Emergency Fund
- Set a goal. Aim for a general amount. Consider working toward $500, which should cover the average cost of car repairs.1 Another good option is to strive to have the same amount as one paycheck saved.
- Start Contributing. Set up a designated emergency fund—your Navy Federal Basic Savings account is a great option—and make regular contributions. Add what you're able, even small amounts add up quickly.
- Keep saving. Work toward saving 3-6 months of living expenses. As your balance grows, switch to a Money Market Savings Account (MMSA) to increase your dividends. Calculate what it will take to get there.
Basic Savings Account
This account comes with your Navy Federal membership and is a great account to use for emergency savings.
If you already use this as your primary savings account, you can open another Basic Savings Account for your emergency savings. This way, you’re not tempted to pull from your primary account to cover the unexpected. You can also set up automatic transfers into this account to help strengthen your savings habit.
Features
- Earns 0.25% APY2
- Requires only a $5 minimum balance to earn dividends
- Can name multiple accounts to tell them apart
- Allows access to your money at any time
Money Market Savings Account
Once you're able to consistently maintain a balance of $2,500 in your emergency fund, consider upgrading to an MMSA to earn higher dividends.
With an MMSA, you can still access your money anytime—through checks, ATMs and digital banking—all while building your reserves more quickly through higher dividends.
Features
- Earns APY as high as 0.450%2
- Requires a $2,500 minimum balance to earn dividends
- Has no term limits
- Allows access to your money at any time
Want More Information About Saving?
Explore our resources at Navy Federal's Savings Learning Center.
Savings Resources
-
Savings Rates
Explore and compare dividend rates of all Navy Federal savings products.Learn Moreabout Savings Rates -
Certificate Rates
Maximize your savings with a Navy Federal certificate. Explore and compare all dividend rates.Learn Moreabout Certificate Rates -
Cash Out or Roll Over?
Need help deciding what to do when your certificate matures? Read about your certificate maturity options.Learn Moreabout Cash Out or Roll Over?
Disclosures
According to the 2020 Vehicle Health Index from CarMD.
↵Rates on variable accounts (e.g., Share Savings, Checking, MMSA) may change after the account is open. This APY is accurate as of 04/03/2021. Fees may reduce earnings.
↵