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A good military bank should make it easy for you to access your money, loans, and investments from wherever you are in the world. It should also provide special incentives for military members and families.
Best Banks and Credit Unions for Military Members
Service Credit Union - Product Name Only USAA - Product Name Only Navy Federal Credit Union - Product Name Only Pentagon Federal Credit Union - Product Name Only Security Service Federal Credit Union - Product Name Only Chase Bank - Product Name Only
Learn more about our top picks for the best banks and credit unions for military members and their families. Each one is federally insured to keep your money safe and has competitive perks for the military.
All of the financial institutions on our list are protected by FDIC or NCUA insurance. Although three banks have been shut down in 2023, bear in mind your money is safe at a federally insured financial institution. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account.
Compare the Best Military Banks and Credit Unions
The Best Military Banks and Credit Unions FAQs
Why choose a military bank over another type of bank?
If you've served in the military or have a family member who has served, then you might want a financial institution that is specifically set up for military members. This could mean either a military bank or credit union, or an institution that has special services for military members. For example, you could qualify for a VA mortgage, which doesn't require any down payment. Other banks may not offer VA loans.
What's the difference between a military bank and credit union?
A bank is a for-profit company. Almost anyone can keep money with a bank, as long as you have the necessary minimum opening deposits. A credit union is a not-for-profit financial institution owned by its members. You must become a member to bank with a credit union, and each business has its own rules about who can join.
Which is better, a military bank or credit union?
Banks often have stronger technology, but credit unions are known for good customer service. If you're searching for high interest rates on your savings accounts, your choice between a bank and credit union could be a little tricky. Credit unions typically pay higher rates, but they only compound your interest monthly. Meanwhile, banks usually compound interest daily.
Reviews on the Best Bank Accounts for Military Members
Service Credit Union - Product Name Only
Service Credit Union provides loans, bank accounts, mortgages, credit cards, business loans, insurance, and investment accounts.
With a
Service Credit Union has branches and ATMs in parts of the US and Europe. The credit union won't charge you for using an out-of-network ATM, but the ATM provider might. In this case, you can receive up to $15 or $30 per month in reimbursements for the Direct Deposit and Direct Deposit+ tier, respectively.
The
You can contact a customer service representative over the phone 24/7, or chat live online.
Service Credit Union's loan discounts do not apply to business loans, lines of credit, home loans, VISA loans, or certificate/share secured consumer loans. But you may be able to get a discount on personal loans, vehicle loans, or student loans.
Eligibility: You can join Service Credit Union as an active or veteran military member, or as a current or former Department of Defense employee. Citizens of New Hampshire or parts of Massachusetts are eligible. You can also join if you're a family member of someone who qualifies.
USAA - Product Name Only
USAA offers a wide range of products, including bank accounts, investment accounts, insurance, loans, and mortgages. You'll also receive your direct deposit one day before payday.
You can withdraw or make deposits at USAA ATMs for free. There are also 100,000 USAA-preferred ATMs around the US, and the first 10 monthly withdrawals are free. If you use an out-of-network ATM, USAA will reimburse up to $10 per month in fees charged by the ATM provider.
USAA could be a good military bank if you're comfortable banking digitally. Its mobile app has strong ratings, including 4.8 out of 5 stars in the Apple store with over 1 million reviews.
USAA only has offices in a few US states, England, Germany, and Luxembourg. It's really a better fit for people who want online and mobile access to their bank.
Who can join: Active military, veterans, and families of active military or veterans can bank with USAA.
Navy Federal Credit Union - Product Name Only
Navy Federal is a great choice if you want in-person branch access. There are over 354 branches around the world, including in North America, Europe, Africa, and Asia. Some of its branches are on select military bases.
You also have free access to 30,000 CO-OP ATMs in the US and Canada and 2 million Visa/PLUS ATMs worldwide. If you use an out-of-network ATM, Navy Federal will reimburse up to $20 per month in fees charged by ATM providers for
Along with bank accounts, Navy Federal provides loans, credit cards, mortgages, investment accounts, and insurance.
