NASA Federal Credit Union
Fees
Minimum Deposit
Our Rating
APY Savings
NASA Federal credit union offers a wide variety of products including several checking account options, making it a viable option if you want to move all of your banking under one roof.
The CD deposit rates are highly competitive and the account minimums are reasonable for most accounts. You can also earn cash back with your checking account debit card and receive other perks via the NASA Federal loyalty program. There are also some competitive lending products including several credit card options.
However, you will need to be aware that NASA Federal only has access to a small shared branch network. This means that you will need to be prepared to handle most of your banking online. You also need to watch out for the monthly maintenance fees on the checking accounts and ensure that you can comfortably meet the waiver criteria each month.
On the whole NASA Federal is a solid financial institution that makes it easy for practically anyone to join.
- Competitive Rates
- Variety of Accounts
- Membership Rewards Program
- Well Established Brand
- Ability to Earn Cash Back Variety of CD MinimumsLack of Locations
- Monthly Maintenance Fees
- Fee Issues
Can I open an account with NASA Federal online?
Yes, most NASA Federal accounts can be opened online. You will simply need to complete the appropriate application form and submit proof of your ID.
How's NASA Federal physical coverage?
NASA Federal has access to a shared branch network, but there are only 5,600 locations, which may make it difficult to find a branch in your local area.
What are the requirements to open a NASA Federal account?
You need to either be an active or retired NASA Federal employee or be a member of the National Space Society.
Table Of Content
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Savings
NASA Federal Credit Union has several savings account options. A basic savings account is a requirement to join the credit union, but you can open this account with just a $5 initial deposit.
While this account is mandatory for members, it does offer some nice features, including no monthly fees and the ability to set up automatic deposits. However, the interest rate offered are low – only 0.10% APY. If you are looking for the top savings rates, you need to find alternative savings accounts.
The credit union also has a Holiday Club and Special Savings accounts, which allow you to create a separate account for your specific savings goals. This makes it easier to work toward your goals without needing to remember how much you have for each with one basic account.
The final NASA Federal savings account is its Education Savings Account. As the name suggests, this account is designed to save for educational expenses. You can use the account to save funds for your child or grandchild and you’ll receive a tax break on the account balance. You can save up to $2,000 per year for each child under the age of 18.
All NASA Federal savings accounts offer:
- Remote deposit
- eStatements
- Online bill payment
- Mobile banking
CDs
NASA Federal has a number of CDs or Share Certificates and its considered das one of the best credit unions for CDs. The basic share certificate is available with terms of six months to five years, allowing you to lock in the rate for the entire term. The current rates vary from 4.00% – 5.40% APY depending on the term. You’ll need a minimum deposit of $1,000 to open the standard CD. The rates for 9 months are one of the highest in the market.
There are also Premier Bump Rate certificates with a 24 or 36-month term. Once during the term, you can request a rate increase. As with the standard CD, there is a $1,000minimum deposit requirement.
NASA Federal also has high-yield certificates with a choice of 9, 15, and 49-month terms. However, these CDs have a minimum deposit requirement of $10,000.
CD Term | APY |
|---|---|
6 Months | 4.90% |
9 Months | 5.30% |
12 Months | 4.50% |
15 Months | 5.25% |
24 Months | 4.35% |
36 Months | 4.25% |
49 Months | 4.45% |
60 Months | 4.00% |
If you don’t have the $1,000 to open a standard CD, NASA Federal does have Add On Certificates. These have a 12 month term and require only $250 to open the account. However, you can add up to $2,500 per month to the account, so you can continue to enjoy the high APY rate.
The final NASA Federal Certificate is the Early Savers. This can be opened with just $50 and is available for members aged 23 and under, with a 12 month term. Additionally, you can make further contributions to the account during the certificate term.
All NASA Federal CDs charge a penalty for early CD withdrawal if you need to access your funds before the Certificate maturity date. This penalty is calculated according to the original term of the certificate.
For terms of up to 24 months, the penalty is 182 days of interest or if the account has not been opened for 182 days, you’ll forfeit all interest on the withdrawn amount. For longer terms, the penalty is 365 days of interest.
Checking Accounts
NASA Federal has a choice of three checking accounts. Premier Checking is designed to be a solid account choice offering everything you need including free online BillPay+ and Free Checks if you have Platinum Membership. Additionally, there are no monthly maintenance fees if you have combined balances of at least $2,500. Otherwise, the monthly fee is $7.
As the name suggests, NASA Federal’s Premier eChecking is designed to provide banking services anywhere. There is free online BillPay+ and free checks. You can also have the $8 monthly maintenance fee waived if you have active online BillPay+ with eStatements or Direct Deposit.
The Premier Preferred Checking account is ideal for those who carry a higher account balance. The account has a $9 monthly service fee, but it is waived if you have an average balance in the account of $2,500+. You’ll get free online BillPay+ and free checks, and you’ll receive dividends on your balance.
All three checking accounts offer EarlyAccess to direct deposit payroll, access to an ATM network with over 36,000 machines and a cash back debit card. For each debit card transaction, you’ll earn up to $0.5, depending on the type of transaction. You can earn up to $250 per year in cashback and it is deposited into your savings account.
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Lending Options
NASA Federal offers a variety of lending options including:
-
Credit Cards
Currently, NASA Federal has three credit card options, each with its own benefits.
- Visa Platinum Advantage Rewards: This card offers one point for every dollar on purchases. Your points don’t expire and you can redeem your points for merchandise, gift cards, travel or cash. The card has no annual fee, no foreign transaction fees and no balance transfer fees.
