How to Open a Navy Federal Account without Being Military?
Navy Federal Credit Union is one of the largest and most prestigious credit unions in the United States, offering a wide range of financial products and services to its members. While it’s commonly believed that Navy Federal is only open to military personnel and their families, there are actually ways to join and open an account without being affiliated with the military.
What is Navy Federal Credit Union?
Before we dive into the process of opening a Navy Federal account without being military, let’s briefly introduce what Navy Federal Credit Union is. Navy Federal is a not-for-profit financial cooperative that was established in 1933 to serve the financial needs of military personnel and their families. Today, it has over 8 million members and offers a wide range of financial products and services, including checking and savings accounts, credit cards, mortgages, and more.
Who Can Join Navy Federal?
Navy Federal has a specific eligibility requirement to join the credit union. In general, to be eligible to join Navy Federal, you must:
- Be an active or retired member of the United States Armed Forces
- Be a Department of Defense (DoD) civilian employee
- Be a contractor for the DoD
- Be a household member of someone who meets the above criteria
However, there are some alternative ways to join Navy Federal without being military:
- Eligible Family Members: If you have a family member who is eligible to join Navy Federal, you may also be eligible to join. This includes spouses, children, and siblings of eligible members.
- Select Employer Groups: Navy Federal has partnered with various employer groups, including non-profit organizations, government agencies, and private companies. If your employer is a participating member of one of these groups, you may be eligible to join Navy Federal.
- Public Services Loan Forgiveness: If you are participating in the Public Services Loan Forgiveness program, you may be eligible to join Navy Federal.
- Co-Venturer: Navy Federal has partnered with several co-venturers, including companies and organizations that offer similar services to Navy Federal. If you are a member of one of these co-venturers, you may be eligible to join Navy Federal.
How to Open a Navy Federal Account without Being Military?
If you are eligible to join Navy Federal through one of the alternative ways mentioned above, you can open an account by following these steps:
- Visit the Navy Federal Website: Go to the Navy Federal website and click on the "Join" button.
- Select Your Membership Path: Choose the membership path that applies to you, such as "Eligible Family Member" or "Select Employer Group".
- Fill Out the Application: Fill out the online application form, providing the required information and identification.
- Submit the Application: Submit the application and wait for approval from Navy Federal.
- Fund Your Account: Once approved, you will need to fund your account by transferring funds from another account or depositing cash at a Navy Federal branch.
Benefits of Opening a Navy Federal Account
There are many benefits to opening a Navy Federal account, including:
- High-Yield Savings Accounts: Navy Federal offers high-yield savings accounts with competitive interest rates and low fees.
- No-fee Checking Accounts: Navy Federal offers no-fee checking accounts with access to over 30,000 ATMs nationwide.
- Credit Cards: Navy Federal offers a range of credit cards with rewards, cashback, and 0% APR promotions.
- Mortgages and Home Loans: Navy Federal offers a range of mortgage and home loan options with competitive rates and terms.
Frequently Asked Questions
Here are some frequently asked questions about opening a Navy Federal account without being military:
- What is the membership fee for Navy Federal?: The membership fee for Navy Federal is $20 per year.
- What are the requirements for joining Navy Federal?: To be eligible to join Navy Federal, you must be an active or retired member of the United States Armed Forces, a Department of Defense (DoD) civilian employee, a contractor for the DoD, or a household member of someone who meets the above criteria.
- Can I open a Navy Federal account online?: Yes, you can open a Navy Federal account online by filling out the online application form and submitting it through the Navy Federal website.
- How long does it take to open a Navy Federal account?: The processing time for opening a Navy Federal account can vary, but it typically takes a few days to a week.
Conclusion
While Navy Federal is commonly associated with military personnel and their families, there are alternative ways to join and open an account without being affiliated with the military. By joining through one of the eligible family members, select employer groups, public services loan forgiveness, or co-venturers, you can take advantage of Navy Federal’s competitive products and services. Whether you’re looking for a high-yield savings account, no-fee checking account, credit card, or mortgage, Navy Federal has something to offer.
