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Navy Federal Flagship Checking Account

Jul 13, 2024

Navy Federal Flagship Checking Account

Overview

  • Navy Federal has 5 different checking accounts.
  • One highly recommended option is the Flagship Checking Account.
  • Many members are unaware of this account due to lack of awareness about its perks.

Introduction

  • Speaker: Sanford from "Just Money" channel.
  • Topics Covered: Personal and business credit, real estate, and financial topics.

Types of Navy Federal Checking Accounts

  • Free Active Duty Checking Account: For current/former military personnel.
  • Flagship Checking Account: Available to everyone but has specific requirements.

Other Accounts

  1. Free Everyday Checking Account:
    • Dividend Rate: 0.01%
    • No minimum balance or direct deposit requirement.
  2. Free Easy Checking Account:
    • Dividend Rate: 0.05%
    • Requirements: Direct deposit or 20 transactions within 6 months.
  3. Free Campus Checking Account:
    • Dividend Rate: 0.05%
    • Age Requirement: 14-24 years old.
  4. Free Active Duty Checking Account:
    • Dividend Rate: 0.05%
    • Exclusively for military personnel.

Flagship Checking Account

  • Monthly Fee: $10 (waived if balance ≥ $1,500).
  • Dividend Rate & APY: 0.35% to 0.45%.
  • Dividend Calculation: Compiled daily, deposited monthly.
  • ATM Rebates: Up to $120/year ($10/month) with direct deposit.

Benefits of Flagship Checking Account

  1. Higher APY & Dividend Rate: Better returns compared to other accounts.
  2. Encourages Savings: Maintaining $1,500 balance avoids fees, promotes saving.
  3. Builds Relationship with Navy Federal: Helps in obtaining high limit credit cards and low-interest loans.

Conclusion

  • Recommendation: Switch to Flagship Checking Account for better perks and financial benefits.
  • Action Steps: Can switch via Navy Federal app or by calling customer service.
  • Engagement: Encourages viewers to comment, subscribe, and partake in one-on-one consultations.

Additional Information

  • Speaker's Credentials: Licensed realtor, real estate agent, and mortgage loan originator.
  • Content Offering: Weekly videos on personal/business credit, real estate, etc.

Full transcript