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What are some of the benefits of navy fed versus other banks or credit unions? Is the primary attraction the lower interest rates on car loans and mortgages? I know lots of people praise navy fed and usaa for giving them high credit lines, but i'd like to learn more about the benefits that arent related to the credit card side. thanks!
I am a huge fan of NFCU. I love the higher than average rates I get on CD's and IRA CD's.
I also love the fact that I can do everything over the telephone. I've only had to drop a form off once that they couldn't get via fax.
I honestly have no complaints at all with NFCU, their rates, and processes. Their customer service is among the best.
Hope this helps!
Guyatthebeach
Navy Fed is one of the few banks or CUs for which the Share Secured Loan Technique is a good fit.
I can see going with them for checking and savings when I retire, but for now I have started chasing SUBs for checking. I figure it's free money, so I might as well grab it while it's there.
@Anonymous wrote:What are some of the benefits of navy fed versus other banks or credit unions? Is the primary attraction the lower interest rates on car loans and mortgages? I know lots of people praise navy fed and usaa for giving them high credit lines, but i'd like to learn more about the benefits that arent related to the credit card side. thanks!
Excellent customer service.
Excellent website with lots of functionality and speed.
@LakeLife wrote:I can see going with them for checking and savings when I retire, but for now I have started chasing SUBs for checking. I figure it's free money, so I might as well grab it while it's there.
Chasing SUBs for deposit accounts (savings and checking) is something I do as well. It's not the right fit for everyone but it is IMO far better than worrying about the exact interest rate one is getting. For example, if you have $5000 in savings, the difference between a 2% rate and a 3% rate is $50 annually. But if you use that $5k to open a few bank accounts each year, you can make easily $1000 in SUBs -- more if you work at it a bit.
@LakeLife wrote:I can see going with them for checking and savings when I retire, but for now I have started chasing SUBs for checking. I figure it's free money, so I might as well grab it while it's there.
Makes sense, just watch out for having to claim to taxes on those SUBs. Learned that lesson this year haha.
I use them for all of my loans, their rates beat everyone's out.
However, for every day banking I use others and for stashing my main emergency fund/liquid nest egg I use a more high yield savings.
However, their customer service is top notch and the fact that it's 24/7 is a great advantage over their competitors. As an all around CU I think it makes a lot of sense simply becuase they have all around funcitonality like bill pay, app access, credit cards that aren't garbage, VA loans, and no extra charges on xferring money OUT to external accounts.