/A | N/A |
| Used Vehicle | 3.79% | 3.79% | 3.79% | N/A | N/A |
Rates as of Jan 10, 2022 ET.
Boat, Motorcycle and RV Loan Rates at Navy Federal Credit Union 2
| Loan Type | up to 36 mos. APR as low as | 37-60 mos. APR as low as | 61-72 mos. APR as low as | 73-84 mos. APR as low as | 84-180 mos. APR as low as |
|---|---|---|---|---|---|
| New Boat | 5.95% | 7.95% | 7.95% | 7.95% | 7.95% |
| Used Boat | 7.45% | 8.00% | 8.00% | 8.90% | 8.90% |
| New Motorcycle | 6.95% | 6.95% | 6.95% | 8.30% | n/a |
| Used Motorcycle | 6.99% | 9.05% | 9.05% | n/a | n/a |
| Other Eligible Vehicles | 7.99% | 7.99% | 8.80% | 8.80% | 8.80% |
Rates as of Jan 10, 2022 ET.
Certificate Special Offers Navy Federal Credit Union3
| Product | Minimum Deposit | Term | Dividend Rate | APY |
|---|---|---|---|---|
| Special EasyStartSM Certificate | $50 | 12 months | 2.96% | 3.00% |
Short-Term Certificate Rates (Share, IRA, ESA) 4
| Term | $1K Minimum APY | $20K Minimum APY | $100K Minimum APY |
|---|---|---|---|
| 3 Months | 0.40% | 0.40% | 0.45% |
| 6 Months | 0.45% | 0.45% | 0.50% |
| 12 Months | 0.55% | 0.55% | 0.60% |
| 18 Months | 0.55% | 0.55% | 0.60% |
| 24 Months | 0.55% | 0.55% | 0.60% |
Rates as of Jan 10, 2022 ET.The APY is an annualized rate that reflects estimated dividend earnings based on the dividend rate and frequency of compounding.
Penalties apply for early withdrawals from certificate accounts. Offering rates may change. Dividends compounded daily, credited monthly.
Long-Term Certificate Rates (Share, IRA, ESA)4
| Term | $1K Minimum APY | $20K Minimum APY | $100K Minimum APY |
|---|---|---|---|
| 3 Years | 0.70% | 0.70% | 0.75% |
| 5 Years | 0.90% | 0.90% | 0.95% |
| 7 Years | 0.90% | 0.90% | 0.95% |
Rates as of Jan 10, 2022 ET.The APY is an annualized rate that reflects estimated dividend earnings based on the dividend rate and frequency of compounding.
Penalties apply for early withdrawals from certificate accounts. Offering rates may change. Dividends compounded daily, credited monthly.
SaveFirst Certificate Rates4
| Product | Minimum Deposit | Term | Dividend Rate | APY |
|---|---|---|---|---|
| SaveFirst Account | $5.00 | 3–60 Months | 0.40% | 0.40% |
The APY is an annualized rate that reflects estimated dividend earnings based on the dividend rate and frequency of compounding. Penalties apply for early withdrawals from certificate accounts. Offering rates may change. Dividends compounded daily, credited monthly.
EasyStart Certificate Rates at Navy Federal Credit Union (Share, IRA, ESA)4
| Term | Minimum Deposit | Dividend Rate | APY |
|---|---|---|---|
| 6 Months | $50.00 | 0.40% | 0.40% |
| 12 Months | $50.00 | 0.50% | 0.50% |
| 18 Months | $50.00 | 0.50% | 0.50% |
| 24 Months | $50.00 | 0.50% | 0.50% |
Rates as of Jan 10, 2022 ET. The APY is an annualized rate that reflects estimated dividend earnings based on the dividend rate and frequency of compounding.
Penalties apply for early withdrawals from certificate accounts. Offering rates may change. Dividends compounded daily, credited monthly.
Money Market Savings Account (MMSA) Rates — Savings, IRA & ESA4
| Minimum Deposit | Dividend Rate | APY |
|---|---|---|
| $0 – $2,499 | 0.00% | 0.00% |
| $2,500 – $9,999 | 0.40% | 0.40% |
| $10,000 – $24,999 | 0.45% | 0.45% |
| $25,000 – $49,999 | 0.45% | 0.45% |
| $50,000 and over | 0.45% | 0.45% |
Compounded and credited monthly. Must maintain a minimum daily balance of $2,500 to earn dividends. Rates on variable rate accounts(i.e. Share Savings, Checking, and MMSA) could change after account opening. Fees may reduce earnings.
