Compared to USAA, Navy Federal tends to offer more generous loan terms and better access to physical bank locations. You'll need a much higher credit rating in order to access the same financing options at USAA, so if you're not sure of your credit, it may be better to start at Navy Federal.
Both are great financial institutions and the best choice is to join and use both. NFCU generally has better deposit rates and lower rates on their credit products, if that matters to you. They also have a higher aggregate limit on their credit products than USAA has.
USAA Bank ranks 28th largest U.S. bank based on deposits at $71 billion. About USAA The USAA family of companies provides insurance, banking, investments, retirement products and advice to more than 12 million current and former members of the U.S. military and their families.
If you're someone who is eligible for membership, Navy Federal Credit Union offers enough accounts and services to meet most banking needs. It's a full-service credit union that rivals national banks. If you prefer a credit union to a bank, Navy Federal may be the best place to keep your savings.
With millions of members worldwide, Navy Federal is the world's largest credit union. We offer a large worldwide network of branches and ATMs, with 24/7 support and access to mobile,* online and social media resources. Plus, we're expanding every day to make sure that we're offering the best service to our members.
From the beginning USAA has worked to meet its customers' needs, and it has consistently been highly ranked in customer satisfaction. USAA's banking is only available to those who have served in the military and their spouses and children. This comprehensive review can help you decide if USAA is the right bank for you.
Overall bank rating
The bottom line: Through online banking options, mobile tools and decent ATM fee reimbursements, USAA Bank ensures that members can access their money from anywhere. The bank offers free access to a large network of ATMs, plus refunds of some out-of-network ATM fees.
Credit unions typically offer lower fees, higher savings rates, and a more hands-and personalized approach to customer service to their members. In addition, credit unions may offer lower interest rates on loans. And, it may be easier to obtain a loan with a credit union than a larger impersonal bank.
Navy Federal does provide a wider physical reach than USAA, especially overseas. When it comes to each bank's account offerings, both offer a great variety of accounts, including basic savings and checking accounts. ... If you're looking for a money market account, though, you can only find that with Navy Federal.
Bank products provided by USAA Federal Savings Bank, Member FDIC.
Similar to Navy Federal, USAA Bank is reserved for active military, former military, family and cadets and midshipmen. Active military includes those who are current serving in the U.S. Air Force, Army, Coast Guard, Marines or Navy.
Military retirees. Veterans who received honorable discharges. Cadets and midshipmen at service academies, in advanced ROTC or on ROTC scholarship, and officer candidates within 24 months of commissioning. Members of certain federal agencies, such as the FBI.
Broadly speaking, USAA Bank engaged in “discriminatory or other illegal credit practices.” Evidence points to 546 violations of the Servicemembers Civil Relief Act and 54 violations of the Military Lending Act. ... The OCC first brought the USAA Bank trouble to light in a cease-and-desist order in January 2019.
USAA is only available to active and former military members and their families, but there are certain USAA eligibility guidelines. ... The main member of USAA must be alive in order for the spouse or children (both stepchildren and biological children) to apply to become a member of USAA.
In a somewhat surprising move, USAA recently announced that it will be closing all but four of its financial centers. ... Over the years, USAA has been an industry leader in figuring out how to use technology to provide more services without building more infrastructure.
In addition to special offers, we're dedicated to helping you reach your financial goals and enjoy the best banking experience possible. Navy Federal Credit Union is a top choice for veterans because of our low rates, flexible checking accounts and competitive loan products.
Navy Federal credit card approval requirements include a credit score of at least 700, in most cases; this is considered “good” credit.
You can now join Navy Federal without serving in the military. It is true that until 2017, it was hard to become a member of Navy Federal unless you were active military, Department of Defense worker, or a military retiree. Even honorably discharged veterans couldn't join!