Navy Federal does not charge a monthly maintenance fee on most savings accounts, but the fee structure depends on which account you open
Navy Federal Credit Union offers several savings products, and the majority carry no monthly fee. The Regular Savings Account and Money Market Account have no monthly maintenance charge. However, Navy Federal does charge a monthly fee on the Youth Savings Account if the account holder is no longer may be able to access (typically after age 18 or 21, depending on the specific terms). The fee is waived if you meet certain conditions, such as maintaining a minimum balance or converting to an adult account type.
The key is knowing which account you have and what the terms are for your specific situation. Navy Federal also offers certificates of deposit (CDs), which are not savings accounts and do not carry monthly fees—they work differently because you commit to leaving money untouched for a set period in exchange for a fixed interest rate.
Key Takeaways
- Navy Federal's Regular Savings Account and Money Market Account have no monthly maintenance fee for any member.
- The Youth Savings Account charges a monthly fee once the account holder ages out of may be able to access, unless you convert to an adult account or maintain a required minimum balance.
- You can confirm your account type and current fee status by logging into Navy Federal online, calling their member service line, or visiting a branch.
- Navy Federal waives fees on many accounts if you maintain a direct deposit or keep a minimum balance, so reviewing your account settings may eliminate a fee you are currently paying.
How to learn about your specific account has a fee
The fastest way to know whether you are paying a monthly fee is to check your account online through Navy Federal's website or mobile app. Log in, go to your account details, and look for any monthly charges listed in your recent transactions or account summary. If you see a recurring charge labeled "maintenance fee" or "monthly service fee," that is what you are paying.
If you do not see anything online or want to confirm, call Navy Federal's member service line at 1-888-842-6328. A representative can tell you exactly what account type you have, whether a fee applies, and what conditions would waive it. This takes about five minutes and removes any guesswork.
When Navy Federal charges a fee and how to avoid it
Navy Federal charges a monthly fee only on the Youth Savings Account after the account holder no longer meets age or status requirements. The fee is typically waived if you convert the account to a Regular Savings Account or Money Market Account, both of which are free. Some members also avoid the fee by setting up a direct deposit to the account or maintaining a minimum balance, though the exact threshold varies.
If you have a Youth Savings Account and are no longer may be able to access, the simplest move is to contact Navy Federal and ask them to convert it to a Regular Savings Account at no cost. This takes one phone call and eliminates the monthly charge going forward. You keep the same account number and all your money stays where it is.
Comparing Navy Federal savings accounts and their costs
| Account Type | Monthly Fee | Minimum Balance | Best For |
|---|---|---|---|
| Regular Savings Account | None | $0 | General savings with no restrictions |
| Money Market Account | None | Varies (typically $2,500) | Higher interest rate if you maintain a larger balance |
| Youth Savings Account | Yes, after age may be able to access ends (waivable) | $0 | Members under 18 or 21 (account type, not age, determines may be able to access) |
| Certificate of Deposit (CD) | None | Varies by term | Fixed-rate savings for a set period |
What happens if you do not maintain a minimum balance
Navy Federal's Regular Savings Account has no minimum balance requirement, so you can open it with $1 and never add more without triggering a fee. The Money Market Account does require a minimum balance to earn the advertised interest rate, but Navy Federal does not charge a monthly fee if your balance drops below that threshold—you simply earn a lower rate instead.
This is different from some other banks, which charge a fee when you fall below a minimum. Navy Federal's approach means you can keep money in a Money Market Account even if you cannot maintain the full balance; you just will not earn the higher rate until your balance climbs back up.
Other Navy Federal fees that affect savings accounts
While Navy Federal does not charge monthly maintenance fees on most savings accounts, other fees can affect your account. If you make more than six withdrawals from a savings account in a calendar month, Navy Federal charges a fee for each withdrawal over that limit. This is a federal regulation that applies to most savings accounts, not just Navy Federal.
Navy Federal also charges fees for services like overdraft protection, wire transfers, and stop payments. These are separate from monthly account fees and only apply if you use those services. Overdraft fees, for example, occur only when you spend more than you have in your checking account and Navy Federal covers the difference.
Frequently Asked Questions
Does Navy Federal charge a monthly fee on checking accounts?
Navy Federal's checking accounts also have no monthly maintenance fee. Like savings accounts, the fee structure depends on the account type, but the primary checking options are free. Some specialty accounts may have different terms, so confirm your specific account type online or by phone.
Can I move money from a savings account to checking without a fee?
Transfers between your own Navy Federal accounts (savings to checking or vice versa) are free and unlimited. The six-withdrawal limit applies only to withdrawals from savings accounts, not to transfers between your own accounts at Navy Federal.
What is the minimum balance for Navy Federal's Money Market Account?
Navy Federal's Money Market Account typically requires a minimum balance to earn the advertised interest rate, but the exact amount varies. Check Navy Federal's website or call member service to confirm the current minimum, as it can change based on market conditions.
If I close my Youth Savings Account, do I lose the money?
No. When you close an account, Navy Federal transfers your balance to another account you designate or issues a check. You do not lose the money—it simply moves to a different account or back to you.
Does Navy Federal charge a fee to open a savings account?
Navy Federal does not charge a fee to open a savings account. Opening a Regular Savings Account or Money Market Account is free, and there is no application fee or setup cost.