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The best banks and credit unions for military members and their families
We’ve provided an overview of our favorite banks and credit unions for military members and families here. Scroll down to read our breakdown of each institution’s pros and cons.
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, such as discounted loans or high interest rates on bank accounts.
Learn more about our top picks for 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.
Our expert panel for this guide
We consulted banking and financial planning experts — including Tania Brown, a veteran of the US Army — to inform these picks and provide their advice on finding the best bank accounts for your needs. You can read their insights at the bottom of this post.
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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.
USAA
APY
0.01% on balances of $1,000 or more
- Available to active military, veterans, and military families
- Physical offices in US (AZ, CO, FL, MD, NY, TX, VA); England (London); Germany (Frankfurt); Luxembourg (Luxembourg)
- 1,200 USAA ATMs; 60,000 USAA-preferred ATMs nationwide
- Earn 0.01% APY on balances of $1,000 or more
- FDIC insured
Pros
- Low $25 minimum opening deposit
- No monthly service fees
- Refunds up to $15 per month in out-of-network ATM fees
- Link to another USAA account for overdraft protection
- Receive direct deposit one day before payday
- USAA ATMs are free and accept deposits
Cons
- Only 10 free withdrawals from USAA-preferred ATMs per month, then $2 fee
- USAA-preferred ATMs don’t accept deposits
Who can join: Active military, veterans, and families of active military or veterans can bank with USAA.
Why it stands out: You can withdraw or make deposits at 1,200 USAA ATMs for free. There are also 60,000 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 $15 per month in fees charged by the ATM provider.
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.
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.
What to look out for: Limited physical locations. 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.
Navy Federal Credit Union
- Available to active military, retired military, or reservists
- Join Navy Federal Credit Union as an active military member, military veteran, Department of Defense employee/retiree, or family member of any of the aforementioned groups
- 247 branches worldwide, including on select military bases
- Over 500 Navy Federal ATMs and over 2 million free partner ATMs
- Interest compounded monthly, paid monthly
- Federally insured by the NCUA
Pros
- No minimum opening deposit
- Refunds up to $20 per month in out-of-network ATM fees
- Receive direct deposits one day before payday
- No monthly…
Read More: The best banks and credit unions for military members and families, Sep. 2020