Featured Savings Rates

Popular Posts

Featured Accounts

Navy Federal Direct Deposit and Refer-a-Friend Bonuses


Navy Federal Credit Union is offering two good deals as part of its 80th anniversary special. The first is a $100 bonus for direct deposit into a checking account. The second is a $50 refer-a-friend bonus. These specials are listed in this Navy Federal promotions page as of 8/5/2013.

To qualify for the $100 direct deposit bonus, the following is required:

  • Join Navy Federal in August
  • Open a checking account in August
  • Set up direct deposit
  • Navy Federal will deposit $100 into your account

Below is the important small print. Note, it requires a “minimum direct deposit of Net Pay of $300.”:

Members who join via RTC or Parris Island are not eligible. A minimum Direct Deposit of Net Pay of $300 must be posted to the checking account by 10/31/13. Please allow up to six to eight weeks for the $100 to be posted to your primary checking account. Limit one per member. If Direct Deposit of Net Pay stops within one year, Navy Federal reserves the right to reclaim the incentive. No minimum balance to open account, earn advertised APY, or obtain the $100.

Navy Federal members can earn $50 for each person they refer. The person being referred will also receive $50. They will need the member’s full name and zip code when they apply for membership, and of course they will need to be eligible for membership. Below is the important small print of this offer:

Limited-time offer. This offer may not be combined with any other new-member offers at the time of account opening. Eligible members include Coast Guard, all Department of Defense uniformed personnel, reservists, Active Duty, retired, Army and Air National Guard, DoD civilian employees, contractors, and family members. Recruiters are not eligible to refer recruits. $5 minimum balance to open and maintain savings account and to obtain bonus. Annual Percentage Yield 0.25%, effective 7/15/2013. Bonus deposited within seven business days of account opening. Referrals may only be made by members in good standing. Program must be mentioned at time of joining for accounts to be credited. Fees may reduce earnings, and rates may change. Limit 5 referrals per member.

Past Navy Federal Promotions and Deals

One reason you may want to join Navy Federal is due to its competitive CD and IRA CD rates. They have a long history of competitive rates with the occasional CD special. The last nice CD special was almost a year ago when they offered a 4% 1-year CD for a maximum deposit of $4,000. Their current CD rates are a little low compared what you can get at internet banks. The highest yield is 1.80% for a 7-year term as of 8/5/2013.


Unlike PenFed, Navy Federal doesn’t list any associations that can be joined to qualify for Navy Federal membership. To be eligible to join Navy Federal online, you must have some connection with the military. This includes Navy, Army, Marine Corps and Air Force. Please refer to their Eligibility Checklist for the full details.

I’ve seen some reports that there may be associations that people can join to be eligible for Navy Federal membership. This information isn’t listed on Navy Federal’s website. You’ll have to visit a Navy Federal branch and ask a supervisor. This is probably a “your miles may vary” (YMMV) type of case. If you have any luck in joining Navy Federal at a branch via an association, please leave a comment.

Navy Federal Overview

Navy Federal Credit Union branches are located around the US and the world.

Navy Federal is the largest credit union in the nation with $54 billion in assets and $39 billion in deposits. It has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas Ratio of 5.45% (excellent) based on March 2013 data. Please refer to our financial overview of Navy Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 5536).

Other Credit Union and Bank Bonuses

You can view my latest bank bonus blog posts in this bank bonus page. I and DA members often post on bonuses in the bank deals forum.

Related Pages: Navy Federal Credit Union, checking account

Related Posts

KnowFromExperience   |     |   Comment #1
Should be "Refer and Enemy"

Unless you like nothing but mishaps, mistakes and ****ups with your account. The only thing Navy is good for are CDs. Don't even think about opening a checking account with them, unless you want nothing but headaches. Find another credit union or community bank for your primary financial needs, use Navy only for CDs or IRAs. Or have lots of fun trying to put right all the mishaps and ****ups Navy will serve your way.

paoli2   |     |   Comment #2
#1  I have to totally agree with you.  We got a CD at Navy FCU last year and cannot believe what an unprofessional group they have running that credit union.  I have tried for months just to get them to add my name to our interest checks since it is a joint account and the check only shows up still with OR and just my spouse's name on it.  They claim their computer system will not allow a second name on a check.  What are they?  In the dark ages?  I am sick of calling them so I just let him sign and will ignore it.  I would never entrust anything more complicated than a CD with these people.  The only thing they seem to be able to do is mail the interest checks thank goodness.  I won't go into details about the nightmare it was with all the mistakes they made just trying to type up the CD at the branch we went to.  I would hate to think what would have happened if we tried to buy a CD by mail!  I am so glad we have no other business with those jokers.
Anonymous   |     |   Comment #3
I have IRA CD's with Navy. They have been very accomodating. Never a mistake or complication. I like that when  IRA CD's mature within a certain time period at another institution I can transfer money to the existing IRA CD's with higher interest that I have at Navy. Thanks to Ken and his posts I became aware of this. I also think it was because of Ken's post I was able to join this credit union because he told us that they were going to take over another credit union that I was able to join. I have no checking accounts with them because all of my checking accounts are reward checking accounts except for one which I had to open for 1/4 higher interest on my CD's at another institution and they were the highest at that time I opened those CD's. 

