Highlighting its business, money market savings and checking accounts, MONEY Magazine has named Navy Federal Credit Union to its “Best Banks 2013” annual list.

The publication looked at six military-oriented financial institutions and recognized Navy Federal as the best, highlighting the credit union's free checking and savings accounts for active duty personnel and its free checking for small business members, according to the $54 billion credit union in Vienna, Va.

MONEY highlighted the following three Navy Federal accounts as standouts for military members and their families:

NFCU Flagship Checking – allows members to earn tiered dividends based on account balances, and receive ATM fee rebates.
Money Market Savings – offers 0.5% on $25,000+ with no term restrictions.
Business Checking – three different accounts (Business, Business Plus, Premium Business) with dividends earned daily, no or low monthly maintenance fees, and mobile and scan deposits.

“We're proud to offer free checking at a time when the industry is trending in the opposite direction,” said Michael Christian, manager of savings and checking products at Navy Federal. “Our members' bottom line is most important to us, and free checking keeps their money in their name, not ours.”

Jim Salmon, vice president of business services at Navy Federal, said “Small business owners want a financial partner who listens to their needs, provides solutions to their challenges, and offers conveniences such as free checking and scan and mobile deposits. We're proud of the fact that doing what's right for our small business members has led to these accolades by MONEY.”

MONEY's annual list examines the 40 biggest retail banks by consumer deposits and number of branches, plus the 15 biggest online banks and three biggest credit unions by deposits, according to financial services consulting firm Novantas. The full article can be foundhere.

Navy Federal President/CEO Cutler Dawson also applauded the recognition.

“We're extremely honored by MONEY for recognizing our promise of providing the service, products and convenience that help our military members and their families successfully negotiate the personal and financial challenges and opportunities they face,” Dawson said.

Instant Insights /

Navy Federal Earns MONEY Magazine&rsquo;s &lsquo;Best Banks&rsquo; List

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Navy Federal Earns MONEY Magazine’s ‘Best Banks’ List