You can open a second savings account online, by phone, or in person at a Navy Federal branch

Navy Federal lets you hold multiple savings accounts under the same membership. You do not need to close an existing account or start over with membership — you straightforward add another one. The process takes about 10 to 15 minutes online, or you can call 1-888-842-6328 or visit a branch in person.

The main reason to add a second savings account is to separate money by purpose: one for emergency funds, one for a vacation, one for a car down payment. Each account earns interest at Navy Federal's current savings rate, and each has its own account number. You manage both from the same login.

You do not need to meet any minimum balance to open the account, though Navy Federal may require a small deposit (usually $25 or less) to set up it. The account is free to maintain — there are no monthly fees for savings accounts at Navy Federal.

Key Takeaways

  • You can open a second savings account online through Navy Federal's website or mobile app without visiting a branch.
  • Each savings account earns interest at the same rate and has no monthly maintenance fee.
  • The online process takes 10 to 15 minutes and you can fund the new account when ready from an existing Navy Federal account.
  • If you prefer not to use the website, you can call 1-888-842-6328 or walk into any Navy Federal branch to open an account with a representative.

Opening a savings account online through Navy Federal's website

Log into your Navy Federal account on the website or mobile app. Look for the option to "Open an Account" or "Add an Account" — this is usually in the main menu or under a "Manage Accounts" section. Select "Savings Account" from the list of account types.

Navy Federal will ask you to name the account (for example, "Emergency Fund" or "Vacation 2025") and choose whether you want a regular savings account or a money market account. A regular savings account is the simpler choice for most people. You will then confirm your personal information, which Navy Federal already has on file, and review the account terms.

Once you submit the request, the account opens when ready. Navy Federal will assign it an account number. You can then transfer money into it from your checking account or another existing savings account, or you can set up a direct deposit to go into the new account.

Opening an account by phone or in person

Call Navy Federal's member services line at 1-888-842-6328 during business hours. A representative will walk you through the account details: the account name, the account type, and how you want to fund it. The call typically takes 10 to 15 minutes. The representative will confirm your identity and then open the account on the spot.

If you prefer to open the account in person, visit any Navy Federal branch with your membership card or ID. A branch representative will help you choose the account type, name it, and set up initial funding. You can deposit cash or a check at that time if you want the account funded when ready.

How to fund your new savings account

The fastest way is to transfer money from your existing Navy Federal checking or savings account. Once the new account is open, log into your Navy Federal account online or use the mobile app, select "Transfer Money," choose the source account (your checking or existing savings), and enter the amount and destination (your new savings account). The transfer usually completes the same day.

You can also set up a direct deposit to the new account. Ask your employer's payroll department for Navy Federal's routing number (011400071) and provide your new account number. Direct deposits typically arrive within one to two business days of your normal pay date.

If you want to deposit cash or a check, you can do so at any Navy Federal branch or through an ATM if Navy Federal has a partnership with that ATM network. Check Navy Federal's website for the ATM locator.

What happens to your existing accounts and membership

Adding a new savings account does not affect your existing accounts. Your checking account, your first savings account, and any other accounts you hold stay exactly as they are. You do not need to close anything or change any settings. All accounts remain under the same membership number and login.

If you have automatic payments or direct deposits set up on your original checking account, they continue to work. If you want some of those to go into the new savings account instead, you can change the destination account in your payroll settings or with the organization that sends the payment.

Limits on the number of savings accounts you can hold

Navy Federal does not publish a hard limit on how many savings accounts one member can hold. In practice, most members hold between one and five. If you want to open more than five, contact Navy Federal directly at 1-888-842-6328 to confirm whether there are any restrictions for your membership type.

Each account is separate for interest calculation purposes. If you have $10,000 in one savings account and $5,000 in another, each earns interest on its own balance. The interest rates are the same across all your savings accounts at Navy Federal.

Closing a savings account if you no longer need it

If you open a second account and later decide you do not need it, you can close it online, by phone, or in person. Before closing, transfer any remaining balance to another account (your checking account or your first savings account). Once the balance is zero, you can request closure through your online account or by calling 1-888-842-6328.

Closing an account does not affect your membership or your other accounts. There is no penalty for closing a savings account at Navy Federal.

Frequently Asked Questions

Can I have different interest rates on different savings accounts?

No. All savings accounts at Navy Federal earn the same interest rate. The rate depends on your membership type and Navy Federal's current rates, not on which account you use. If you want different rates, you would need to look at Navy Federal's money market accounts, which may have different terms.

Will opening a new account affect my credit score?

No. Navy Federal does not perform a hard credit inquiry when you open a savings account. Opening a savings account is not reported to credit bureaus and does not affect your credit score.

How long does it take for a transfer between my two Navy Federal accounts to complete?

Transfers between your own Navy Federal accounts are usually when ready or complete the same business day. If you initiate a transfer after business hours or on a weekend, it may process the next business day.

Can I set up automatic transfers between my two savings accounts?

Yes. Log into your Navy Federal account online, select "Transfers," and look for the option to schedule a recurring transfer. You can set it to move a fixed amount weekly, monthly, or on any schedule you choose.

What if I want to rename a savings account after I open it?

You can rename an account online through your Navy Federal account settings or by calling 1-888-842-6328. The account number stays the same — only the name you see in your account list changes.