The Navy Federal Credit Union offers excellent benefits to its more than 3 million members. Navy Federal has been around since 1933 and as of today holds over $34 billion in assets and $23 billion in member savings.  The credit union offers a wide array of financial services and great rates on its products.

Auto loans

Refinance your auto loan and get $100.  And what makes the deal even more attractive… the interest rate on used car loans are as little as 4.75% for 36 months.  The average right now is 7.14%.  At this rate, the savings can add up quick.  Also if you are in the market for a new car, you can get a great rate through Navy Federal.  The new car loan rate is as low as 3.75%.  That is about half of the national average.

Mortgage loans

Navy Federal offers an excellent rate on home mortgage loans.  The 30 year fixed rate is 5.375% with .75 points.  The going rate everywhere else… 5.97%.  That may not seem like much of a difference, but .6% makes a huge difference on a $500,000 or even $200,000 loan. And if you use a RealtyPlus approved agent to help you search for and buy your new home, you can get a rebate of up to $5,050 (depending on the purchase price).  This rebate also works if you use a RealtyPlus approved agent to help you sell your home.

Certificates of Deposit

Navy Federal offers 4% on its one year CDs.  With the declining market, it can be comforting to know that your money is guaranteed to earn 4%.  But the best part… you only have to make a minimum deposit of $100.  Most CDs required much higher minimums of $1,000, $5,000 or even $10,000 or more.

Credit Cards

Navy Federal issues several different credit cards. But two I like the most… the Platinum Visa and the nRewards Visa.  There is no annual fee for either card. And the credit limit can range from $1,000 to up to $50,000.  The APR on the Platinum is 7.9%. The APR on the nRewards card is 8.9%. Plus you can earn 1% back on every purchase made with the nRewards card.

Free Seminars

Even with all of the great products and low rates, the thing I like most about Navy Federal is that they offer free seminars to it members.  The seminar usually last 1 to 2 hours and center around different financial topics that are very useful.  They regularly host home buying seminars.  But other seminars focus on investing, estate planning, retirement planning, and taxes.

In addition to those few that I have mentioned, Navy Federal also provides services for small business and investment and insurance services. However, the only way you can benefit from what Navy Federal has to give is to become a credit union member. Until recently, membership was limited to only those with an affiliation with certain branches of the military.  However as of May of this year, membership eligibility has been expanded to include all branches.  So to join the Navy Federal Credit Union, you must be a civilian or non-civilian employee of the Department of Defense, be a Department of Defense reservist or be enrolled in a officer candidate program.  Else you must be a family member of anyone who fits into one of these categories.

Unfortunately, I am not eligible to join.  But if you are, you should seriously consider giving Navy Federal a shot.