U.S. military members and their families have unique financial needs because of how often they might have to move and travel to best serve the country. Because service members might not have easy access to a bank when traveling, they need to rely on a financial institution that can coordinate money transfers to family members with ease and provide attractive interest rates on savings accounts and CDs as they save for their family’s future. Fortunately, several credit unions and military banks provide a range of financial products, competitive rates, and extra perks for military members.
GOBankingRates conducted a study of banks and credit unions that cater to military members and their families. Each financial institution was rated based on the following criteria:
- Free checking account and free ATM reimbursement
- Range of products offered
- Savings account interest rates
- 12-month CD rates
Here are the best military banks and credit unions:
- Navy Federal Credit Union
- Randolph-Brooks Federal Credit Union
- Pentagon Federal Credit Union
- Air Force Federal Credit Union
- Andrews Federal Credit Union
- Security Service Federal Credit Union
- USAA Federal Savings Bank
- Langley Federal Credit Union
- Tyndall Federal Credit Union
- Fort Knox Federal Credit Union
|Credit Union||Free Checking Options||Credit Cards||Insurance||Mortgage Loans||Student Loans||Savings Account Interest||Learn More|
|Navy Federal Credit Union||Yes||Yes||Yes||Yes||Yes||0.25%||Learn More|
|Randolph-Brooks Federal Credit Union||Yes||Yes||Yes||Yes||Yes||0.25%||Learn More|
|Pentagon Federal Credit Union||No||Yes||Yes||Yes||No||0.05%||Learn More|
|Air Force Federal Credit Union||Yes||Yes||Yes||Yes||Yes||0.10%||Learn More|
|Andrews Federal Credit Union||Yes||Yes||Yes||Yes||No||0.31%||Learn More|
|Security Service Federal Credit Union||Yes||Yes||Yes||Yes||Yes||0.10%||Learn More|
|USAA Federal Savings Bank||Yes||Yes||Yes||Yes||Yes||0.05%||Learn More|
|Langley Federal Credit Union||Yes||Yes||Yes||Yes||Yes||0.05%||Learn More|
|Tyndall Federal Credit Union||Yes||Yes||No||Yes||No||0.05%||Learn More|
|Fort Knox Federal Credit Union||Yes||Yes||No||Yes||No||0.10%||Learn More|
The Best Military Banks and Credit Unions
To better understand each financial institution’s offers for military members and their families, check out the following details.
The Navy Federal Credit Union shows military members it values their service by placing a worldwide network of ATMs and credit union branches near military bases. This military credit union offers 24-hour online and mobile banking services and military members can open a savings account with a minimum $5 deposit. Those who open an Active Duty Checking account with direct deposit can get up to $20 in ATM fee rebates and free military checks.
Other perks include a 0.25% APR discount on select loans with direct deposit and 100-percent financing for mortgages. Spouses and family members are eligible to join.. .
Active military members, retired or military dependents and civil service or contract employees and military retirees in the state of Texas are eligible to join the Randolph-Brooks Federal Credit Union for their military banking needs. .
All of the accounts at this credit union earn money, including checking accounts with a 0.05% APY and savings accounts with a 0.25% APY.
military credit union provides a range of financial products that compete with some of the best banks, including Visa and American Express rewards cards, auto loans, checking accounts and IRA accounts. Members can take advantage of low rates on 15/15 adjustable-rate mortgages and fixed-rate mortgages. .This
The PenFed Access America Checking account offers a 0.5% APY for daily balances of $20,000 to $50,000 and a 0.2% APY for daily balances less than $20,000..
Military members of the Air Force Federal Credit Union enjoy the benefits of being a part of a credit union with thousands of branches around the world and 30,000 surcharge-free ATMs around the country. By maintaining a checking account with direct deposit and meeting other requirements, c. . Members start earning money as soon as they open their account.
Members can apply for an Air Force FCU Visa Platinum credit card, which lets them choose the types of rewards they want to earn. .
Military members who open a checking account with Andrews Federal Credit Union receive a Visa Check Card and enjoy no per-check fees.Members can also consolidate their IRAs to an IRA with the credit union when they are starting their civilian careers. The credit union offers a range of banking, insurance, and retirement planning products for all members, and can provide assistance to military members who are moving across the country, moving overseas or transitioning into a new life stage.
All members enjoy payday a day early with direct deposit and can take advantage of competitive APRs and a rewards program.. .
The credit union offers a range of online services, including electronic transfer payments, check scan deposit services and investments services — ideal for military families on the go. Members with a Langley credit card can earn CURewards and bonus points for shopping at the CURewards Mall. . Members can start the loan process for a car loan, mortgage, home equity loan, personal loan or even student loans online.
Tyndall Federal Credit Union has been serving members since 1956 and currently has more than 106,000 members..
Military members and retired military members can take advantage of several benefits on financial products, rewards programs, and rebates by joining a credit union that specifically supports them and their families. Credit unions can provide a more personalized experience than traditional banks and many cater to the unique needs of military families with online banking features, convenient ATM locations, and early direct deposits.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.