People in the military have different banking needs, so they need to find a bank or credit union that understands and caters to those needs. Some banks specifically focus on serving military members. They might have branches close to military bases, provide special loans through the Department of Veterans Affairs (VA), and even waive monthly fees for service members. These banks also often have teams of people dedicated to helping both current and retired military members. Many of them also get involved in charity work and community service for the military.
Different banks and credit unions offer different things for military members. Credit unions usually have a strong history of serving the military, but some banks also have connections to the military and offer products and services designed for both current and retired members. Here are some top options to consider.
Also Read: Is It Possible To Pay Taxes With Personal Loans?
Also Read: Understanding Pay Day Loan and Installment Loans
Best Banks and Credit Unions For Military Members
Best for easy access: Navy Federal Credit Union
Navy Federal Credit Union started during the tough times of the Great Recession when seven Navy Department employees came together. Now, it has more than 12 million members. To join, you or a family member just need to have some connection to the armed forces, Department of Defense, or National Guard.
Because it has a military background, Navy Federal understands what military folks need from their bank. They offer things like special loans and services for veterans, money advice for new military members, direct deposit for active military pay, and a free checking account for both current and former military members.
Having branches in convenient locations is crucial for military members, especially because they might not have much time off or could be moving around a lot, even to other countries. Navy Federal is awesome in this area: it has 166 branches on or near military bases and even 26 in other countries. And if you get their free checking account, they’ll cover up to $240 in ATM fees every year.
Best for friendly service: USAA
USAA Federal Savings Bank is a good choice if you’re in the military, retired, or part of a military family. It started back in 1922 when 25 Army officers wanted to make sure their cars were insured. Now, it does more than just insurance – it also offers accounts to put your money in, ways to invest, and loans.
For military folks, USAA has some cool benefits. You can get your military pay a day earlier, earn extra cashback on stuff you buy on base, and even get up to $10 back in ATM fees each month. Plus, they don’t charge any monthly fees on your accounts.
USAA is all about giving you personal attention. They have a team of people ready to help you before, during, and after you’re deployed. If you have an account with them, you also get discounts on things like hotels and theme parks. And on their website, they’ve got advice columns with tips just for military folks, covering things like how to plan for deployment or what to do if you’re having a baby while on active duty.
Great for saving: Pentagon Federal Credit Union
Pentagon Federal Credit Union (PenFed) is one of the big credit unions in the country. It started mainly for military people, but now anyone can join. Still, they focus on helping out military folks. They have programs to help businesses owned by veterans and to assist military members with finding jobs.
At PenFed, you can do all your banking stuff like checking your money, saving it, and borrowing it. But what’s cool is their online savings account. They give you a really good interest rate, better than what most other places offer. And there’s no monthly fee, plus you only need $5 to get started. If you’re willing to keep your money in their money market certificates, they’ll give you even better rates as a bonus.
Best for help during deployment: Security Service Federal Credit Union
Security Service Federal Credit Union (SSFCU) started back in 1950 to support members and families of the U.S. Air Force Security Service Command. Now, anyone in Texas, Colorado, or Utah can join, and military folks from specific bases in their areas can too.
If you’re in the military, SSFCU has some special perks for you. They offer deployment loans, which can be up to $500 for emergency stuff or up to $2,500 for other things related to deployment. No need for a credit check if you’re going for the $500 option.
They also give military members discounted vehicle insurance, let you get your military pay a bit early, and have a special phone line just for military questions. They’ve got branches in San Antonio, Texas, but the cool thing is they’re part of a big network, so you can do your banking at lots of different places all over the country. And you can use ATMs for free at a bunch of places, including convenience stores.
Great perks for banking: U.S. Bank
U.S. Bank is one of the big banks in the country, with lots of branches in the West and Midwest. They’re also into online banking, offering cool stuff like paying bills online, depositing checks with your phone, using Zelle, and adding your cards to digital wallets.
If you’re in the military, U.S. Bank has some good things for you. They can help with VA home loans and throw in some extra goodies for your accounts. For example, no monthly fees for their Bank Smartly Checking account and they’ll cover four ATM transactions each month. They also skip the fees for Standard Savings and Elite Money Market accounts, give your savings a 10 percent boost, and waive the annual fee for your IRA.
And to top it off, they’ve got a special place called the Military Service Center just for military folks to help with anything money-related.
Great for small business owners: Huntington Bank
Huntington Bank has branches in many states like Ohio, Colorado, and Florida, and you can bank with them online too. They give you a free personal checking account, and if you accidentally spend too much money, they’ll give you a whole day to fix it without charging you a fee.
For military folks, Huntington Bank can help you buy a home with VA loans that don’t cost much to close or sometimes don’t even need an appraisal fee for other types of loans. They’re also really good at helping out small business owners, especially if you’re in the military or a veteran. They’ve got special money stuff to help you out.
If you’re running a small business, Huntington Bank has three different checking accounts for you to pick from. One of them is made just for small businesses, and they won’t charge you a monthly fee. You can do up to 100 transactions for free every month, and they’ll even let you try out a tool to keep your money safe for 120 days.
Conclusion
It’s really important to find a bank that’s right for you. Some banks are great if you’re in the military and need stuff like deployment loans, while others are better if you’re a veteran and have your own business.
If you’re thinking about changing banks, make sure you look at things like how much they charge for stuff and how much interest they give you. It might even be a good idea to have accounts at a few different banks to get all the benefits but watch out for any extra fees.