If you’re a veteran, your service might qualify you for membership in a bank or credit union that offers military discounts or specializes in home loan services for veterans. It might also qualify you for free checking, free ATM use or preferred savings account interest rates.
Here are 10 of the best credit unions and banks for those who served. All 10 banks offer free checking and low- or no-fee ATM use. Check out the features and benefits designed specifically for military personnel and veterans. When looking for a new financial institution, make sure you get all the military perks and discounts available.
|10 Best Military Banks and Credit Unions of 2017|
|Financial Institution||Savings Account Interest Rate||1-Year CD Interest Rates||Products Offered|
|Andrews Federal Credit Union||0.31%||1.41%||Loans, credit cards, investments, insurance|
|Randolph-Brooks Federal Credit Union||0.25%||1.06%||Loans, credit cards, investments, insurance|
|Navy Federal Credit Union||0.25%||1.05%||Loans, credit cards, investments, insurance|
|Arkansas Federal Credit Union||unavailable||1.00%||Loans, credit cards, investments, insurance|
|Air Force Federal Credit Union||0.10%||0.90%||Loans, credit cards, insurance|
|USAA Federal Savings Bank||0.05%||0.71%||Loans, credit cards, investments, insurance|
|Langley Federal Credit Union||0.05%||0.65%||Loans, credit cards, investments, insurance|
|Tyndall Federal Credit Union||0.05%||0.65%||Loans, credit cards, investments|
|Fort Knox Federal Credit Union||0.10%||0.55%||Loans, credit cards, investments, insurance|
|First Citizens Bank & Trust Company||0.05%||0.10%||Loans, credit cards, investments, insurance|
Formed in 1948 by eight people who contributed $5 each, Andrews Federal Credit Union now serves more than 113,000 people and manages more than $1.1 billion in assets. Its products are compatible with several digital wallet formats, including Apple Pay, Android Pay, Samsung Pay and Visa Checkout.
Customers can take advantage of a recently redesigned mobile app that features mobile checking, an ATM locator and access to account information. The credit union also offers online or in-person financial education to members who are considering a major purchase like a car or those seeking financial health tips.
Randolph-Brooks Federal Credit Union offers members banking services as well as access to notary services, coin counters, safe deposit boxes and wire transfers. It also maintains a network of free ATMs for members.
Free financial education resources regarding credit, budgeting and saving — and materials specifically designed for millennials and for those purchasing cars and homes — are available for members. With the app, you can pay bills, make account transfers, access ATM and branch locators, review account information and deposit checks remotely.
Navy Federal Credit Union charges a $1 fee for all ATM transactions. It offers rebates of up to $10 per statement cycle, however, to e-Checking, Flagship Checking and Campus Checking account holders who use Visa/PLUS System ATMs. The rebate limit is $20 for Active Duty Checking members.
Navy Federal provides a wide range of financial education resources on topics including student loans, home sales, auto budgeting, and wedding and honeymoon savings. Its mobile app has a text-banking feature that enables users to receive information about their accounts via text.
Every Arkansas resident is eligible for membership in the Arkansas Federal Credit Union, a member-owned financial institution that invests in local communities. Its products include business and personal banking accounts and loans in addition to credit cards. The recently updated app includes remote deposit and text banking, features that were previously unavailable.
Air Force Federal Credit Union provides banking services to its 41,000 members — who are also owners — that include personal loans, mortgages and auto refinancing. AFFCU maintains a network of 30,000 ATMs members can use for free.
The general public and members can access the credit union’s financial calculators and educational articles on everything money-related. The free mobile apps work for Apple and Android products.
USAA offers a variety of specialty accounts, including products designed for kids and college students. You can use one of its 60,000 nationwide ATMs for free or get a refund of up to $15 in fees every month if you use machines outside the network.
Members can use the mobile app to deposit checks remotely or visit one of the network ATMs that accepts cash and check deposits. USAA doesn’t charge its members to conduct transfers, even to accounts at other banks.
Financial services at Langley Federal Credit Union include SBA loans, commercial loans and business credit cards. The mobile app enables you to pay bills, deposit checks, make loan payments and check your FICO score.
Personal banking products include reloadable debit cards, home equity loans, student loans, and VA loan and mortgages services. The nonprofit, member-owned organization offers a wide range of financial literacy resources, including a series of videos designed to help users understand their credit reports and scores. Members who enroll for multiple services might be eligible for the Langley Active Rewards program.
Mobile banking, mobile deposit, online banking, bill pay and direct deposit are available to members of Tyndall Federal Credit Union. Members and nonmembers can visit the education center to learn about managing finances and making major purchases.
Membership includes access to a nationwide network of ATMs and the GENIE24 telephone banking service, which is available 24/7. Financial products include home equity loans, auto loans, credit cards, and personal and mortgage loans.
Members are privy to a variety of online and mobile options, and they can make mobile deposits of up to $1,000 a day. Other benefits include Popmoney funds transfer service, mobile bill pay and account information searches.
If you use an out-of-network ATM, take your receipt into a branch or mail it in and get reimbursed. In addition to traditional banking services, this credit union offers investment services.
Mobile and tablet banking enables members to use Apple or Android devices to manage accounts, deposit checks, pay bills, make payments and transfer money. First Citizens has more than 500 branches and offers traditional banking products like checking account options, savings accounts, credit cards, financing for major purchases and home buying services.
Members can also access retirement planning services, college savings plans and individual retirement accounts. Auto insurance, auto loans and refinancing options round out the bank’s product offerings.
Up Next: The 29 Best Banks of 2017
Methodology: GOBankingRates.com identified the best military banks and credit unions by analyzing products offered, low-fee or free ATM use, free checking option, and savings account and one-year CD interest rates. All fees and rates are subject to change at the institutions’ discretion. And, some bonus offers may or may no longer be available on the credit card issuers’ websites, depending on how you access the web page.
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.