Does Navy Federal Have High-Yield Savings?
As one of the largest credit unions in the United States, Navy Federal Credit Union offers a range of financial products and services to its members. One of the most popular products is its savings accounts, which offer competitive interest rates and low fees. But does Navy Federal have high-yield savings?
What is High-Yield Savings?
Before we dive into Navy Federal’s savings accounts, let’s define what high-yield savings means. High-yield savings accounts are savings accounts that offer higher interest rates than traditional savings accounts. These accounts typically require a minimum balance to avoid fees and may have restrictions on withdrawals.
Navy Federal’s Savings Accounts
Navy Federal offers several types of savings accounts, including:
- Traditional Savings: This account requires a minimum balance of $1 to open and earns an interest rate of 0.20% APY (Annual Percentage Yield).
- High-Yield Savings: This account requires a minimum balance of $2,500 to open and earns an interest rate of 0.40% APY. This account also comes with a debit card and checkwriting privileges.
- Money Market Savings: This account requires a minimum balance of $2,500 to open and earns an interest rate of 0.45% APY. This account also comes with a debit card and checkwriting privileges.
Comparison to Other High-Yield Savings Accounts
To put Navy Federal’s high-yield savings account in perspective, here are some other high-yield savings accounts offered by other financial institutions:
| Institution | APY | Minimum Balance |
|---|---|---|
| Ally Bank | 2.20% | $0 |
| Marcus by Goldman Sachs | 2.15% | $0 |
| Discover Online Savings Account | 2.10% | $0 |
| CIT Bank High Yield Savings | 2.15% | $100 |
As you can see, Navy Federal’s high-yield savings account is not the highest-yielding account on the market. However, it still offers a competitive interest rate and comes with some benefits, such as debit card and checkwriting privileges.
Benefits of Navy Federal’s High-Yield Savings Account
Despite not being the highest-yielding account, Navy Federal’s high-yield savings account has some benefits that make it worth considering:
- Low Fees: Navy Federal’s high-yield savings account has no monthly maintenance fees, no overdraft fees, and no ATM fees.
- Debit Card and Checkwriting Privileges: This account comes with a debit card and checkwriting privileges, making it easy to access your money when you need it.
- Mobile Banking: Navy Federal offers mobile banking apps for iOS and Android devices, making it easy to manage your account on the go.
- 24/7 Customer Service: Navy Federal offers 24/7 customer service, so you can get help whenever you need it.
Conclusion
In conclusion, Navy Federal does offer a high-yield savings account, but it’s not the highest-yielding account on the market. However, it still offers a competitive interest rate and comes with some benefits, such as low fees, debit card and checkwriting privileges, mobile banking, and 24/7 customer service. If you’re looking for a high-yield savings account with these benefits, Navy Federal’s high-yield savings account may be worth considering.
Frequently Asked Questions
- What is the minimum balance required to open a Navy Federal high-yield savings account? The minimum balance required to open a Navy Federal high-yield savings account is $2,500.
- What is the interest rate on Navy Federal’s high-yield savings account? The interest rate on Navy Federal’s high-yield savings account is 0.40% APY.
- Are there any fees associated with Navy Federal’s high-yield savings account? No, there are no monthly maintenance fees, overdraft fees, or ATM fees associated with Navy Federal’s high-yield savings account.
- Can I access my money with a debit card and checkwriting privileges? Yes, Navy Federal’s high-yield savings account comes with a debit card and checkwriting privileges.
