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Hanscom vs Navy Federal Credit Union

military family hugging

Photo: SDI Productions from Getty Images Signature via

Hanscom is one of the largest federal credit unions in Boston. As of 2024, it has almost 100,000 members and manages $1.9 billion in assets. Let's see how it compares to the largest federal credit union in the nation.

Navy Federal Credit Union vs Hanscom info graphic




Hanscom AFB, MA

Vienna, VA


$1.9 billion

$170 billion





$1.6 billion

$144 billion

 Source: NCUA as of May 7, 2024

The Navy Federal Credit Union started in 1933, according to their website. That's 20 years before Hanscom. At the time, Navy Federal only had 7 members, but grew to serve over 13 million members by 2024. Their mission? To "be the most preferred and trusted financial institution serving the military and their families."

Being a national credit union it's no surprise that Navy Federal's assets and deposits are 100x Hanscoms.

Who Offers Better Rates?

We're impressed that both Hanscom and Navy Federal offer interest earning checking accounts. Navy Federal requires a minimum balance of $1,500 to earn a dividend, while Hanscom requires a little more -- $2,000 average daily balance, or $6,000 average combined savings and loan balance.

Navy Federal also offers a straight forward savings rate, while Hanscom's rate is tiered. Meaning, a depositor has to have over $100,000 to earn Hanscom's highest rate. Balances under $200 earn 0.20% APY.

So far, Navy Federal seems to be winning the rate war, but the two even out when it comes to certificate deposits (CDs). They both offer different certificate accounts with different terms and varying account minimums. The biggest drawback we noticed with Navy Federal Credit Union was that their highest earning CD only allows one CD per primary account holder, as well as a $3,000 purchase limit. This puts a cap on the amount a depositor can earn from their savings.




0% or 0.10%

0.01% - 0.45%


0.20% - 2.25%



1.25% - 5.00%

0.40% - 5.30%

*APYs as of May 7, 2024. Check Hanscom or Navy Federal for current rates.

Why Choose A Military-Focused Credit Union?

Military credit unions understand the unpredictable nature of military life, including frequent relocations and deployments. By banking with a military-focused credit union, members can feel a sense of camaraderie and support from an institution that was designed to understand their lifestyle and financial goals.

Post-military life, these institutions may continue to offer flexible solutions (for example VA loans that offer a generous $0 down), however we found that combining military-focused accounts with other account types may makeup for where the military-focused accounts fall short.

How Does Membership Between The Two Differ?

Both credit unions serve active or retired military (and their families). Navy Federal Credit Union also serves Department of Defense (DoD) civilians. And Hanscom serves federal employees. Hanscom charges a little more ($25) for their membership, while Navy Federal only requires a $5 membership account.

According to Canva's AI (artificial intelligence), there are millions of people in the United States that have a direct connection to a veteran or military personnel. This includes the service members themselves, as well as their family members. But if you still aren't eligible to join Hanscom or Navy Federal Credit Union, or feel your specific needs aren't being met -- don't worry! There are tons of banking options to choose from in Boston. We list the top ones here.

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