6 Top Banks for Military Members and Their Families, Aug 2023

6 Top Banks for Military Members and Their Families, Aug 2023

The Best Banks and Credit Unions for Military Members

Our experts at Personal Finance Insider have compiled a list of the best banks and credit unions for military members. These institutions not only provide easy access to money, loans, and investments worldwide, but also offer special benefits such as discounted loans and fees, as well as high interest rates for checking and savings accounts.

Top Picks for Military Banks and Credit Unions

• USAA Classic Checking
• Navy Federal Free Active Duty Checking™ Account
• Pentagon Federal Credit Union Premium Online Savings Account
• Security Service Power Checking Account
• Service Everyday Checking Account
• Chase Premier Plus Checking℠ with Chase Military Banking benefits

These financial institutions are all federally insured, ensuring the safety of your money. The Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) protect deposits up to $250,000 per depositor.

How to Choose the Right Military Bank

To understand what to look for in a military bank, we spoke with banking and financial planning experts who provided their insights and advice. Tania Brown, a certified financial planner, emphasized the importance of accessibility, long hours of service, and ATM networks or fee reimbursements to ensure convenient and cost-effective banking, regardless of your location. Sophia Acevedo, a banking reporter and certified educator in personal finance, highlighted the key differences between banks and credit unions, such as membership requirements and the need to open a savings account.

Brown categorized the factors to consider when choosing between banks and credit unions into five categories: location, interest rates, services, technology, and relationships. Based on your priorities in these areas, you can determine whether a bank or credit union is the better option for you.

What Makes a Good Savings Account?

According to Roger Ma, a certified financial planner, a good savings account should strike a balance between accessibility and security. While online savings accounts may not provide the same level of instant access as physical branches, they should still allow you to access your funds without excessive friction. Mykail James, an MBA and certified financial education instructor, added that a good savings account should not place restrictions on how much you can save, as the purpose of a savings account is to facilitate expansion and growth.

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Key Considerations for a Checking Account

When evaluating checking accounts, Ma suggests looking at the availability of ATM branches, minimum balance requirements to avoid monthly fees, and additional features like free checks, online bill pay, and participation in payment platforms like Zelle. Acevedo added that a good checking account should have no monthly service fees or offer multiple ways to waive the fees. Additionally, customer support availability and mobile app ratings are important factors to consider.

Methodology for Choosing the Best Financial Institutions

At Personal Finance Insider, we prioritize helping our readers make informed decisions with their money. To select the best financial institutions for military members, we thoroughly compared features, benefits, and fine print across multiple products. Our top picks had to have a wide range of ATMs, with preference given to those that offered out-of-network ATM fee reimbursements. We also considered ease of accessing funds through branch networks or strong online services. Additionally, we selected institutions that provided a comprehensive range of products and services tailored to meet the needs of military members, including bank accounts, loans, and mortgages.

Frequently Asked Questions about Military Banks and Credit Unions

USAA Classic Checking

• Who can join: Active military, veterans, and families of active military or veterans
• Why it stands out: Free withdrawals and deposits at USAA ATMs, access to 100,000 preferred ATMs, and strong online and mobile banking capabilities

Navy Federal Free Active Duty Checking™ Account

• Who can join: Active military, veterans, Department of Defense employees, and their families
• Why it stands out: Extensive branch network, global ATM access, and fee reimbursements

Pentagon Federal Credit Union Access America Checking Account

• Who can join: Military members, certain employees, residents of specific areas, or family members of eligible individuals
• Why it stands out: High interest rates, branches in multiple states, and access to 68,000 ATMs

Security Service Power Checking Account

• Who can join: Military members and citizens residing in specific regions
• Why it stands out: Shared branching for easy deposits and withdrawals, access to 30,000 CO-OP ATMs, and personalized customer service

Service Everyday Checking Account

• Eligibility: Military members, Department of Defense employees, and residents of certain areas
• Why it stands out: Loan discounts, strong customer service, and easy access to ATMs through partnerships

Chase Premier Plus Checking℠

• Eligibility: Active, veteran, reserve, or National Guard military members
• Why it stands out: Waived fees, free out-of-network ATM usage, and additional benefits for military members

Other Considerations and Institutions

While the above-mentioned institutions are our top picks, there are other options worth considering. Air Force Federal Credit Union, Armed Forces Bank, Bank of America, US Bank, Wells Fargo, and Andrews Federal Credit Union provide military services but did not make our cut for various reasons. We recommend conducting further research and considering factors such as ATM access, fees, and additional benefits before making a final decision.

Trustworthiness of Banks and Credit Unions

It’s important to evaluate the trustworthiness of financial institutions before choosing one. While Better Business Bureau (BBB) ratings can provide some insights, they are not definitive indicators of a smooth experience. Navy Federal Credit Union and USAA currently have pending updates to their BBB profiles. It’s advisable to seek opinions from friends and family, read online reviews, and consider any recent scandals or controversies before making a decision.

In conclusion, finding the right bank or credit union for military members involves considering factors such as accessibility, interest rates, services, technology, and relationships. Our top picks offer a range of benefits tailored to the needs of military members, ensuring easy access to funds and competitive perks. However, it’s important to thoroughly research and evaluate options based on personal preferences and priorities before making a final choice.

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