Today’s guide contains some pieces of information that revolve around the “Navy Federal Savings account requirements.”
Not having firsthand information about something can be troubling at times, just as without knowing what documents you will need to register savings account at a bank.
To spare you such problems with having a Navy Federal credit union account, you have to know what the requirements are for an account with them.
The Navy Federal places much emphasis on what these requirements are as they are pivotal to having the account.
You don’t want to visit their premises countless times just to figure out what you will need to have a savings account with them.
Hence, kindly read the Navy Federal savings account requirements below.
Navy Federal Savings Account Requirements
The requirements for a Navy Federal Savings account include:
- Proof of identity: Applicants are mandated to provide a valid and original government-Issued ID bearing their photograph. Some of these IDs include; a national ID, U.S. military ID, a passport, or a driver’s license.
- Your Social Security number (SSN) or Tax Payer ID
- Date of birth
- Current residential address
- A registered U.S. mobile number
- The minimum opening deposit. Usually, it ranges from $25 to $100, depending on the account type and financial institution. However, the Navy Federal Credit Union has set an opening amount of $5, provided you are a member, and you want to have a savings account.
Aside from these requirements, applicants must meet the membership eligibility status before their information is processed. Kindly find out at https://www.navyfederal.org/membership/eligibility.html.
What Is The Minimum Balance Requirement For Navy Federal Savings Account
The minimum balance requirement for Navy Federal Credit Union are;
A minimum balance requirement of $5.00 is assigned to the Basic Savings account.
The Money Market Savings account has a minimum balance of $2,500.
With these minimum balances, account-holders begin to receive dividends, as well as earn interest on their accounts.
The Basic savings and the Money Market savings are attached interest rates of 0.25% and 0.45% p.a, respectively.
How Long Does It To Open Savings Account
It does not take long to open a savings account with the Navy Federal, and it takes an average time of 30mins to get your savings to account opened for you. Sometimes, how fast you get this done depends on the applicant.
Make sure you meet have all the requirements and you are eligible for a savings account at Navy Federal Credit Union.
For more information about Navy Federal account requirements, kindly use any of the below-listed contact avenues to reach them.
This is all that we have for you now.