Jumbo Money Market Savings Account (MMSA) Rates — Savings & IRA4
| Minimum Deposit | Dividend Rate | APY |
|---|---|---|
| $0 – $99,999 | 0.25% | 0.25% |
| $100,000 – $249,999 | 0.50% | 0.50% |
| $250,000 and over | 0.50% | 0.50% |
Compounded and credited monthly. Rates on variable rate accounts(i.e. Share Savings, Checking, and MMSA) could change after account opening. Fees may reduce earnings.
Savings Account Rates at Navy Federal Credit Union4
| Product | Minimum Deposit | Term | Dividend Rate | APY | Compounded & Credited |
|---|---|---|---|---|---|
| Share Savings Account | $5.00 | None | 0.25% | 0.25% | Monthly |
| IRA Share Accounts (ESA, Roth, SEP And Traditional) | None | None | 0.25% | 0.25% | Monthly |
Fees may reduce earnings. Offering rates may change.
Checking Account Rates4
| Product | Minimum Deposit | Dividend Rate | APY |
|---|---|---|---|
| Free Everyday Checking | None | 0.010% | 0.010% |
| Free Active Duty Checking | None | 0.050% | 0.050% |
| Free Campus Checking | None | 0.050% | 0.050% |
| Free Easy Checking | None | 0.050% | 0.050% |
| Flagship Checking | $0.00 to $9,999** | 0.350% | 0.350% |
| Flagship Checking | $10,000 to $24,999 | 0.400% | 0.400% |
| Flagship Checking | $25,000 and over | 0.450% | 0.450% |
Rates on variable rate accounts (i.e., Savings, Checking and MMSA) could change after account opening. Fees may reduce earnings. Offering rates may change. Compounded and credited monthly.
** Must maintain an average daily balance of $1,500 to earn dividends.
Checking Protection Rates Navy Federal Credit Union
| Product | APR as low as |
|---|---|
| Checking Line of Credit | 13.9% |
Write yourself a loan, anytime, up to your approved credit limit, plus have checking protection for your checking account.
Rates based on creditworthiness, so your rate may differ. Rates range from 13.9% APR to 17.9% APR.
Repayment terms of 2% of outstanding balance or $20, whichever is greater.
Credit Card Rates
| Credit Card | APR as low as† |
|---|---|
| Visa Signature® Flagship Rewards | 9.99% |
| cashRewards Visa/Mastercard | 9.65% |
| Navy Federal More Rewards American Express® Card | 9.65% |
| GO REWARDS® Visa/Mastercard | 8.99% |
| Platinum Visa/Mastercard | 5.99% |
| nRewards® Secured Visa/Mastercard | 18.00% |
†Rates are based on product type and creditworthiness, so your rate may differ. Please see the Terms and Conditions for more details. Variable APRs apply to purchases, balance transfers, and convenience checks. The APR applicable to cash advance transactions will be a variable cash advance APR up to 2% higher than the APR for purchases. No fees for ATM cash advances if performed at a Navy Federal branch or an ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction. $49 annual fee for Visa Signature® Flagship Rewards.
Conventional Fixed Mortgage Rates 5
Special Update for Mortgage Applicants: Due to a high volume of applications, it may take them longer than normal to respond. They’re working to process applications to the best of their ability. Thanks for your patience.
| Term | Interest Rates As Low As | Discount Points | APR As Low As |
|---|---|---|---|
| 15 Year | 2.250% | 0.750 | 2.499% |
| 15 Year Jumbo | 2.250% | 0.750 | 2.499% |
| 30 Year | 2.875% | 2.000 | 3.113% |
| 30 Year Jumbo | 2.750% | 2.000 | 2.986% |
Rates as of Jan 10, 2022 ET.
Rates subject to change.
Rates are based on an evaluation of credit history, so your rate may differ. For primary residences and second homes only. Rates quoted above require a 1.00% loan origination fee. The origination fee may be waived for a 0.25% increase in the interest rate. Rates displayed are the “as low as” rates for purchase loans and refinances.
VA Loan Rates 6
| Term | Interest Rates As Low As | Discount Points | APR As Low As |
|---|---|---|---|
| 15 Year | 2.250% | 0.500 | 2.885% |
| 30 Year | 2.500% | 1.000 | 2.833% |
Rates as of Jan 10, 2022 ET.
Rates subject to change.
Rates quoted above require a 1.00% loan origination fee. The origination fee may be waived for a 0.25% increase in the interest rate. Maximum loan amounts for VA loans are determined by property location. All VA loans are subject to a funding fee of up to 3.6% of the loan amount.