There are plenty of Visa/PLUS ATMs worldwide, but Navy Federal charges a $1 fee when you use one. Some in-network ATMs will charge a 1% international assessment fee.
Navy Federal does reimburse between $10 and $20 per month for ATM fees. These refunds apply to the $1 charge for Visa/PLUS ATMs, but not toward the 1% ISAs.
Who can join: Active military, veterans, employees or retirees of the Department of Defense, and family members of any of the aforementioned groups are eligible.
Navy Federal Credit Union Review
Pentagon Federal Credit Union - Product Name Only
PenFed could be a good fit if you want to earn high interest rates. You'll earn
PenFed has branches in 13 US states and DC, and on military bases in Guam, Puerto Rico, and Japan. You'll also have free access to around 85,000 ATMs.
PenFed offers credit cards, loans, mortgages, and investment accounts.
PenFed charges $1.50 when you use an out-of-network ATM, and unlike some of our other top picks, it doesn't reimburse any fees charged by out-of-network ATM providers. You'll also be charged up to 2% for using your debit card or credit card outside the US.
Who can join: You can be a member of the military, employee of an eligible association or business, employee of certain US government agencies, worker or volunteer at the American Red Cross, resident of certain areas, or family member of anyone who falls into one of these groups.
Otherwise, you can become a PenFed member by opening a savings account with
Pentagon Federal Credit Union Review
Security Service Federal Credit Union - Product Name Only
Security Service FCU has branches in Colorado, Texas, and Utah. It also participates in CO-OP shared branching. This means you can make deposits, withdrawals, or loan payments at 5,000 other credit unions throughout Louisiana, New Mexico, Oklahoma, and Texas, which is helpful if you don't live near a Security Service branch.
You have free access to Security Service ATMs and Stripes ATMs in areas with branch and shared branch locations. You can also use 30,000 CO-OP ATMs for free around the US.
Security Service FCU offers bank accounts, loans, credit cards, mortgages, investment accounts, business accounts, and insurance.
You may be eligible as a member of certain military branches at select bases. As a citizen, you can join if you live, work, study, worship, or have a business in Colorado, Texas, or Utah. Or you can join if you're a relative of a current Security Service member.
Security Service FCU charges $1.50 when you use an out-of-network ATM fee, and it doesn't refund any fees charged by out-of-network ATM providers. You'll also be charged a 1.10% fee for using your debit or credit card abroad.
Who can join: You may be eligible as a member of certain military branches at select bases. As a citizen, you can join if you live, work, study, worship, or have a business in Colorado, Texas, or Utah. Or you can join if you're a relative of a current Security Service member.
Security Service Federal Credit Union Review
Chase Bank - Product Name Only
Chase isn't a military bank, but it does have benefits for military members. When you open a
Active duty members and reservists for the Air Force, Army, Coast Guard, Marines, National Guard, and Navy receive additional benefits if you set up military direct deposits. Benefits include unlimited waived fees for out-of-network ATMs; free incoming and outgoing wire transfers; free foreign exchange rate adjustments when you use your debit card or an ATM with a currency other than US dollars.
Chase also has business accounts, mortgages, and auto loans for military members. The Survivor Program forgives debts of spouses and dependents of military members killed in action.
You can add a family member to your account, but military family members can't receive military benefits on their own accounts. For example, if you're an active military member with an 18-year-old child who wants to open a
Eligibility: You can receive Chase military benefits as an active, veteran, reserve, or National Guard military member.
Other Institutions That Didn't Make the Cut and Why
Air Force Federal Credit Union IRA Share Certificate : This is a solid credit union, but AFFCU doesn't reimburse out-of-network ATM fees charged by ATM providers, and you can find higher savings rates elsewhere.Armed Forces Bank Savings Account : This bank charges monthly service fees on checking and savings accounts, but you might like it if you qualify to waive the fees.Bank of America Advantage Relationship Account : This is another big bank with military offerings, but it doesn't have anything equivalent to Chase's Survivor Program.US Bank Standard Savings Account : Another good national bank with military services, but its benefits aren't as robust as what Chase offers.Wells Fargo Savings Account : Wells Fargo has a lot of resources for military members, but you still might prefer Chase if you're interested in the Survivor Program.Andrews Federal Credit Union Free Checking Account : This is a fine credit union, but nothing makes it stand out from our top picks.
