Skip to content
Business Setup

Business Setup

Act Business

Primary Menu
  • Business Setup
  • Advertise Here
  • Contact Us
  • Privacy Policy
  • Sitemap
  • Home
  • Which Military Bank Is Best?
  • business & finance

Which Military Bank Is Best?

By Elbert Grims 1 month ago

Table of Contents

  • Pros and cons: USAA
  • Pros and cons: Navy Federal 
  • Checking account comparisons
    • Winner: USAA 
  • Savings account comparisons
    • Winner: Navy Federal 
  • CD comparisons 
    • Winner: Navy Federal
  • Money market account 
    • Winner: Navy Federal 
  • USAA vs. Navy Federal trustworthiness and BBB ratings
    • Winner: Tie
  • Frequently asked questions
    • Which bank is better, USAA or Navy Federal?
    • Which military bank is the best?


  • Navy Federal Credit Union is a brick-and-mortar institution with 247 branches around the world.
  • USAA provides predominantly online savings accounts, checking accounts, and CDs.
  • Navy Federal has more appealing savings options, but you might favor USAA for checking.
  • Read Insider’s bank reviews of Navy Federal Credit Union and USAA.

USAA and Navy Federal are excellent options if you’re searching for a financial institution specifically geared toward military members. 

We’ve compared the institutions’ bank accounts to see which products stand out the most. We’re also evaluating each bank’s trustworthiness so you can know more about their history.

Related Posts:

  • Brick-and-Mortar Bank, Free Checking Account

Pros and cons: USAA

Pros and cons: Navy Federal 

Checking account comparisons

USAA and Navy Federal both have a plethora of


checking accounts

. We’ve compared each institution’s free checking account.

Winner: USAA 

The USAA Classic Checking Account makes it a bit easier to avoid common bank fees. It offers free overdraft protection, whereas the Navy Federal Free Active Duty Checking™ Account charges a fee if you utilize overdraft protection. You’ll also have some access to ATM networks outside of USAA, so it may be easier to waive out-of-network ATM fees.


Annual Percentage Yield (APY)


0.01% APY on balances of $1,000 or more


Minimum Deposit Amount


$25


Annual Percentage Yield (APY)


0.01% APY on balances of $1,000 or more


Minimum Deposit Amount


$25

Pros

  • Low $25 minimum opening deposit
  • No monthly service fees
  • Refunds up to $15 per month in out-of-network ATM fees
  • Link to another USAA account for free overdraft protection
  • Receive direct deposit one day before payday
  • USAA ATMs are free and accept deposits

Cons

  • $29 nonsufficient funds fee
  • Only 10 free withdrawals from USAA-preferred ATMs per month, then $2 fee
  • USAA-preferred ATMs don’t accept deposits

Read Our Review
Read Our Review A looong arrow, pointing right

More Information

  • Available to active military, veterans, and military families
  • Physical offices in US (AZ, CO, FL, MD, NY, TX, VA); England (London); Germany (Frankfurt); Luxembourg (Luxembourg)
  • 1,200 USAA ATMs; 60,000 USAA-preferred ATMs nationwide
  • Earn 0.01% APY on balances of $1,000 or more
  • Interest compounded and deposited monthly
  • FDIC insured

Savings account comparisons

We’ve compared savings accounts with low minimum opening deposits and minimal service fees. 

Winner: Navy Federal 

You’ll earn a higher interest rate through the Navy Federal Credit Union Share Savings Account than with the USAA Savings Account. It also lets you create individual savings goals, which may be ideal if you are looking for budgeting tools.


Annual Percentage Yield (APY)


0.25% APY


Minimum Deposit Amount


$5


Annual Percentage Yield (APY)


0.25% APY


Minimum Deposit Amount


$5

More Information

  • Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
  • 247 branches worldwide, including on select military bases
  • Interest compounded monthly, paid monthly
  • You’ll pay $3/quarter if you have no other Navy Federal accounts, AND your balance is under $50, AND your account has been inactive for 12 months
  • Federally insured by the NCUA

CD comparisons 

Winner: Navy Federal

Navy Federal tops USAA when it comes to certificates. A Navy Federal Credit Union Standard Certificate pays a much higher interest rate than the national average CD rate. 


Annual Percentage Yield (APY)


0.40% to 1.10% APY


Minimum Deposit Amount


$1,000


Annual Percentage Yield (APY)


0.40% to 1.10% APY


Minimum Deposit Amount


$1,000

More Information

  • Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
  • 247 branches worldwide, including on select military bases
  • Terms ranging from 3 months to 7 years
  • Earn higher APY with a higher balance
  • Early withdrawal penalty of 90 days dividends for terms of 3 months to 1 year; 180 days dividends for terms of 1 year to 5 years; 365 days interest for terms of 6 and 7 years
  • Interest compounded monthly, paid monthly
  • Federally insured by the NCUA

Money market account 

USAA doesn’t offer a money market account, but Navy Federal does. The Navy Federal Credit Union Money Market Account makes it easy to access money in your account with paper checks and an ATM card. It also has a $0 minimum opening deposit — most financial institutions require at least $1,000 for money market accounts.

