When choosing a bank or credit union, one of the first things most Americans check out is the fees each financial institution charges for its services. In fact, a GOBankingRates survey revealed that Americans typically ignore free money in the form of cash bonuses that banks offer just for opening an account. More than 65% of the people who responded to the survey admitted they wouldn’t change banks just for a sign-up bonus.
Navy Federal Credit Union offers financial services for active and retired members of the military and some government employees, plus their families. In the event you’re considering joining the credit union, check out current Navy Federal Credit Union promotions before you sign up so you don’t miss out on free money.
- Navy Federal Credit Union Promotions at a Glance
- Current Navy Federal Credit Union Promotions
- Past Navy Federal Promotions, Coupons and Offers
- How To Open a Navy Federal Account
- Are Navy Federal Promotions Right for You?
Navy Federal provides banking services for active duty members of the Air Force, Air National Guard, Army, Coast Guard, Marine Corps and Navy as well as veterans, reservists, military retirees and Department of Defense employees. Family members are also eligible. Here’s a closer look at the best Navy Federal Credit Union bonuses that the institution has to offer:
|Best Navy Federal Credit Union Promotions: May 2020|
|Account||Cash Value of Bonus||Expiration Date|
|Navy Federal More Rewards American Express||$250||Aug. 31|
|Senior Enlisted Reward Program||Up To $500||None|
|Navy Federal Individual Retirement Account||$50||None|
|Auto Loan Refinance||$200||None|
Compare: Best Credit Unions of 2020
As long as you meet membership requirements, you can take advantage of current Navy Federal offers and promotions, which include cash bonuses and bonus points. To earn these bonuses, you have to meet specific criteria and follow instructions to receive your reward. Here’s a closer look at each promotion:
The Navy Federal More Rewards American Express card is an award-winning credit card that racks up to three times the points on every dollar you spend in select categories. You can redeem points for cash, travel and gift cards, and bring the card along when you travel to take advantage of features like roadside assistance and car rental discounts. Open a new account and boost your rewards balance with 25,000 bonus points. The details are below.
- Cash value: $250
- Minimum spend to qualify: $3,000
- Expiration date: Aug. 31
- How to get it: Spend at least $3,000 using the credit card within 90 days of opening the account.
- When you’ll get it: Bonus points post to rewards balance within eight weeks
- Terms and conditions: Balance transfers and fees do not count as purchases. The account must be open at disbursement time to receive the bonus points.
- Annual fees: None
- Promotion page: Navy Federal More Rewards American Express bonus offer
The Senior Enlisted Reward Program lets you earn $100 for each family member or friend you refer to the credit union. Navy Federal Credit Union coupon codes are not required, but referrals must meet membership criteria and provide your access number when opening their new account. Check out the details for this referral program:
- Cash value: Up to $500
- Minimum deposit to qualify: None
- Expiration date: None
- How to get it: Refer active duty, National Guard and Reserves E-7 through E-9 members for membership. For you to get credit for the referral, the individual must provide your access number when applying for membership.
- When you’ll get it: The bonus is deposited within 14 days after the referred person’s membership is approved.
- Terms and conditions: This offer is not available to recruiters. Referring members and referred individuals must be at least 18 years old. The referral fee is contingent on the referred individual qualifying for membership.
- Monthly fees: None
- Promotion page: Senior Enlisted Reward Program bonus offer
At Navy Federal, you can open an IRA with as little as $50. When you do and meet specified criteria, you can earn a $50 cash bonus. First, open your account. Then, make regular contributions through features like automatic deposits of at least $10 per week to make your retirement money grow. Here are the details for this offer:
- Cash value: $50
- Minimum deposit to qualify: $50
- Expiration date: None
- How to get it: Open a new IRA with Navy Federal and deposit $50 within 45 days.
- When you’ll get it: The bonus is credited to the IRA account within 30 days.
- Terms and conditions: This offer applies to new IRA accounts. Members are limited to a single $50 bonus. Bonuses cannot be reported as IRA contributions for tax purposes.
- Monthly fees: None
- Promotion page: Navy Federal Individual Retirement Account bonus offer
With competitive rates and refi loan terms ranging from 36 to 96 months, Navy Federal can help you save money on your auto loan. You can also earn up to $200 when you switch your auto loan to Navy Federal. Here’s what you need to know:
- Cash value: $200
- Minimum loan amount to qualify: $5,000
- Expiration date: None
- How to get it: Refinance your auto loan and make your first scheduled payment.
- When you’ll get it: The bonus is credited to your savings account between 61 and 65 days after the loan origination date.
- Terms and conditions: This offer is not available for existing Navy Federal loans and must be at least $5,000 to qualify for the bonus. Rates and terms are subject to approval and can vary depending on factors like creditworthiness and the age of the vehicle.
- Monthly fees: None
- Promotion page: Auto Loan Refinance bonus offer
Discover: Best Rewards Credit Cards
When evaluating a bank, it helps to examine expired bank promotions so you can see what it offered in the past. Here are a few recent Navy Federal bonuses that were previously available:
Navy Federal’s cashReward credit card is available as a Visa Signature or World Mastercard. Besides getting access to travel insurance and buyer protections, cardholders can earn 1.5% cash back on their everyday spending. Signing up for the cashRewards card earned cardholders a bonus of $150 during a recent promotion. Here’s how this expired Navy Federal bonus offer worked:
- Cash value: $150
- Expiration date: June 30
- How to get it: Applied and qualified for the credit card, and spent $3,000 in the first 90 days of opening
Navy Federal customers recently had the opportunity to earn 50,000 points for spending $4,000 using their new Visa Signature Flagship Rewards card. That offer has expired, but here’s what you can look forward to look for in the event it’s offered in the future:
Cash value: $500
Expiration date: Expired
How to get it: Spent $4,000 within 90 days of opening the account
You must apply for membership before you can open a Navy Federal Credit Union account. You’ll need to provide the following:
- Driver’s license or government-issued ID
- Social Security number
- Home address
- A way to fund your account, such as a credit card, debit card or your routing number and bank account number to initiate a transfer
Once you’re a member, opening a checking or savings account is easy because you’ll use the same information you provided to become a member. You can open an account at a local branch or online.
Although Navy Federal Credit Union lacks the bigger cash bonuses you’ll find at other banks, it offers a variety of financial products, loans and banking services with lower fees and more attractive terms than the big banks give. When you’re ready to save money on your banking, consider the structure and services a credit union provides for members. But check your eligibility before you make the switch.
More on Navy Federal
- Navy Federal Credit Union Review: Free ATMs and No Monthly Fees
- Navy Federal Routing Number – Locate Your Number
- Navy Federal CD Rates
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This content is not provided by Navy Federal Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed byNavy Federal Credit Union.
This article has been updated with additional reporting since its original publication.