Are These Banks and Credit Unions Trustworthy?
The Better Business Bureau grades companies by evaluating responses to customer complaints, advertising, and transparency about business practices. We've included the BBB grades for all of our top picks:
| Institution | BBB grade |
| USAA | NR |
| Navy Federal Credit Union | NR |
| Pentagon Federal Credit Union | A+ |
| Security Service Federal Credit Union | A |
| Service Credit Union | A+ |
| Chase | A+ |
Navy Federal Credit Union has an NR (No Rating) grade and USAA has an NR (No Rating) grade because both financial institutions are in the process of responding to previously closed complaints.
A strong BBB score doesn't guarantee you'll have a smooth experience with a company, though. You may want to ask friends and families for their opinions, or read online reviews. You could also consider any recent scandals.
A Navy Federal employee claimed the lender pressured mortgage underwriters to approve loans even if they didn't have sufficient reason to believe applicants could repay the loans. Then she filed a lawsuit and said Navy Federal retaliated against her whistleblowing by changing her job duties. She dropped the case in late 2020.
The Department of Justice required Chase to pay $920 million for wrongful trading in September 2020. In November 2020, the US Department of Labor also required Chase to pay $800,000 in back wages in a settlement that accused the bank of underpaying women.
If any of these issues worry you, you may prefer to go with another bank or credit union on our list.
Why You Should Trust Us: Experts' Advice on Choosing a Military Financial Institution
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best military banks for your needs.
Insider
- Tania Brown, certified financial planner at SaverLife
- Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider
- Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life"
- Mykail James, MBA, certified financial education instructor, BoujieBudgets.com
We're focusing on what will make a bank most useful for military families, including branch and ATM locations, savings rates, variety of military products, and more. Here is a summary of what our experts had to say.
What should someone look for in a military bank?
Military members often move frequently, so it's important to have a bank that is accessible. You can look for a bank with a large branch presence, strong online and mobile banking, and flexible customer service availability. Another feature that could be important is the ATM presence. Some banks have extensive ATM networks throughout the US or offer ATM fee reimbursements if you use an out-of-network ATM provider.
How can someone decide if a bank and a credit union is a better option for them?
Credit unions require memberships to open bank accounts, while banks do not. Each credit union will specify membership eligibility requirements before you join — you may have to live in a certain area or work at a participating employer, or you can't join.
Credit unions generally offer higher interest rates than banks and more personalized customer service. However, banks also offer a few distinct advantages over credit unions. For example, banks typically have more locations and products than credit unions, as well as strong online banking features.
What makes a savings account good or not good?
A good savings account is easy to manage and open. You'll also want to open a savings account that makes it easy to earn interest and doesn't restrict how much you can save. For example, if you can only deposit $10,000 in an account and want to deposit more than that, you might consider another option.
What makes a checking account good or not good?
A good checking account doesn't charge a monthly fee or offers multiple ways to waive the fee. It also has multiple ways to access your money. Free checks, online pay, Zelle, and ATM networks are examples of ways that you can access your money.
Methodology: How Did We Choose the Best Financial Institutions for Military Members and Their Families?
Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.
For our guide we looked at military banks, military credit unions, and financial institutions that aren't specifically for the military but have products geared toward military members. We chose banks and credit unions that had a wide range of ATMs, and preferably out-of-network ATM fee reimbursements, since military members travel frequently.
Our top picks also had to make it easy to access your money — either with a large branch network and branches near military bases, or with strong online services. We also selected ones that provided multiple products for military members, including bank accounts, loans, and mortgages.