Navy Federal Credit Union Savings Account Interest Rates for October 2024
Written by
Joshua Rodriguez
Edited by
Emily Gadd
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Navy Federal Credit Union offers multiple types of savings options, and the interest you can earn depends on the type of account you open. Here’s a look at Navy Federal’s interest rates for its savings accounts and other interest-bearing options.
Navy Federal Savings Account Interest Rates
In addition to a standard savings account, Navy Federal offers money market savings accounts and certificates. Here’s a quick overview of the interest you can expect to earn with each savings option.
Share Savings Account
NFCU’s basic savings account, known as the Share Savings account, comes with a 0.25%Credit Union: Online Savings Account – Primary Rate (text)”> APY regardless of the balance in the account.
| Account | Minimum Deposit | APY |
|---|---|---|
| Share Savings Account | $5 |
Money Market Savings Accounts
Navy Federal Credit Union offers a couple of options for money market savings accounts. Those include the standard money market savings account and the jumbo money market savings account — an option for savers with higher balances. Here’s how much interest you can expect to earn when you deposit money into these accounts:
Standard Money Market Savings Account
| Balance in Account | APY |
|---|---|
| $0 – $2,499 | |
| $2,500 – $9,999 | |
| $10,000 – $24,999 | |
| $25,000 – $49,999 | |
| $50,000 and up |
Jumbo Money Market Savings Account
| Balance in Account | APY |
|---|---|
| $0 – $99,999 | |
| $100,000 – $249,999 | |
| $250,000 – $499,999 | |
| $500,000 – $999,999 | |
| $1 million and up |
As you can see, if you have less than $100,000 to deposit, the standard money market account is likely going to be your best option. However, if you have more than $100,000 to deposit, you can earn a higher annual percentage yield by opting for the jumbo money market savings account.
Certificates
Certificates of deposit are accounts that earn you a certain APY based on the amount you deposit and the amount of time that you agree to keep your money in the account. As a credit union, NFCU offers several share certificate options that work the same way as traditional CD products offered by banks.
Special EasyStart Certificate
The Special EasyStart Certificate comes with a 5.30%Credit Union: Special EasyStart CD – Primary Rate (text)”> APY and a $50 minimum deposit. The term of the account is 12 months.
Standard Certificates
The APYs on standard share certificates at NFCU are detailed in the table below:
| Term | $1,000 Minimum APY | $100,000 Minimum APY |
|---|---|---|
| 3 months | ||
| 12 months | ||
| 18 months | ||
| 2 years | ||
| 3 years | ||
| 5 years | ||
| 7 years |
SaveFirst Account
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The NFCU SaveFirst account comes with terms ranging between three and 60 months. Regardless of the term or the amount of money you deposit, you will earn interest when you open a SaveFirst account.
Navy Federal Credit Union Savings Account Overview
Here’s a quick overview of what you can expect to get when you open any of these three different NFCU savings vehicles.
Share Savings Account
NFCU’s Share Savings account is a good option for savers who are just starting out. You only need $5 to open the account. The account doesn’t come with any major frills, but it does offer interest on all balances.
Money Market Accounts
There’s no minimum deposit to open a Navy Federal Credit Union money market account. On the other hand, it pays to have a higher balance. The credit union’s money market accounts are clearly designed to offer higher interest rates to savers with higher account balances.
However, as you build your savings, it’s important to keep an eye on your balance. That’s because when your balance reaches $100,000, it’s not worth keeping the standard money market account anymore. Switching over to a jumbo money market savings account with NFCU has the potential to generate more interest.
Share Certificates
NFCU’s share certificates work the same as traditional CDs, but they aren’t technically CDs. That’s because CDs are offered by for-profit banks and Navy Federal is a nonprofit credit union.
Here are a few things to keep in mind when looking at NFCU’s share certificates:
- Early withdrawal penalties: When you open a share certificate, you agree to lock your money up for a predetermined period of time. If you access your money early, you’ll likely have to pay a penalty.
- High rates: Like CDs, share certificates typically offer higher returns because you agree to lock your money up for the duration of the term. So you can expect to receive higher returns on share certificate accounts than most savings accounts.
- Rates could fall soon: With inflation cooling, many are predicting a reduction in interest rates ahead. That means certificate rates may fall soon. If you lock yours in now, you’ll enjoy today’s high rates for the entire term of your account.
The Bottom Line
Navy Federal Credit Union offers a wide range of products, including savings accounts and checking accounts. Each of these accounts is designed for a specific purpose. For example, the credit union’s basic savings account is a great way to start an emergency savings fund, but as your savings grow, you may consider moving to a money market account. If you’re saving for long-term goals and don’t mind locking your money up for a certain amount of time, consider opening a certificate to lock in today’s high rates for the term of the account.
FAQ
- What is the minimum balance for a Navy Federal savings account?
- The minimum balance for Navy Federal Credit Union's basic savings account is $5. Standard money market accounts don't have a minimum balance, but you won't start earning interest until you have at least $2,500 in your account. Finally, minimum balances for most certificates start at $1,000, but you can get a Special EasyStart Certificate with as little as $50, and SaveFirst accounts come with a $5 minimum balance.
- Does Navy Federal offer a high-yield savings account?
- Navy Federal does not offer a high-yield savings account. The Share Savings account offers an APY of 0.25%, which is below the national average savings rate. If you're looking for a high-yield savings account, many online banks offer options that are worth considering.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 27, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
