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 government-issued photo ID, your Social Security number, and proof of your current address — a utility bill, lease, or recent bank statement all work. If you're opening online or by phone, you can do this from home without visiting a branch.

The account itself costs nothing to open. Navy Federal doesn't charge a monthly fee for their basic savings account, and you don't need a minimum deposit to start — you can open the account with any amount, even a few dollars.

If you're not yet a Navy Federal member, you'll become one when you open the account. Membership is free and is required to hold any account there.

Key Takeaways

  • You need a government photo ID, Social Security number, and proof of address to open a savings account at Navy Federal.
  • Navy Federal's basic savings account has no monthly fee and no minimum opening deposit.
  • You can open an account online, by phone, or in person at a Navy Federal branch.
  • The account earns interest on your balance, though the rate changes and you should check Navy Federal's current rate before opening.
  • If you're opening online, the process usually takes a few minutes and you can start using the account the same day.

Opening an account online

Go to Navy Federal's website and look for the option to open a new account. You'll be asked to enter your personal information: name, date of birth, Social Security number, address, phone number, and email. Have your government ID nearby so you can verify the information matches.

Navy Federal will ask you to create a username and password for online banking. Write these down somewhere safe — you'll use them to log in and manage your account. You'll also set up a PIN for phone banking if you want to check your balance or move money by phone.

After you submit your information, Navy Federal reviews it — this usually takes a few minutes to a few hours. Once approved, you can log in when ready and start using your account. You won't receive a debit card right away; Navy Federal will mail one to you, which typically arrives within 7 to 10 business days.

Opening an account by phone

Call Navy Federal's member services line at 1-888-842-6328. Tell them you want to open a savings account. A representative will walk you through the same information you'd enter online: your name, address, Social Security number, and other details. Have your ID ready so they can confirm your information.

The phone process takes about 15 to 20 minutes. Once you're finished, Navy Federal will mail you a debit card and any other materials you need. You can ask the representative to set up online banking access during the call so you can log in right away.

Opening an account in person at a branch

Find a Navy Federal branch near you using their branch locator on their website. Bring your government photo ID, Social Security number (or have it memorized), and proof of your current address. Walk in during business hours — no appointment is needed, though you may wait if the branch is busy.

A Navy Federal representative will help you fill out the account opening form and answer any questions. The process takes about 15 to 20 minutes. You'll leave with a temporary debit card or information about when your permanent card will arrive, and you can start using your account the same day.

What happens after you open the account

Your savings account is ready to use when ready after approval, whether you opened it online, by phone, or in person. You can transfer money into it from another bank account, deposit cash at a Navy Federal branch or ATM, or have your paycheck deposited directly into it.

Navy Federal's savings account earns interest on the money you keep in it. The interest rate changes over time based on what the Federal Reserve does with interest rates, so check Navy Federal's website to see the current rate. The interest is added to your account monthly.

You can withdraw money from your savings account at any Navy Federal branch, through their ATM network, or online. Navy Federal is part of the CO-OP and Allpoint ATM networks, so you can use thousands of ATMs nationwide without a fee.

If you need to bring documents to a branch

Navy Federal accepts these as proof of address: a utility bill, lease agreement, mortgage statement, or recent bank statement. The document should show your name and current address and be dated within the last 60 days. If you don't have one of these, ask the branch representative what else they can accept — some branches will take a government document like a voter registration card or a letter from a government agency.

If you're opening an account for someone else (like a parent opening one for a minor child), bring both people's IDs and proof of address. Navy Federal has different rules for accounts held by minors, so ask the representative about those when you arrive.

Frequently Asked Questions

Can I open a Navy Federal savings account if I'm not military?

Yes. Navy Federal membership is open to military members, veterans, retirees, and their families, but also to civilians who work for the Department of Defense or are employed by certain federal agencies. If you're not in one of those groups, you may still be able to join if a family member is may be able to access — ask Navy Federal directly about your situation.

How much money do I need to open the account?

You don't need any minimum amount. You can open the account with one dollar or even less, depending on how Navy Federal processes your first deposit. There's no monthly fee, so the account won't cost you anything to keep open even if you don't use it.

Can I open a joint savings account with someone else?

Yes. Both people will need to provide their ID, Social Security number, and proof of address. You can open a joint account in person at a branch or by phone. Both account holders can access the money and make decisions about the account.

What if I don't have a government photo ID?

Navy Federal requires a government-issued photo ID to open an account. If you don't have one, you'll need to get a state ID or passport first. Your local DMV can issue a state ID, and the process usually takes a few weeks.

How long does it take to get my debit card?

If you open the account in person, you may get a temporary card on the spot. Your permanent debit card arrives by mail in 7 to 10 business days. If you open online or by phone, Navy Federal will mail your card to the address you provided. You can use your account online or at ATMs before the card arrives.