Winner: Navy Federal 

Navy Federal is a default winner for this category because USAA doesn’t have a money market account. You might find the Navy Federal Credit Union Money Market Account appealing if you don’t have much money to deposit.


Annual Percentage Yield (APY)


0% to 0.45% APY


Minimum Deposit Amount


None


Annual Percentage Yield (APY)


0% to 0.45% APY


Minimum Deposit Amount


None

More Information

  • Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
  • 247 branches worldwide, including on select military bases
  • 30,000 free ATMs
  • Tiered interest rate system; earn higher rates with higher balances
  • Interest compounded monthly, paid monthly
  • Federally insured by the NCUA

USAA vs. Navy Federal trustworthiness and BBB ratings

The Better Business Bureau rates businesses based on responses to customer complaints, honesty in advertising, and transparency about business practices.

USAA has an A+ grade from the BBB. Meanwhile, Navy Federal received NR (“No Rating”) because its currently responding to previously closed complaints. 

A good BBB rating won’t guarantee a smooth relationship with a financial institution. You’ll want to talk to current customers or read online customer reviews to see if a bank might be right for you. 

Both USAA and Navy Federal have been involved in recent public controversies. 

USAA has been involved in the following public settlements:

  • In 2020,  the  Office of the Comptroller of the Currency required USAA to pay $85 million in a settlement that accused the bank of failing to establish and carry out an efficient compliance risk management program and IT risk governance program.
  • In 2019, the Bureau of Consumer Financial Protection required USAA to pay $12 million in a settlement that said USAA did not stop automatic payments when customers requested.

Navy Federal has been involved in the following scandal:

  • In 2020, a Navy Federal employee filed a lawsuit claiming the lender pressured mortgage underwriters to approve loans even if they thought an applicant wouldn’t be able to pay off the loan. She dropped the case in late 2020 but said Navy Federal retaliated against her whistleblowing by changing her job duties. 

Winner: Tie

Both financial institutions have been involved in recent public controversies. You might want to consider learning more about mission-driven banks if you want to be part of a financial institution that aligns with your values and hasn’t been involved in recent controversies.

Frequently asked questions

Which bank is better, USAA or Navy Federal?

Your preferences between these two institutions may depend on whether you prefer banks or


credit unions

. Credit unions usually require you to meet certain requirements to join. At Navy Federal, you’ll need to open the Navy Federal Credit Union Share Savings Account to become a member.

You’ll also want to see if you’re eligible to bank with either institution. To bank with USAA, you or an immediate family member must be a past or active military member. At Navy Federal, you’re eligible if you or a family member are active duty, retired, or veteran military member, or work for the Department of Defense. 

Which military bank is the best?

Both Navy Federal and USAA are great choice for military members and are featured in our guide of best banks and credit unions for military members.

Each financial institution stands out for different reasons. Navy Federal is a good brick-and-mortar institution for savings accounts. It also may stand out to you if you prioritize in-branch services since it has 247 locations worldwide, including some branches on Navy bases.

You might favor USAA if you’re looking for a strong checking account. It also has more short-term CDs.

Sophia Acevedo

Junior Banking Reporter



Source link

Tags: Amazon Fba Business, Atlanta Business Chronicle'S, Boss Baby Back In Business, Business Administration Degree, Business Attire Women, Business Card Design, Business Cards Templates, Business Casual Dress, Business Casual Outfits, Business Checking Account, Business Credit Card, Business For Sale Near Me, Business Intelligence Platform, Business Lawyer Near Me, Business Loan Calculator, Business Name Ideas, Business Professional Women, Business Spectrum Login, California Business Entity Search, Capital One Spark Business, Carl Weber'S The Family Business, Charlotte Business Journal, Custom Business Cards, Delaware Business Search, Fl Sos Business Search, Florida Business Search, Harvard Business Publishing, Insurance For Small Business, Kelley School Of Business, Maryland Business Express, Maryland Business Search, Moo Business Cards, National Business Furniture, New York Business Search, Ohio Business Gateway, Onedrive For Business, Online Business Ideas, Paramore Misery Business, Risky Business Cast, Small Business Insurance, Spectrum Business Customer Service, Tom Cruise Risky Business, Us Small Business Administration, Verizon Wireless Business, Verizon Wireless Business Login, Virtual Business Address, What Is Business Administration, Women'S Business Casual, Yelp Business Login, Yelp For Business

Continue Reading

Previous FHA 203(k) Renovation Mortgages: Requirements, How They Work
Next 9 Things to Do Right Now If Your 401(k) Is Tanking

Recent Posts

  • 10 Packaging Design Insights to Give Your Products Outstanding Shelf Appeal
  • Daytime Emmys 2022 Winners List
  • REFILE-U.S. Treasury’s new tribal office takes aim at tax, finance inequities -Yellen
  • Core Web Vitals scores improving for top-ranked sites
  • Cornyn goes there on the NRA and its ‘business model’

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • January 2021
  • December 2020
  • November 2020
  • November 2018
  • October 2018
  • December 2016

Categories

  • business
  • business
  • business & finance
  • Business Setup
  • finance
  • General

visit now

computer stand
Intellifluence Trusted Blogger

backlinks

textlinks

bestwindshieldwipers2019.xyz © All rights reserved. | Magazine 7 by AF themes.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT