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If you are looking for a financial institution that is specifically tailored to military personnel, USAA and Navy Federal can be a great choice.
To find the best products, we compared each institution’s bank accounts. We also evaluate each bank’s reliability and history.
USAA vs. Navy Federal Credit Union
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USAA
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Navy Federal Credit Union
Editor’s rating
Editor’s rating
Branch offices and 24-hour customer service
USAA pros and cons
Pros and cons of the Navy Federal
Compare USAA vs Navy Federal Checking Accounts
USAA and Navy Federal offer many checking accounts. We have compared the free checking accounts of each institution.
USAA Checking Account
Annual Percentage Yoield (APY).
Balances over $1,000 qualify for a 0.01% APY
Minimum Deposit Amount
$25
USAA Checking Account
Annual Percentage Yoield (APY).
0.01% APR on Balances Above $1,000
Minimum Deposit Amount
$25
Deposit Details
Annual Percentage Yoield (APY).
Balances over $1,000 qualify for 0.01% APY
Minimum Deposit Amount
$25
Pros & Cons
Highlights
Additional Reading
Comparison of USAA and Navy Federal Savings Accounts
We have compared savings accounts that require minimal opening deposits and charge minimal service fees.
Navy Federal Credit Union Sharesavings Account
Annual Percentage Yoield (APY).
0.25% APY
Minimum Deposit Amount
$5
Navy Federal Credit Union Sharesavings Account
Annual Percentage Yoield (APY).
0.25% APR
Minimum Deposit Amount
$5
Navy Federal Credit Union’s site
Deposit Details
Annual Percentage Yoield (APY).
0.25% APY
Minimum Deposit Amount
$5
Pros & Cons
Highlights
Additional Reading
USAA vs. Navy Federal CD comparisons
Standard Certificate Navy Federal Credit Union
Annual Percentage Yoield (APY).
0.40% to 3.45% APR
Minimum Deposit Amount
$1,000
Standard Certificate Navy Federal Credit Union
Annual Percentage Yoield (APY).
0.40% to 3.45% APR
Minimum Deposit Amount
$1,000
Navy Federal Credit Union’s site
Deposit Details
Annual Percentage Yoield (APY).
0.40% – 3.45% APY
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Additional Reading
Money market account
The USAA does not offer a money-market account, however Navy Federal does. The Navy Federal Credit Union Money Market AccountWith paper checks or an ATM card, you can easily access the money in your account. It also has a $0 minimum opening deposit — most financial institutions require at least $1,000 for money market accounts.
Navy Federal Credit Union Money Market Account
Annual Percentage Yoield (APY).
0% to 0.45% APY
Minimum Deposit Amount
$0
Navy Federal Credit Union Money Market Account
Annual Percentage Yoield (APY).
APY: 0% to 0.45%
Minimum Deposit Amount
$0
Navy Federal Credit Union’s site
Deposit Details
Annual Percentage Yoield (APY).
0% to 0.45% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
USAA vs. Navy Federal trustworthiness ratings and BBB ratings
The Better Business Bureau rates businesses on the basis of customer complaints, honesty and transparency regarding business practices.
USAA has Grade AThe BBB. Meanwhile, Navy Federal received NR (“No Rating”)It is currently responding only to previously closed grievances
Good BBB ratings won’t guarantee a smooth financial relationship. Talk to customers to find the right bank for you.
Recent public scandals have involved both Navy Federal and USAA.
The following are public settlements in which USAA was involved:
- In 2020, the Office of the Comptroller of the Currency required USAA Settlement to settle for $85 MillionThey accused the bank of failing implement an efficient IT risk governance and compliance program.
- The Bureau of Consumer Financial Protection demanded USAA in 2019. To pay $12 million as a settlementUSAA said that automatic payments were not stopped by customers who requested them.
Navy Federal was involved in the following scandal
- A Navy Federal employee filed suit in 2020 claiming that he was fired. The lender pressured mortgage underwritersThey will approve loans, even if the applicant is unable to repay the loan. She dropped the caseShe whistleblowed in 2020, but Navy Federal responded by changing her job duties.
Frequently Asked Questions
Your preference between these institutions could depend on your preference for banks or credit unions. For credit unions to be open to you, you must meet certain requirements. Navy Federal requires that you open the account. Navy Federal Credit Union Sharesavings AccountRegister to become a member
It’s also important to check if you are eligible for either bank. USAA will only allow you to bank if you are a former or active military member. Navy Federal is open to anyone who is active duty, retired, veteran, or military personnel, as well as those who work for the Department of Defense.
Navy Federal and USAA are both great options for military personnel and are featured Check out our list of the best credit unions and banks for military personnel.
Every financial institution stands apart for different reasons. Navy Federal is a great brick-and-mortar bank for savings accounts. You may also like it if you prefer in-branch service, as there are 247 locations around the world, some of which are located on Navy bases.
USAA might be a good choice if you are looking for a solid checking account. You also have more short-term CDs.
