Comparing USAA and Navy Federal Credit Union: Which is the Better Option for Military Members?

USAA and Navy Federal Credit Union are two financial institutions that cater to the needs of military members and their families. Both offer a range of financial products and services, but they have some key differences that may influence your decision on which one to choose.

USAA is known for its wide range of financial products and services, including insurance, retirement, and investing services. On the other hand, Navy Federal Credit Union offers business banking services, which USAA does not provide. When it comes to branch locations, Navy Federal has the upper hand with 350 branches worldwide compared to USAA’s four financial centers. However, USAA boasts a larger network of over 100,000 preferred ATMs, with up to $10 in refunds per statement cycle for non-preferred network ATMs.

In terms of checking and savings accounts, both institutions offer free accounts with low minimum opening deposits. Navy Federal’s savings rates are higher than USAA’s, but CD rates are comparable between the two. USAA offers one checking account option, while Navy Federal has multiple checking accounts with different features and benefits.

When it comes to membership requirements, both USAA and Navy Federal limit membership to military members and their families. USAA membership is open to current U.S. military members, veterans, precommissioned officers, and their spouses and children. Navy Federal membership is open to active-duty and retired military members, veterans, family members, and Department of Defense civilians.

Ultimately, the decision between USAA and Navy Federal will depend on your preferences for banking products and services, as well as your banking habits. Both institutions have their pros and cons, so it’s essential to weigh them carefully before making a choice.