Rates displayed are the “as low as” rates for purchase loans and refinances.
Adjustable Rate Mortgage Loans at Navy Federal Credit Union7
| Term | Interest Rates As Low As | Discount Points | APR As Low As |
|---|---|---|---|
| 3/5 Conforming ARM | 1.750% | 0.250 | 3.041% |
| 3/5 Jumbo ARM | 1.750% | 0.250 | 3.051% |
| 5/5 Conforming ARM | 2.125% | 0.250 | 3.073% |
| 5/5 Jumbo ARM | 2.125% | 0.250 | 3.073% |
Rates subject to change.
Rates are based on an evaluation of credit history, so your rate may differ. For primary residences and second homes. Adjustable rate mortgages are variable, and your annual percentage rate may increase or decrease after the original fixed rate period. All rates quoted above require a 1.00% loan origination fee, which may be waived for a 0.25% increase in the interest rate. Payments on all ARMs are based on a 30-year amortization.
3/5 and 5/5 ARM Loans: Mortgage insurance is not required. The minimum down payment for a two-unit property is 10%. Rates displayed are the “as low as” rates for purchase loans and refinances.
5/5 Conforming ARM Payment Example7
Loan Amount: $250,000 Term: 30 years
| Year | Interest Rate | APR | Monthly Payment |
|---|---|---|---|
| 1-5 | 2.125% | 3.073% | $939.75 |
| 6-30 | 3.375% | 3.073% | $1,079.59 |
| Taxes and insurance not included; therefore, the actual payment obligation will be greater. |
Homebuyers Choice Loan Rates 8
| Term | Interest Rates As Low As | Discount Points | APR As Low As |
|---|---|---|---|
| 30 Year | 4.250% | 0.500 | 4.530% |
| 30 Year Jumbo | 4.500% | 0.500 | 4.784% |
Rates as of Jan 10, 2022 ET.
Rates subject to change.
Rates are based on an evaluation of credit history, so your rate may differ.
All Conforming and Jumbo HomeBuyers Choice rates quoted above require a 1.00% loan origination fee. The origination fee may be waived for a 0.25% increase in the interest rate. All Conforming and Jumbo HomeBuyers Choice loans are subject to a funding fee of 1.75% of the loan amount. This funding fee can be financed into the loan up to a maximum of 101.75% LTV, or the fee can be waived for a 0.375% increase in the interest rate. Purchase loans require no down payment. LTV restrictions apply to refinance loans.
Purchase loans require no down payment. LTV restrictions apply to refinance loans. Rates displayed are the “as low as” rates for purchase loans and refinances.
Military Choice Loan Rates 9
| Term | Interest Rates As Low As | Discount Points | APR As Low As |
|---|---|---|---|
| 30 Year | 4.125% | 0.500 | 4.403% |
| 30 Year Jumbo | 4.375% | 0.500 | 4.657% |
Rates as of Jan 10, 2022 ET.
Rates subject to change.
Rates are based on an evaluation of credit history, so your rate may differ.
All Military Choice rates quoted above require a 1.00% loan origination fee. The origination fee may be waived for a 0.25% increase in the interest rate. All Military Choice loans are subject to a funding fee of 1.75% of the loan amount. This funding fee can be financed into the loan up to a maximum of 101.75% LTV, or the fee can be waived for a 0.375% increase in the interest rate. Purchase loans require no down payment. LTV restrictions apply to refinance loans.
Purchase loans require no down payment. LTV restrictions apply to refinance loans. Rates displayed are the “as low as” rates for purchase loans and refinances.
Note: to be eligible for Military Choice at least one borrower must be Active Duty or a veteran.
Mortgage Loan Rate Disclosures
Rates, discount points and terms are based on an evaluation of each member’s credit history, loan-to-value (LTV), occupancy, payment type, loan amount and loan purpose, so your rate and terms may differ. All loans are subject to credit approval. Questions? Please contact Navy Federal at 1-888-842-NFCU (6328).
Navy Federal also offers home loans for investment properties. When reviewing quotes from other lenders, make certain you obtain the discount points and any origination fees for comparison with Navy Federal’s rates. APRs reflect down payment/equity, unless otherwise noted.
Conforming Loans at Navy Federal Credit Union
Loan amounts up to $647,200. In AK and HI the Conforming loan limit is $970,800.
Jumbo Loans
Loan amounts greater than $647,200. The Jumbo rates quoted above are for loan amounts above $647,200 up to $2,000,000. The maximum loan amount for Jumbo HomeBuyers Choice or Military Choice loans is $1,000,000.
