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Navy Federal Credit Union vs. Wells Fargo: Which Bank Is Right for You?

Review Updated
Steven Porrello
By: Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Bottom line: Wells Fargo has a large branch network and offers a debit card on its savings account, while Navy Federal Credit Union has better customer reviews, more free checking account options, and lower minimums on its CDs.

Navy Federal Credit Union vs. Wells Fargo: Account options

Savings accounts

Rates as of Jul 04, 2024
Offer
 
 
Account
Rating
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY 0.05% to 2.51% Rate info Circle with letter I in it. There are four tiers of APYs: $0 - $99,999.99, $100,000 - $499,999.99, $500,000 - $999,999.99, and $1 million or more. The higher your balance, the greater your APY. The highest rates are relationship interest rates. Your Platinum Savings must be linked to a Premier Checking account to qualify for the highest rates. 0.25%
Min. to earn APY $25 to open, then $0 $5 to open and maintain account
Next Steps
Read Review
Read Review

Wells Fargo offers two personal savings accounts, the Wells Fargo Way2Save Savings account and the Wells Fargo Platinum Savings account.

Its Wells Fargo Way2Save Savings account has a rock-bottom APY of 0.01%, a $5 monthly service fee (waivable), and a $25 minimum opening deposit. The account also comes with a debit card, which is a rare perk for a savings account.

For its part, the Wells Fargo Platinum Savings account has a slightly higher APY (0.05% to 2.51%), a $12 monthly fee (waivable), check-writing abilities, and a $25 minimum opening deposit.

Navy Federal Credit Union offers a free savings account with a $5 minimum opening deposit. Its APY (0.25%) is on par with the lowest tier of the Wells Fargo Platinum Savings, but it doesn't offer a debit card.

For more interest, you could also check out the Navy Federal Money Market Savings Account, which earns up to 2.25%, depending on your balance.

Checking accounts

Wells Fargo's flagship account is the Wells Fargo Everyday Checking, which has a $10 monthly fee (waivable) and $25 minimum opening deposit.

To earn interest, you could go with the Prime Checking ($25 monthly fee; waivable) or Premier Checking ($35 monthly fee; waivable). Both accounts have relationship APYs that apply to your deposits when you link Wells Fargo CDs or other savings accounts.

Lastly, the Wells Fargo Clear Access Banking account has a low monthly fee ($5; waivable) and can help you avoid overdraft fees.

In contrast, Navy Federal Credit Union's checking accounts are all interest-bearing, have no fees or options to waive them, and will reimburse ATM fees up to a certain amount per year ($120 or $240). Two of these accounts -- Free Active Duty Checking and Free Easy Checking -- require regular direct deposits to stay open, while the Free EveryDay Checking does not.

The Flagship Checking account earns the most interest, but requires a $1,500 average daily balance to waive the $10 monthly fee. The Free Campus Checking is available for members aged 12 to 24, with no monthly service fee or deposit requirements to remain open.

CDs

Wells Fargo CDs have decent rates on some short terms (12 months or fewer), though many of its best rates are promotional and could disappear. Wells Fargo CDs also have high minimum deposits: $2,500 for standard CDs and $5,000 for special rates.

Meanwhile, Navy Federal Credit Union has seven CD terms, from three months to seven years, with a $1,000 minimum to open. Its rates are generally higher than Wells Fargo, though it doesn't offer any special CDs.

That said, it does offer two CDs with a low $50 opening deposit, the EasyStart Certificate or Special EasyStart Certificate. Both have decent rates, and you can even add money into your account after the CD is opened, a perk not all CD providers offer.

Navy Federal Credit Union vs. Wells Fargo: APYs

Neither Wells Fargo nor Navy Federal Credit Union have industry-leading APYs. Between the two, Navy Federal Credit Union has slightly better rates for its CDs, though occasionally Wells Fargo offers higher rates on special terms.

Both institutions have a savings account that can earn above 2% APY -- the Navy Federal Money Market Savings Account and the Wells Fargo Platinum Savings -- but you need a balance of $1 million or more to get the best rates.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 4, 2024
Min. to earn: $1
N/A

Navy Federal Credit Union vs. Wells Fargo: Customer service

Navy Federal Credit Union has an astonishing 4.5 out of 5-star rating on Trustpilot, one of the highest ratings of any bank or credit union we've seen. This is out of more than 28,000 reviews, which speaks well of the credit union's customer satisfaction. Wells Fargo, for its part, has a 1.3 out of 5-star rating, with more than 1,200 reviews. It's also worth noting that Wells Fargo scored a 625 in the J.D. Power 2023 U.S. National Banking Satisfaction Study, second to last and below the study average (653).

Both institutions have a 24/7 customer hotline for general banking. Members of Navy Federal Credit Union can also schedule a free financial consultation over the phone Monday through Friday 9 a.m. to 6 p.m. Meanwhile, you can schedule one-on-one financial assistance with a Wells Fargo banker online.

Navy Federal Credit Union vs. Wells Fargo: Mobile apps

Both Wells Fargo and Navy Federal Credit Union have powerful mobile apps that perform many of the same functions. You can manage all your accounts (credit cards, mortgages, loans) in one place, deposit checks, pay your bills, send money, and check your credit score. In addition to these, Wells Fargo offers clients a virtual assistant, "Ask Fargo," which can give you personal insights into your spending and field basic questions about your account.

Navy Federal Credit Union's app has 4.3 out of 5 stars on Google Play and 4.9 out of 5 stars on the App Store. Meanwhile, Wells Fargo has 4.8 stars on Google Play and 4.9 stars on the App Store.

Navy Federal Credit Union vs. Wells Fargo: Which is right for you?

Navy Federal Credit Union excels at customer service and offers more no-fee checking account options than Wells Fargo. It also has lower minimum opening deposits on its CDs and slightly higher rates for most terms. Wells Fargo, for its part, offers a debit card to its savings account holders and has higher ratings for its mobile app.

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • Wells Fargo is right for those looking for a big national bank with plenty of locations and ATMs. It might also be ideal for those who already have a Wells Fargo account (such as a credit card or mortgage) and want to bank in one place.

  • Navy Federal Credit Union is right for active-duty military members, veterans, or their immediate family members who want to join a credit union. It's ideal for those who value customer service and want a credit union that has their back. Finally, it's also great for those stationed overseas, as it has branches in Bahrain, Cuba, Greece, Guam, Korea, Italy, Japan, Singapore, and Spain.