Navy Federal Credit Union
NFCU was created in 1933 when seven Navy Department employees came together with a shared goal—to make it easier for themselves and their colleagues to borrow and save money. They wanted an alternative to high-interest lenders and a place where they believed they could get fair loan terms and safely grow their savings.
What began as a small circle of naval employees has expanded over the decades to include servicemembers from every branch, veterans, Department of Defense personnel, and their families. NFCU now has more than 14 million members, making it the largest member credit union in the United States in both assets and membership.
Who Can Join NFCU?
NFCU is a member-owned institution, and you must meet specific eligibility criteria to join. Membership is open to all branches of the armed forces, including the Army, Navy, Marine Corps, Air Force, Coast Guard, Space Force, and National Guard. That includes active-duty members, reservists, veterans, retirees, and even those in the Delayed Entry Program.
If someone in your immediate family is already a member, spouses, siblings, children, and even grandparents can qualify. And, if you’re a DoD civilian or contractor working on DoD installations, you’re also eligible.
NFCU’s Military-Focused Banking Products
NFCU’s checking accounts, particularly its Free Active Duty Checking account, offer early direct deposit, meaning you can receive your payment one business day early. It also includes up to $20 per month in ATM fee rebates, no monthly service fees, and free personalized checks.
If you’re not on active duty, NFCU has other options. Its basic checking account has no minimum deposit and no monthly service fees. Mobile check deposit, integration with budgeting tools, and access to over 30,000 free ATMs worldwide and 350 branches globally are additional perks for military travelers and their families.
NFCU has a traditional savings account that you need to open to establish membership, but they also offer money market accounts and certificates (NFCU’s version of CDs). These come with tiered rates. Rates can fluctuate, so it’s best to check what’s currently available.
VA Loans at Navy Federal Credit Union
If you’re thinking about buying a home with your VA loan benefit, NFCU is one of the more recognizable lenders. It has designed its VA loan process to be beginner-friendly, offering no-down-payment options, no private mortgage insurance (PMI), and support through its own loan officers.
It also offers a Military Choice mortgage, which is an alternative for members who don’t qualify for a VA loan but still want favorable terms. NFCU’s site has simple tools that you can use to estimate your payments, understand eligibility, and even get pre-approved.
Auto Loans and Personal Loans Through NFCU
Another area where NFCU tends to be competitive is in auto financing. It regularly advertises low starting APRs for both new and used vehicles, along with flexible terms and a pre-approval process that lets you walk into a dealership with your financing already in place. NFCU offers a “Car Buying Service” in partnership with TrueCar, which can simplify the vehicle search.
NFCU also offers personal loans and debt consolidation options with fixed rates. One example of this is the Career Kickoff Loan, available to juniors and seniors at U.S. military service academies, as well as students in select officer training programs. Whether you need to outfit your home, pay for uniforms, consolidate debt, or cover other personal expenses, this loan gives you access to funds. There’s also an option to defer payments while you’re still in school or training.
Navy Federal Student Loans and Refinancing
NFCU offers private student loans for undergraduate and graduate students and refinancing options for existing student loans.
Private Student Loans
Navy Federal provides private student loans to help cover education-related expenses not fully met by federal aid, scholarships, or grants. Applicants must be NFCU members, U.S. citizens or legal residents, legal adults in their state, and enrolled at an eligible school. A co-signer may be required depending on credit history and income.
Student Loan Refinancing
NFCU offers refinancing options to consolidate multiple existing loans into one, potentially with a lower interest rate or different repayment terms. To qualify, applicants must be NFCU members, U.S. citizens or legal residents, legal adults in their state, and have graduated from an eligible school. A co-signer may also be required for refinancing.
Both loan types are serviced through NFCU’s partner, LendKey, which manages the application and repayment processes. There are no application or origination fees.
How Does NFCU Support Deployed Members?
If you’re called to active duty, NFCU works with you through the Servicemembers Civil Relief Act (SCRA) to lower the interest rates on pre-service debts, including credit cards, auto loans, and more.
It also has a dedicated mobile app that works overseas and customer service available 24/7. If you’re stationed in a remote area, you can access services digitally. NFCU also offers international collect call numbers.
Is Navy Federal Credit Union Right for You?
When navigating military life (especially early on), it helps to work with a financial institution that understands the logistics of PCS orders, military pay schedules, and deployments. NFCU is built around those realities, and it shows in things like military-specific checking options, 24/7 phone support, and a VA loan program that doesn’t feel like an afterthought.
That said, NFCU is still a credit union with its own scope. It offers a wide range of services, but not every product is going to be the best fit for every borrower. When researching any military credit union, it pays to compare features and options between lenders.
Visit Navy Federal Credit Union
About the author
Editor-in-Chief Joe Wallace is a 13-year veteran of the United States Air Force and a former reporter/editor for Air Force Television News and the Pentagon Channel. His freelance work includes contract work for Motorola, VALoans.com, and Credit Karma. He is co-founder of Dim Art House in Springfield, Illinois, and spends his non-writing time as an abstract painter, independent publisher, and occasional filmmaker.
