VIENNA, Va.–(BUSINESS WIRE)–#ActiveDuty—Navy Federal Credit Union’s recently released 2024 Member Giveback Study highlights value of membership by banking with the not-for-profit, member owned credit union. Members earned and saved a total of $4.32 billion in 2024 by banking with the credit union. With earnings and savings of $461 per year, members could earn and save $332 on better interest rates, as well as $129 in lower fees and discounts.
The Member Giveback Study considers internal market analyses comparing Navy Federal products with industry national averages, discounts, incentives and other savings. Beyond yearly earnings and savings, the credit union offers market-leading certificates and an average credit card APR that’s 7.25% lower than the industry average—up from 6.81% in 2023.
“Our sound financial position and close alignment with our members’ values allows us to focus on what matters most: supporting the military and Veteran community,” said Mehdi Dinia, vice president of membership at Navy Federal. “We continually look for ways to expand our impact on Active Duty Servicemembers, Veterans and their families—providing them with the essential tools and resources wherever they are in their financial journey.”
As a not-for-profit, Navy Federal reinvests surplus funds back to its members in the form of reduced loan rates, low fees, enhanced digital technology and expanded service—reaffirming its strong commitment to driving value for the military and Veteran community. For example, in 2024, Navy Federal opened 12 new branches (4 times the number opened in 2023), upgraded mobile banking and launched new technology and payment solutions to help members manage their finances more efficiently.
Last year, the credit union also announced a comprehensive series of investments committing roughly $450 million in annual givebacks to Navy Federal’s 14 million members. This program adds to the more than $4 billion already given back to members annually in the form of dividends, enhanced services and reduced fees. Specifically, Navy Federal introduced new partnerships designed to extend support of all branches of the military, Veterans and their families, such as a $9 million investment to the USO and a multi-year, collective partnership with the Bob Woodruff Foundation, Navy-Marine Corps Relief Society, Air Force Aid Society, Coast Guard Mutual Assistance and Army Emergency Relief.
To learn more about the value of membership with Navy Federal, visit www.navyfederal.org/membership/deals.
Additionally, to read more highlights about Navy Federal’s giveback efforts and financial performance, check out the 2024 Annual Report.
Navy Federal Credit Union: Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving more than 14 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. Navy Federal employs a workforce of over 25,000 and has a global network of more than 365 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Navy Federal is insured by NCUA. Equal Opportunity Employer.
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Jane Myers
Corporate Communications
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