I did get a phone call from Navy after I transfered a large sum to my existing IRA's, asking HOW I joined.  I told them I don't really remember WHEN I joined, but assumed I joined when I opened my IRA's with them. They said it wasn't important just updating their account information. 

bbug   |     |   Comment #4
I just opened a checking account to receive the proceeds from a maturing CD.

I very much like the add on feature for existing IRA CDs during tax season, as do I like their policy to permit withdrawals in any amount at any time from those IRA CDs without any penalty since I'm over 70 1/2.

I too joined as a result of Ken's notice that it would acquire another credit union which I was eligible to join. So far I haven't encountered any difficulties with them.
rokjr33   |     |   Comment #5
     I've been with NFCU since as a member since 2004; I've worked at BofA as a personal banker for 1 year, BB&T as a branch mgr for 7yrs, and now Im at a community bank doing business development. For the most part all banks are the same. None are consistent among the branches and I think it is unrealistic to expect that. Look at JD Powers ratings on banks (if you believe in those). Some banks are horrible in certain regions, but are LOVED in others.  
     I LOVE banking at NFCU.  Yes I do think that they can train a few of their representatives better, and my wife & I got a horrible loan officer for our mortgage. Individuals should not reflect the WHOLE company though. My checking account is GREAT! I get refunded surcharges up to $8 each month, but I rarely use that feature because there is a 7-Eleven or Co-Op network atm everywhere where I live. My savings account gets 0.25% which sadly is better than most brick-n-mortar financial institutions. The iphone app allows me to see when direct deposits will be credit and all direct deposits get posted (I said posted, not available) 1 day in advance. The reps over the phone have always been helpful and very nice. 
     I always laugh when customers think a whole bank is bad just because they had 1 or 2 bad experiences.  Yesterday a NON-CUSTOMER came into my community bank to cash a check drawn off our bank. It was more than $1000 so we had to contact the Payee to verify he/she wrote the check.  This NON-CUSTOMER got upset and said he is going to go to a REAL BANK at BB&T to deposit the check.  I walked out of my office to see if he has an account there and he said "YES I do".  I didn't explain it to him that BB&T has the SAME policy to contact the client/payee before cashing a check to a non-client. I did inform him that they would not contact the payee to cash his check because they have his info on file. This guy considered my bank a horrible bank just from that one experience of us verifing it was not a fraudulent check.  I also want to point out that just because it is POLICY for BB&T and my community bank to call their clients when a NON-Client tries to cash a check over $1K, it does NOT mean that it is consistent among all the branches.  
     Some INDIVIDUALS are bad at customer service, some didn't listen during training, some just don't care and just want their paycheck, some are do not keep up to date with their training. YES it would be nice if the banks found ALL of these people and either coached them up to speed or coached them out the door, BUT THAT IS UNREALISTIC!!! Im reading some of the comments here and I just had to speak up for NFCU because this is all unfair.  People only comment when they have something negative to say for the most part. You show me a bank where you feel the experience is good to great, and I will show you one of their customers that feel the opposite. I am not talking bad about anybody here, and if you are getting or get offended, let me say I am sorry for offending you and that is not my intentions. 

PAOLI2 don't take this the wrong way.  Im not sure if NFCU can not fit both names on they CD interest check because your names are too long or what.  Some banks can only fit 16 to 20 characters including spaces on the checks.  Have you considered opening the FREE checking account there and then writing your own checks to your banks?  They can electronically deposit the funds from your CD to your NFCU checking. For me NFCU and USAA have the best checking accounts because of the surcharge refunds.  You may like the NFCU checking for a different reason and it may be worth a try. Plus by having the funds deposited to a NFCU checking you will probably have access to the funds 24hrs to 48hrs sooner.



paoli2   |     |   Comment #7
#5  About the 2 names on the check.  Yes my married name is very long but other banks don't seem to have a problem putting each name on a seperate line.  I didn't realize they are limited by how many strokes for a name.  Thanks for sharing the info. 
Anonymous   |     |   Comment #6
Different strokes for different folks.  But without a doubt, there are some banks and credit unions that deserve being mentioned when negative or positive experiences have occured.
Anonymous   |     |   Comment #8

Re:  "I’ve seen some reports that there may be associations that people can join to be eligible for Navy Federal membership."

I called NFCU membership services and they said there wasn't any associations that could be used to quality for membership.  I was in the Army Reserves for 6 years and that wouldn't even qualify me.