- Visa Platinum Cash Rewards: This card offers unlimited cash back of 1.5% on every purchase. You can use your cash back to pay down balances, make deposits or redeem as a gift card. There are also no annual fees, balance transfer fees or foreign transaction fees.
- Visa Classic: This is a basic credit card, but it has no annual fee, balance transfer fee or foreign transaction fees. The card has a fixed APR and you can enjoy a lower APR for the life of all balance transfers.
- Visa Share Secured: This card is a secured card with a minimum $500 limit and no fees (annual, foreign transaction or balance transfer.)
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Mortgages & Home Equity Loans
There are a variety of loan options for purchase and refinancing. This includes fixed rate loans, FHA loans, VA mortgages, reverse mortgages and a $0, no PMI mortgage option.
This last product is designed for first time buyers who need up to 100% financing for a primary residence and want to avoid PMI.
-
Auto Loans
NASA Federal offers finance for new and used vehicles or you can refinance your existing auto loan. There are terms of up to 84 months and no payment is required for the first 60 days.
-
Personal Loans
NASA Federal offers personal loans for a variety of reasons from consolidating debt to home renovations.
You can borrow up to $30,000 with a fixed APR and no origination or prepayment fees. There are terms of up to 84 months and once approved, you can expect quick delivery of funds.
NASA Federal Pros and Cons
As with any financial institution, there are both positives and potential negatives associated with NASA Federal credit union.
Pros | Cons |
|---|---|
Competitive Rates | Lack of Locations |
Variety of Accounts | Monthly Maintenance Fees |
Membership Rewards Program | Fee Issues |
Ability to Earn Cash Back | |
Variety of CD Minimums |
- Competitive Rates
Across all NASA Federal products, the rates are competitive, including deposit and lending products.
- Variety of Accounts
NASA Federal has a variety of checking, savings, and CD accounts. There is also a variety of lending products. This makes it easy to find the right product for you.
- Membership Rewards Program
The more balances that you have with NASA Federal, the higher the membership tier you can achieve. Each tier offers additional perks, such as fee waivers, free notary service, free premier checks and complimentary services.
- Well Established Brand
NASA Federal has a history dating back to 1949 and it has garnered a solid reputation.
- Ability to Earn Cash Back
Even if you don’t have a NASA Federal credit card, you can still earn cash back with a debit card associated with one of the NASA Federal checking accounts.
- Variety of CD Minimums
While some of the NASA Federal certificates require a deposit of $10,000, the standard certificate minimum is $1,000 and some certificate products only need just $50.
- Lack of Locations
NASA Federal has access to a shared branch network, but there are only 5,600 locations. This can make it difficult to access a branch if you want to handle your banking face to face.
- Monthly Maintenance Fees
Although it is possible to have them waived, NASA Federal checking accounts do have monthly maintenance fees which vary from $7 to $9, depending on the account.
- Fee Issues
While generally NASA Federal has a lot of good reviews, there are some complaints about customers being charged fees and struggling to get them refunded.
NASA Federal Customer Service
NASA Federal has a fairly comprehensive help page on its website, but if you want to speak to a customer service rep, you can call a 24 hour telephone banking helpline, email or call the member contact center. However, the member contact center is only available 8am to 6pm ET Monday through Friday and 9am to 2pm on Saturdays.
NASA Federal typically has an average rating across most customer review websites. As we touched on above, generally, the comments are positive, but there are some potential issues that could be a red flag for you.
How to Join NASA Federal Credit Union
NASA Federal is available to curret or retired employees of NASA, relatives of NASA Credit Union members, or members of the National Space Society.
However, if you don’t fit into the above categories, you can still join the credit union. NASA Federal makes it quite simple to join with membership to the National Space Society. You can complete the application online as part of your account application and you’ll have your membership in under one hour with just a few simple steps:
- Navigate to the NASA Federal Website: You can become a member of both the National Space Society and the NASA Federal credit union from the NASA Federal website. You just need to navigate to the page and then click on the green “Open Account” button.
- Confirm Your Eligibility: The first screen you’ll be directed to asks you to confirm your eligibility for the credit union. If you’re not affiliated with NASA, you’ll see the option to become a member of the National Space Society at the bottom of the list.
- Complete the Application Form: This is fairly standard, but you’ll need to complete all of the mandatory fields including your name, address, date of birth, contact details and Social Security Number.
- Confirm Your Identity: As part of the application, you will also need to confirm your ID. You can do this with a valid driver’s license, passport or other government issued ID. You will need to enter the appropriate details from your ID and then upload a copy of the document.
- Fund Your Account: The basic savings account requires a minimum initial deposit of $5 and if you’re opening multiple accounts initially, you will also need to consider the deposit requirements for each of these. The final page of the application form is a page to fund your new account or accounts.
Summary
NASA Federal credit union offers a wide variety of products including several checking account options, making it a viable option if you want to move all of your banking under one roof. The deposit rates are highly competitive and the account minimums are reasonable for most accounts.
You can also earn cash back with your checking account debit card and receive other perks via the NASA Federal loyalty program. There are also some competitive lending products including several credit card options.
However, you will need to be aware that NASA Federal only has access to a small shared branch network. This means that you will need to be prepared to handle most of your banking online. You also need to watch out for the monthly maintenance fees on the checking accounts and ensure that you can comfortably meet the waiver criteria each month.
On the whole NASA Federal is a solid financial institution that makes it easy for practically anyone to join.
FAQs
NASA Federal is available across the U.S.
NASA Federal is a member of the NCUA, which provides up to $250,000 of federal insurance should the credit union suffer a failure.
How We Rate And Review Credit Unions: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
