You know how it is when you’re serving in the military circles: you’re scouring different parts of the globe, relocating on a whim, and your need for constant, reliable access to your finances is as certain as the sun. As a service member or a vet, you don’t just want a bank; you need a lifeline that transcends geographical boundaries.
The answer, my friend, is good ol’ military banking. With online banking channels and wide-reaching ATM networks, you can manage your assets in a jiffy, no matter where work takes you.
So, what makes a military bank a keeper?
The right one for you will have delightful extras like nude-to-none fees, convenient online banking features, and free-as-the-wind account transfers. The cherry on the cake are exclusive military benefits (think lower rates on loans and credit cards, and higher yields on savings accounts and CDs). Oh, and for all you veterans and family members feeling left out, these benefits are open for you too. Isn’t that splendid?
Need some guidance? Our Top Picks for Best Military Banks of 2021
- Navy Federal Credit Union – The King of the Hill
- PenFed Credit Union – Your Answer to High-Yield Accounts
- Security Service Credit Union – Got the Best Deployment Benefits on Tap
- Chase – The Best National Bank with a Heart
- US Bank – Where Exclusive Military Perks Meet Maximizing Returns
BEST BANKS FOR MILITARY MEMBERS: DECLASSIFIED INFO
Navy Federal Credit Union – Top of the Class, All Around
Let’s dive straight into it – starting with Navy Federal Credit Union. These guys are the real deal with their irresistible rates, zero-fee checking, impressive global ATM reach, and a sweet deal on external ATM fees. Heck, they leave others in the dust and come up as the class favorite for military banking.
Just look at these advantages:
- Interest rates that are higher than most on CDs, savings, and checking accounts
- No minimum requirements to open an account
- Early pay access with direct deposit
- Very low fees for the use of non-Navy Federal ATMs
- Discounts aplenty at partner businesses and service providers
No institution is perfect, though, right? Let’s roll down to the possible drawbacks:
- Some institutions offer higher rates
- Brick-and-mortar branches are typically limited to military bases
Navy Federal sure makes it easy to jump on board with Free Active Duty Checking and Basic Savings accounts. Why? They’re tailored for military banking needs, considering their low balance requirements and competitive yields.
The checking account demands no initial deposit or monthly maintenance fee, and supplies you with free personalized checks. Nice, huh? The savings account needs just five smackers to get started and pays 0.25% APY. You’re hard-pressed to find a better offer, folks.
Still not convinced? Navy Federal members enjoy a worldwide ATM network made up of over 1.7 million ATMs, with free usage at more than 30,000 nationwide. If you end up with an out-of-network ATM, the fee is just a buck, and they will reimburse up to $20 per billing cycle for non-Navy Federal ATM fees. That’s $240 coming back into your pocket each year.
Then there’s the cherry on top: 0.25% discount on select loans, up to 20% off Hertz rentals, monster rebates ($400–$8,000) on RealtyPlus home transactions, and a host of exclusive discounts on insurance and cars. Not too shabby, right?
Membership covers active service members, retired military personnel, their families, veterans, Guard members, and civilian Department of Defense employees. Do I have to mention the 340 branches worldwide, most of which are on or near military installations?
PenFed Credit Union – The High-Yield Hotshot
PenFed is your go-to for higher-than-average interest rates. If you’re after strong returns, then these folks have your back.
Check out the advantages:
- High-interest checking and savings accounts
- Exclusive discounts on various products and services (like car rentals or home insurance)
- In the business of having over 85,000 ATMs
Now, for potential snags:
- Some savings accounts lack ATM access
- Monthly maintenance fee applies to checking
PenFed, originally tailored for military personnel, is now open to anyone who opens a savings account with just a $5 deposit. But don’t worry, all of you in uniform, PenFed hasn’t forgetten you – they’ve preserved all the special rates and benefits just for you.
How’s a 0.50% APY on the Premium Online Savings account sound? If you dislike maintaining balance, don’t fret. There’s no monthly fee; however, you won’t get ATM access. For that, you need a Regular Savings or Money Market Savings account, though at a slightly lower yield.
The Access America Checking offers 0.15% APY for balances under $20,000 and 0.35% for balances up to $50,000. With a $25 minimum opening deposit, you can also enjoy surcharge-free access to more than 85,000 ATMs.
Membership comes with privileges, including car rental discounts with Alamo and National, savings on home and auto insurance, and up to $4,000 off on new vehicle purchases through PenFed’s auto buying service. PenFed packs a punch, doesn’t it?
