Broker experience?

[RV_]

We have just begun the move from USAA bank to Navy Federal Credit Union based in part on positive feedback here from our fellow SKPs and others/reviews elsewhere. We have been with USAA since 1993, and have experienced the decline, especially after the last CEO or the one before.

So far so good.

Anyone using the Navy Federal Credit Union (NFCU)investment and brokerage services to buy and sell their investments? Anyone using their financial advisors? If so what is your opinion of their investment advice?

USAA dropped all their brokerage services and sent all accounts to Schwab. We are also very unsatisfied with the USAA bank services, particularly their extreme low deposit interest rates in a field of low rates, and declining expertise of the bank customer service folks. Recently it seems their bank folks have gotten less and less knowledgeable and seem poorly trained.

Schwab is good but not a bank. We just opened an account at NFCU and so far are impressed. We are going slow because if there are any show stoppers with Navy FCU we don't want to have to change all our direct deposit retirement/SS/VA etc. more than once. They also have the best cash back rates, and while still terrible, pay 8 times higher deposit account interest rates than USAA. Their insurance still seems OK but I am looking for better deals there too.

So before I use them any comments on their investment services good or bad? Thanks in advance! 

[NDBirdman]

9 minutes ago, RV_ said:

 They also have the best cash back rates, and while still terrible, pay 8 times higher deposit account interest rates than USAA.

Cash back rates?  What is their deposit account interest rates?  I have a money market account at our credit union but I would like to find better if it's out there.

Edited December 13, 2021 by NDBirdman

[SWharton]

We have settle down with Alliant CU, their Visa has a cash back of 2.5% and Vanguard for brokerage services. For even thinking interest rates on any account, with the Fed so low no one will pay anything. Park the minimum you need in savings accounts.

We didn't like Navy Federal due to their constant advertising both on the website and email.

 

[RV_]

17 minutes ago, NDBirdman said:

Cash back rates?  What is their deposit account interest rates?  I have a money market account at our credit union but I would like to find better if it's out there.

USAA current Money Market rate is .03%!! I'm gone.

https://www.annuityexpertadvice.com/rates/usaa/#usaa-money-market

Navy federal is .45%

Go here and scroll down:

https://www.navyfederal.org/checking-savings/savings/money-market.html

 

[RV_]

1 hour ago, SWharton said:

We have settle down with Alliant CU, their Visa has a cash back of 2.5% and Vanguard for brokerage services. For even thinking interest rates on any account, with the Fed so low no one will pay anything. Park the minimum you need in savings accounts.

We didn't like Navy Federal due to their constant advertising both on the website and email.

 

Thanks, we will watch if that is an issue for us. We like military centric services like banking and want all in one like USAA used to have. However to deposit cash from Yard sales etc. required a local account or a buddy willing to do a check for cash because while USAA is great for remote banking, Navy Federal CU has two local branches. And branches all over.

As retired USAF it is nice to have folks who understand Military retiree issues. Also I want no special setups for fast money transfers from cash Money Market accounts to investments and back so I get the better rates. Tesla is volatile and I expect Rivian to be as well. I will want the tax credit from buying the Rivian to sell any significant shares of anything. We used to pay for wires and now have systems I am not as happy as an all in one financial service. Back in the day USAA was the only one that had check scan deposits from our computer printer/scanner free and instantly available. Now we can do that with all of them. So NFCU may be what we are looking for. We are not doing direct deposit until we have proven tried their services for a few months. It is no sweat to close accounts and move if we find anything that we consider a showstopper before changing all the direct deposits and auto pays.

We may look into higher cash back online credit cards after we settle into our new FCU.

Investopedia has good pros and cons in their review of them. I am not chasing one point advantages daily on rates. If it is in the upper 25% and I can safely ignore everything until a real market crash, then I am fine. But I am no day trader.

Navy Federal Credit Union is the largest credit union in the world. With more than 9 million members, it is a force in the banking universe, especially for those who serve or have served in the armed forces.

Edited December 13, 2021 by RV_