How Navy Federal Credit Union Helps Military Members Save

Military members and their families face unique financial challenges—frequent relocations, unpredictable deployments, and the high cost of living near bases. In today’s uncertain economic climate, saving money is more critical than ever. Navy Federal Credit Union (NFCU) has built its mission around supporting service members by offering tailored financial solutions that help them save, invest, and secure their futures.

The Financial Struggles of Military Life

Frequent Moves and Hidden Costs

Military families move every 2–3 years on average, often to high-cost areas. Each relocation comes with expenses like security deposits, temporary housing, and unexpected fees. NFCU eases this burden with:
- No-fee checking accounts to avoid unnecessary charges.
- Relocation grants for qualifying members.
- Low-interest loans for emergency moving costs.

Deployment-Related Financial Stress

Deployments disrupt income stability, especially for reservists and National Guard members. NFCU provides:
- 0% APR deployment loans to cover gaps in pay.
- Fee waivers on late payments during active duty.
- SCRA benefits, capping interest rates at 6% for pre-service debts.

NFCU’s Savings-Focused Products

High-Yield Savings Accounts

While many banks offer minimal interest, NFCU’s Premium Savings Account delivers competitive APY (up to 0.95% as of 2024) with no minimum balance for military members.

Military-Specific Certificates (Share Certificates)

NFCU’s certificates offer higher yields than national averages:
- 12-month certificate: 4.00% APY (vs. national avg. of 1.5%).
- Jumbo certificates for larger deposits (e.g., reenlistment bonuses).

Automatic Savings Tools

• EasyStart® Savings: Automatically rounds up debit purchases to grow savings.
• Mission: Save program: Gamified savings with rewards for hitting goals.

Cutting Costs with NFCU Perks

Lower Loan Rates

NFCU’s average auto loan APR is 2.5% lower than big banks, saving thousands over a loan’s life.

Free Financial Education

Webinars like "Budgeting for PCS Moves" and "Investing for Veterans" help members make informed decisions.

Real Stories: How NFCU Makes a Difference

Case 1: The Smith Family
After a sudden PCS move to Hawaii, the Smiths used NFCU’s $1,000 relocation grant to offset housing costs.

Case 2: Sergeant Diaz
Deployed to the Middle East, Diaz saved $3,200 in interest thanks to NFCU’s SCRA rate reduction on his student loans.

Looking Ahead: NFCU’s Role in Economic Uncertainty

With inflation and rising housing costs, NFCU continues to innovate:
- AI-driven budgeting tools in their app.
- Emergency savings matches for junior enlisted members.

For military families, NFCU isn’t just a bank—it’s a financial ally.