What you need to open a Navy Federal savings account
Navy Federal will open a savings account for you in person at a branch, online through their website, or by phone. You'll need a valid government-issued ID (driver's license, passport, or military ID), your Social Security number, and proof of your current address—a utility bill, lease, or bank statement dated within the last 60 days works. If you're opening online or by phone, you'll also need a debit card or checking account at another bank to fund the initial deposit.
The minimum opening deposit varies by account type. Navy Federal's basic savings account typically requires $25 to $100 to open, though this can change. Check their current requirements on their website or call 1-888-842-6328 before you start, because some promotions waive the minimum entirely for a limited time.
If you're not yet a Navy Federal member, you'll need to join the credit union first. Membership is open to active-duty and retired military, veterans, Department of Defense civilians, and their families. If you don't fall into one of those categories, Navy Federal will not open an account for you.
Key Takeaways
- You need a government ID, Social Security number, and proof of address to open a Navy Federal savings account, plus $25 to $100 for the opening deposit.
- Navy Federal offers three ways to open: in person at a branch, online through their website, or by phone at 1-888-842-6328.
- You must be a Navy Federal member (military, veteran, or may be able to access family member) before you can open any account.
- Online and phone applications take 5 to 10 minutes and your account is usually active the same day, though transfers from other banks take 1 to 3 business days to show up.
- Navy Federal savings accounts earn interest, and the rate changes monthly based on market conditions—check their website to see the current rate before you open.
Opening online or by phone
The fastest route is Navy Federal's website. Go to navyfederal.org, click "Open an Account," and select "Savings Account." You'll enter your personal information, Social Security number, and address. The system will ask for your ID number and issue date. You'll also need to link a debit card or checking account from another bank to fund the account—Navy Federal uses this to verify your identity and move your opening deposit.
The online process takes about 10 minutes. Once you submit, Navy Federal reviews your information and usually approves you within minutes. Your account number appears on screen immediately, and you can start using it right away. Transfers from your linked account typically arrive within 1 to 3 business days.
If you prefer to talk to someone, call Navy Federal at 1-888-842-6328. A representative will walk you through the same questions and can answer questions about rates, fees, or account features. Phone applications take about the same time as online, and the account opens the same way.
Opening in person at a branch
Walk into any Navy Federal branch with your ID, Social Security number, and proof of address. Bring a debit card or checkbook from another bank if you want to fund the account that day. A representative will complete the paperwork, verify your information, and open the account on the spot. You'll leave with your account number and can start using the account immediately.
In-person opening takes 15 to 30 minutes depending on how busy the branch is. If you want to deposit cash or a check that day, bring it with you—the teller can process it right then. Find branch locations and hours on Navy Federal's website or call 1-888-842-6328.
What happens after you open
Your savings account is active as soon as Navy Federal approves it. You can transfer money in, set up automatic deposits from your paycheck, or move money from another account. If you funded the account online or by phone, that transfer arrives in 1 to 3 business days. If you opened in person and deposited cash or a check, it's available immediately.
Navy Federal will mail you a debit card within 7 to 10 business days if you request one (some savings accounts don't come with cards by default—ask when you open). You'll also get online and mobile banking access right away, so you can check your balance, transfer money, and pay bills from your phone or computer.
Your savings account earns interest. Navy Federal's rate changes monthly and is posted on their website. The amount you earn depends on your balance and the current rate—the higher your balance, the more interest accrues. Interest is usually deposited monthly.
Fees and account features
Navy Federal savings accounts have no monthly maintenance fee and no minimum balance requirement to keep the account open (though you need the minimum deposit to open it). There's no charge for transfers between your Navy Federal accounts, and no fee for withdrawals—you can take money out as often as you need it.
Some Navy Federal savings products have limits on how many transfers you can make per month, though this varies by account type. Check the account terms when you open to see if your account has withdrawal limits. If it does and you exceed them, Navy Federal charges a small fee per extra transaction.
Navy Federal doesn't charge overdraft fees on savings accounts because you can't overdraft a savings account—if you try to withdraw more than you have, the transaction is simply declined. There's no penalty.
Moving money into your new account
Once your account is open, you can fund it in several ways. The easiest is a transfer from another bank account—log into Navy Federal's website or app, go to "Transfer Money," and enter the other bank's routing number and your account number there. Navy Federal will pull the money over in 1 to 3 business days. You can also set up automatic transfers on a schedule (weekly, monthly, etc.) if you want to move money regularly.
If you opened in person, you can deposit cash or checks at the branch immediately. You can also mail a check to Navy Federal, though that takes 5 to 10 business days to clear. Direct deposit from your employer is another option—ask your payroll department for Navy Federal's routing number (1011000015) and your new account number, and they can send your paycheck there automatically.
If you already have a Navy Federal checking account
If you're already a Navy Federal member with a checking account, opening a savings account is even faster. Log into your existing online banking, click "Open an Account," and select "Savings Account." Navy Federal already has your information on file, so you just confirm your details and choose your opening deposit amount. The new account opens in minutes, and you can transfer money from your checking account to fund it immediately.
You can also call the number on the back of your debit card or visit a branch. Either way, the process takes less than 15 minutes because Navy Federal doesn't need to re-verify your identity.
Frequently Asked Questions
Can I open a Navy Federal savings account if I'm not military?
Only if you're a spouse, child, or dependent of someone who is military or a veteran, or if you work for the Department of Defense. Navy Federal membership is restricted to those groups. If you don't fit any category, you cannot open an account.
How long does it take to open an account online?
The application itself takes 5 to 10 minutes. Navy Federal approves most applications within minutes, and your account is active immediately. However, if you're funding it with a transfer from another bank, that money takes 1 to 3 business days to arrive.
What's the difference between Navy Federal's savings accounts?
Navy Federal offers several savings products with different features and interest rates. Some have higher rates but require larger balances; others are designed for regular savers. Compare them on Navy Federal's website or ask a representative when you open to find the one that fits your needs.
Can I open a savings account by mail?
No. Navy Federal requires you to open online, by phone, or in person. You cannot mail in an application to open an account.
What if I don't have a government ID?
You need a valid government-issued ID to open an account. A driver's license, passport, or military ID all work. If you don't have one of those, you cannot open an account at Navy Federal.