Two-Unit Properties
The minimum down payment for a two-family property is 15% (excludes 3/5 and 5/5 ARM products, see above). Conforming loan limit for two-family properties is $828,700. In AK and HI the Conforming loan limit for two-family properties is $1,243,050.
Cash-Out Refinance at Navy Federal Credit Union
Any refinance mortgage where the proceeds will be used to pay any debt other than debt used in the purchase of the home is considered a cash-out refinance. Additional discount points will apply to cash-out loans, which are based on credit history and loan-to-value. Cash-Out Refinance is not allowed on Choice products.
Other
Loans with subordinate financing and loans secured by condominium properties may require additional discount points. Conforming loans secured by two-unit properties are subject to an additional 1.00% discount point. Manufactured homes are subject to an additional 0.50% discount point.
Rate Lock Policy
Extended Lock Options (Purchase and Refinance New Construction Only)
Available for Conventional and VA Loans. Fee is non-refundable, and if charged to the discount points, it must be collected up-front for Conventional Loans. The Long Term/Extended Price Lock option must be selected at time of lock and is not eligible for the Special Freedom Lock Promotion for purchase and refinance loans unless otherwise stated below.
- 90 days – additional 0.125 discount point
- 120 days – additional 0.250 discount point or 0.125% in rate
- 180 days – additional 1.000 discount point or 0.250% in rate
- 270 days – additional 1.500 discount points or 0.375% in rate
- 360 days – additional 2.000 discount points or 0.500% in rate
PURCHASE AND REFINANCE LOANS
The Standard Price Lock – Commitment is 60 days from the lock date at no additional cost.
The Float to Lock Option
If you select the Float to Lock Commitment, it means that you want to allow the interest rate and/or discount points to float with the market. You must lock in your interest rate and/or discount points at least seven (7) calendar days prior to settlement/closing.
The Freedom Lock Option
The Freedom Lock Option is available on refinance and purchase loans for a non-refundable 0.250% fee added to the origination. You will have the opportunity to relock one time if rates improve, with no maximum interest rate reduction. The fee must be collected up-front. VA Loans are not eligible for the Freedom Lock Option.
The Special Freedom Lock Promotion
The Special Freedom Lock Promotion is a limited-time offer and subject to change at any time. Offer is available for new loan applications at no additional fee, with a maximum interest rate reduction of up to 0.500%. You will have the opportunity to relock twice if rates improve, and your loan must close within your initial lock commitment period. The Special Freedom Lock option is available for:
- Refinance applications (maximum 60-day lock commitment period)
- Purchase applications (60- or 90- day initial lock commitment period only)
Personal Loan Rates
| Repayment Terms | APR as low as |
|---|---|
| Up to 36 Months | 7.49% |
| 37-60 Months | 14.79% |
| 61-180 Months | 15.29% |
Rates as of Jan 10, 2022 ET.
Rates based on creditworthiness, so your rate may differ. Terms greater than 60 months available for home improvement. $25,000 minimum amount financed for 61 to 84 months. $30,000 minimum for amount financed over 84 months.
Payment Example: A loan amount of $5,000 for 36 months has a payment range from $156 to $183 and finance charge range from $623 to $1,598.
Shares Secured Loan Rates
| Repayment Terms | APR as low as |
|---|---|
| Up to 60 months | Share rate plus 2.00% |
| 61 to 180 months | Share rate plus 3.00% |
Payment Example: Share rate plus 2.00%. Loan amount of $3,000 at 2.25% APR for 60 months has a payment of $53.
Maintain a balance in your share savings account that is equal to the balance of your loan. As you pay down the loan, fewer shares are required to be secured.
Certificate Pledged Loan Rates
| Repayment Terms | APR as low as |
|---|---|
| Up to 60 months | Certificate rate plus 2.00% |
Payment Example: Certificate rate plus 2.00%. Loan amount of $3,000 at 4.05% APR for 60 months has a payment of $56.
Shares within a Share, Money Market Share or Jumbo Certificate are pledged for the loan. The amount of the loan cannot exceed the number of shares in the certificate. The loan term must be equal to or less than the certificate term.
Navy Federal Credit Union – Final Thoughts
NFCU is a great looking credit union for service members. The business offerings they have are fairly basic, but, if you’re running something small they should work pretty well. Most rates are competitive with the rest of the industry. They offer all of the important products that you’d need, so, check them out if you’re in their field of membership.
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*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.
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