Security Service Federal Credit Union – The Deployment Benefit Specialist
This one is all about pampering the military personnel in the field. Security Service Federal Credit Union offers unique access to deployment loans and expedited benefits.
The advantages:
- Deployment loan options
- Receipt of Leave and Earnings Statement (LES) pay up to three days sooner
- An interest-earning checking account
Potential snags:
- Physical branches only exist in Texas, Colorado, and Utah
- Yields on savings accounts are a bit low
Now, who gets to join the party at Security Service Federal Credit Union, you may ask? If you’re a member of select military branches/units, a veteran, a Department of Defense employee at certain bases, related to a member, or residing in eligible areas in Texas, Colorado, or Utah, then you’re in.
And what’s in it for you? Well, a lot. If you’re activated for duty and need extra bucks, SSFCU offers $500 or $2,500 deployment loans at a fixed 3.99% APR. Automatic deductions from your account ensure you never miss a repayment.
You can get your military pay up to three days early via direct deposit. If you’re storing a vehicle during deployment, you might be eligible for reduced car insurance. Alternately, SSFCU can help transfer your car to your new station.
The Power Protected Checking account offers 0.05% APY for balances under $10,000, with the rate growing as your balance does. But, the Basic Savings account only provides 0.05%, so keep your eyes peeled for better returns elsewhere.
Chase – The National Bank with Kindness
Chase is the best fit for you if you’re seeking the comfort and convenience of a national branch network. It also generously waives numerous fees for service members and veterans.
Rewards first:
- No monthly maintenance fee
- No Chase fees for transactions at non-network ATMs
- Zero foreign transaction charges
- Free counter checks, money orders, and cashier’s checks
A potential hiccup:
- Direct deposit of base military pay is required for some perks
Service members and veterans can open the Chase Premier Plus Checking account and enjoy the services of over 4,700 branches and 16,000 ATMs across the United States. Military customers reap benefits from a waived $25 monthly service charge. Plus, the first four non-Chase ATM transactions per week are on the house.
You also get complimentary counter checks, money orders, cashier’s checks, in addition to waived rent fees for safe deposit boxes up to 3”x5”. For larger boxes, you get a 20% discount on annual rent. Pretty darn neat, right?
Active duty and reserve members arranging for direct deposit of their base pay with Chase can enjoy more perks. These include no fees for out-of-network ATMs, no foreign currency conversion fees, and free domestic/international wire transfers. However, these perks lapse if no deposit arrives within a 180-day period. Keeping that account filled up, folks!
US Bank – The One with Loads of Military-Exclusive Perks
US Bank is the muscle car you’ve been saving up for, packed to the brim with exclusive military advantages. Expect things like free banking for service members, bonuses like reduced mortgage closing costs, enhanced credit card rewards, and waived stock trading commissions.
Advantages:
- Discounted rates on new mortgage loans
- Credit bonuses for new accounts
- Up to 100 free stock trades every year
Drawbacks:
- Physical branches are limited to 27 states
- Account is not exclusively for the military
The Platinum Checking Package, though open to all, gives military members the perk of skipping the standard $24.95 monthly maintenance fee. Relatives who open an Easy Checking account also enjoy fee waivers, plus extra benefits like free overdraft transfers and non-chargeable paper statements.
If you’re new to Altitude Go cards, spend $1,000 in the first 90 days and you’ll receive up to 20,000 bonus points (redeemable for $200 in rewards or cashback). The card also gets you double points on groceries and quadruple points at restaurants and delivery services.
Homebuyers can benefit from up to $1,000 in closing cost credits on new mortgages. If you’re thinking of investing, open a brokerage account through US Bancorp, and you’ll receive up to 100 commission-free trades every year. How about that for a kicker?
This is how we rolled
To sort out the gems, we scoured 25 of the largest retail banks, the top 15 online banks, and the 10 most significant credit unions by asset size. We seriously dug into account qualifications, rates, fees, and service options (shoutout to Curinos for the extensive data).
We focused on banks offering accounts with military-friendly features that came with checking and savings accounts having low or easily avoided monthly charges, fee-free ATM access, and high APYs. For accounts advertised as free, we assumed that our members would be fine with electronic statements to avoid fees, because who wants paper clutter anyway, right?
All the rates mentioned are current as of October 25, 2021, provided for you in your best interest.
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Hope this round-up helps you locate the right military bank account to suit your needs. Remember, the right bank doesn’t just hold your money, it should almost feel like it’s doing push-ups with you. Now, soldier on!