The finances of a typical U.S. military personnel can be trickier than what the average civilian can imagine. These patriotic professionals regularly relocate, put in several hours, travel frequently, or even reside abroad, so their banking needs might drastically change frequently. Therefore, they need a bank capable of catering to their changing needs.
Simple banking transactions such as ATM withdrawals, check deposits, and money transfers may become challenging during deployment. So, the families of the men and women who serve our nation also need stellar banking services to function effectively and thrive in a stable financial condition.
A banking institution specializing in serving U.S. military personnel and their families is crucial.
Taking into account those who provide competitive interest rates, remote check deposit, free checking, and other free services, as well as discounts on tax preparation and even park admission, here are the eight top banks for U.S. military personnel and their families:
1. USAA Federal Savings Bank
The USAA Federal Savings Bank is one of the finest banks for military personnel. It offers some of the best military banking services, like no minimum balance requirements, free checking, free replacement checks, remote check deposits, online and mobile access, and ATM reimbursements.
Additionally, they provide comprehensive investing services, personal, house, and vehicle loans, VA loans, a range of insurance products, financial planning and consulting, and free online tools like the USAA Money Manager. Through USAA, you may manage your household’s financial affairs, including banking, insurance, and investments.
The USAA compensates for its lack of physical branches with a sophisticated Internet banking service. Consequently, they also have top-notch mobile banking apps with referral bonuses and bill pay, reducing the need for branch visits.
2. Pentagon Federal Credit Union
Banks are excellent places to save, but most credit unions provide superior interest rates. On its online savings account, the Pentagon Federal (PenFed) Credit Union offers a competitive return of 3.00%.
Additionally, it provides competitively affordable vehicle loan rates. PenFed Credit Union is among our top picks for high returns because its Premium Online Savings account offers even greater interest – eight times higher rate than the national norm. By opening an Access America Checking account with PenFed, you will earn money based on your balance.
PenFed is a fantastic option for anyone searching for a high-yield checking account. It is one of the highest-yielding checking accounts accessible, with an APY ranging from 0.15% to 0.35%. The monthly cost is avoidable in several ways, and account users can get their wages up to two days early.
You would be hard-pushed to find a more extensive U.S. network of ATMs than PenFed, the nation’s third-biggest federally insured credit union by total assets. Through the Allpoint and Co-op networks, you will have free access to more than 85,000 ATMs in the Washington, D.C., region or close to certain military facilities in the U.S. and overseas.
3. Navy Federal Credit Union
The Navy Federal Credit Union offers one of the most incredible free checking accounts, especially for people connected to the military. There are no initial deposit requirements, monthly fees, or minimum balance restrictions to earn dividends.
You will receive profits in your account every month without the need for any manual action. As if that weren’t enough, becoming a member also entitles you to free financial guidance.
There are 350 Navy Federal locations worldwide, including those close to foreign military installations enabling easy access to your money. The Navy Federal also offers a special savings account with a return of 4.85%. This comes in addition to having competitively cheap vehicle loan rates.
When comparing the USAA vs Navy Federal based on account returns, the Navy Federal Credit Union could win out based on its 4.85% return. It offers some of the most complete financial services for private citizens and companies, including 100% VA financing and affordable loan interest rates.
This military credit union accepts most service members, contract workers, and extended family members. Additionally, your membership never expires, even if you leave the service or your circumstances change.
4. Security Service Federal Credit Union
The Security Service Power Checking account is unique in that there is no minimum balance requirement or monthly charge and no interest earned on the account. The minimum deposit into their savings account is $5, though.
In order to avoid a $3 monthly charge, you must also have a minimum balance of $100 in all Security Service accounts, lines of credit, share certificates, IRAs, and credit cards at the credit union.
Providing security Military personnel working overseas are eligible for special incentives from Federal Credit Union. You can access loans with low fixed APRs for financial support throughout the deployment. You also have access to a program that will lower insurance costs for keeping a car or arranging to send it abroad.
If you work for the Department of Defense or one or more of the military services at a base within Security Service Credit Union’s service region, or if a member of your family is already a member, you may apply for membership.
The Security Service Federal Credit Union stands out because it gives you high rates on some certificates and access to ATMs nationwide.
Security Service Credit Union provides members high rates on certificates and nationwide ATM access, although membership is mostly restricted to three states. Military personnel can call a unique customer support number for a more tailored service.
5. Air Force Federal Credit Union
The Air Force Credit Union has an extensive membership it support. For instance, anyone from retired military personnel to civilian employees of participating employers may join.
With the complex financial lives of military members, they must have access to reputable services. Banks must tailor those services to their specific needs. These banks and credit unions have shown they’re committed to helping our military navigate the world of finance.
It offers many typical services, and its members have access to debt management, tax preparation assistance, financial planning tools, and special offers from Sea World, Sprint, and General Motors.
6. Andrews Federal Credit Union
The Andrews Federal Credit Union is a Black-owned military credit institution primarily available on the East Coast but provides access to a network of shared branches and ATMs. It offers membership to several military branches and certain civilian and employer groups, similar to many other organizations on this list.
What makes this credit union genuinely unique is the resources it offers. The special services this credit union provides exclusively for military personnel serving overseas in more than 30 countries mean that deployed service members won’t need to open a new bank account just to pay bills and conduct transactions while overseas.
The most significant central national bank for military members is Chase. Customers receive fee-free wire transfers and are not charged foreign exchange costs on overseas ATMs or purchases on debit cards like Chime. Chase further shows its commitment to military members and veterans by waiving its accounts’ $25 monthly service charge.
Additionally, current and past service members can obtain a Chase Premier Plus Checking account, including Chase military banking advantages. There is no monthly service cost, minimum balance requirement, or costs on basic checks, money orders, or cashier’s checks.
Chase Bank earns great accolades for its military banking services and community outreach. While it is not a military banking institution, it does provide a military banking product for current and past service personnel.
Chase co-founded a community project known as Veteran Jobs Mission in 2011, which still runs well. This project aims to assist the military and veteran communities through a partnership of over 260 businesses that have pledged to hire one million veterans.
As part of this effort, Chase has employed over 10,000 veterans; because of its commitment to military personnel, whether active or retired, Chase has been ranked as one of the best banks to work for.
8. Arkansas Federal Credit Union
This financial organization provides one-of-a-kind products such as health savings accounts and a high-yield, liquid investing account with no minimum balance. Arkansas Union’s health savings account allows you to save money for eligible health-related expenses pre-tax. This is so that you can cover some of the medical costs that your insurance does not cover.
Additionally, since Arkansas Union anticipates that service personnel may relocate, its members are open to utilizing the services of stated institutions outside Arkansas. The Arkansas union’s “shared branch” feature conveniently allows members to perform transactions at other participating credit unions. This program benefits military members, especially those awaiting deployment.
Active military personnel, veterans, and their families have particular financial demands, which military banks know intimately and are better suited to service. Consequently, these military banks and credit unions provide goods and services that target those demands.
These banks provide low-interest loans and assistance in managing their finances; some offer free financial counseling services. If you are a service member or have relationships with one, you must select a military bank or credit union since they are more equipped to cater to you. You also get a chance to benefit from the many packages they offer.