Bank Accounts

Navy Federal Credit Union Review: What They Offer

Navy Federal Credit Union provides a variety of financial products for its members incNFCU-logoluding auto loans, traditional savings, checking accounts and more. In 2013, it was named the Best Military Bank by Money Magazine.

Like many credit unions, membership in Navy Federal Credit Union is limited by specific criteria. Only the following list of military personnel or their family members are eligible to join.

  • Department of Defense Uniformed Personnel
  • United States Coast Guard Personnel
  • Department of Defense Reservists
  • Army and Air National Guard Personnel
  • Delayed Entry Program Personnel
  • DOD Officer Candidate Programs
  • U.S. Government Employees Assigned to DOD Installations
  • DOD Civilian Employees
  • DOD Contractors Assigned to U.S. Government Installations
  • Family Members

Home Mortgages and Lines of Credit
NFCU offers a variety of home mortgage options, including Federal Housing Administration loans, fixed-rate loans and adjustable-rate loan options. Additionally, they offer a 100 percent financing program called HomeBuyers Choice Mortgage, which is available to eligible members. They also offer HomePath financing, which allows members to purchase foreclosed properties at reduced interest rates.

Comprehensive refinancing services are also offered. These services allow members to refinance up to 97 percent of their loan value with fixed-rate terms. For home owners who need extra cash, a home equity loan may be the answer. NFCU offers fixed rates and payment amounts for the life of all home equity loans. There are no lending costs associated with home equity loans and members can borrow up to 100 percent of the value of their home.

Vehicle and Boat Loans
NFCU offers a variety of property loans, including vehicle, motorcycle and boat loans. Loans are available for both new and used purchases.

Personal Loans
Everyone has times in life when they need a little extra cash. NFCU offers two varieties of personal loans to suit the needs of members. The loan types available include secured and pledged loans. Loans are based primarily on the applicant’s credit score, credit history or account shares.

Checking and Savings Accounts
A full line of checking account options ensures that everyone will find an account to fit their needs. From Active Duty accounts to everyday checking, these accounts have benefits that are suited to the individual applicants. They even offer a Campus Checking option for in-school students between the ages of 14 and 24. All checking accounts include a free debit card, mobile banking and free checks. The debit card is a Visa check card which is accepted at millions of locations worldwide, making accessing account funds quick and easy.

NFCU Savings accounts include a basic savings option that is appropriate for most members. An Education account allows earnings to grow tax free when used for educational fees. For those seeking a higher return on their money, the Money Market Savings offers higher rates for higher deposits.

All traditional investment methods are available to NFCU members including Individual Retirement Accounts and Certificates of Deposit.

Credit Cards
Six different credit card options means that every member will find a credit option that works for them. Most are reward-based cards that allow members to choose from the following rewards:

  • Reward points for merchandise and gift certificates
  • Premier travel rewards
  • 1.5 percent cash back on purchases

Business Services
NFCU offers many of these same products and services for business owners as well. Business checking, savings and credit cards are all available with features that are designed for today’s business owner. In addition, they offer 401k retirement services. Insurance coverage is also available to provide employees with health insurance, dental insurance and vision insurance.

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