Updated
2023-06-29T22:26:31Z
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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.
The Best Banks and Credit Unions for Military Members
USAA Classic CheckingNavy Federal Free Active Duty Checking™ AccountPentagon Federal Credit Union Premium Online Savings AccountSecurity Service Power Checking AccountService Everyday Checking AccountChase Premier Plus Checking℠ with Chase Military Banking benefits
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 First Republic Bank was recently shut down, 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
USAA Classic Checking
4.25/5
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Annual Percentage Yield (APY)
0.01% on balances of $1,000 or more
Minimum Deposit Amount
$25
USAA Classic Checking
4.25/5
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Annual Percentage Yield (APY)
0.01% on balances of $1,000 or more
Minimum Deposit Amount
$25
USAA Classic Checking
Details
Annual Percentage Yield (APY)
0.01% on balances of $1,000 or more
Minimum Deposit Amount
$25
Pros & Cons
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Reimburses up to $10 in out-of-network ATM fees
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No overdraft fees
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Free overdraft protection is available
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Early direct deposit
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Access to 1,200 free USAA ATMs
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Access 60,000 USAA-preferred ATMs nationwide (Allpoint, MoneyPass, and PNC Bank ATMs)
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$2 transaction fee on USAA-preferred ATMs if you exceed the limit (10 free withdrawals per month)
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Available to active military, veterans, and military families
Financial centers in Colorado, Maryland, New York, and Texas.
1,200 USAA ATMs; 100,000 USAA-preferred ATMs nationwide
Interest compounded and deposited monthly
Earn $100 bonus when you open your first USAA Classic Checking account and receive a qualifying military pay direct deposit of $100 or more within the first 180 days from account opening (offer ends 10/10/23, limitations apply)
FDIC insured
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Navy Federal Free Active Duty Checking™ Account
4.5/5
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Annual Percentage Yield (APY)
0.05%
Minimum Deposit Amount
$0
Navy Federal Free Active Duty Checking™ Account
4.5/5
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Annual Percentage Yield (APY)
0.05%
Minimum Deposit Amount
$0
Navy Federal Free Active Duty Checking™ Account
Details
Annual Percentage Yield (APY)
0.05%
Minimum Deposit Amount
$0
Pros & Cons
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No minimum opening deposit
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Refunds up to $20 per month in out-of-network ATM fees
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Receive direct deposits one day before payday
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No monthly service fee if you set up military direct deposits
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Free personalized checks
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3 overdraft protection options: savings transfer, line of credit, or optional overdraft protection service
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Interest compounded monthly, not daily
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Free Active Duty Checking is only for active military, retired military, or reservists
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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
355 branches worldwide, including on select military bases
30,000 free ATMs
Interest compounded monthly, paid monthly
Federally insured by the NCUA
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Pentagon Federal Credit Union Premium Online Savings Account
4.25/5
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Annual Percentage Yield (APY)
3.00%
Minimum Deposit Amount
$5
Fees
no monthly service fee
Pentagon Federal Credit Union Premium Online Savings Account
4.25/5
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Annual Percentage Yield (APY)
3.00%
Minimum Deposit Amount
$5
Fees
no monthly service fee
Pentagon Federal Credit Union Premium Online Savings Account
Details
Fees
no monthly service fee
Annual Percentage Yield (APY)
3.00%
Minimum Deposit Amount
$5
Pros & Cons
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Competitive APY
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$5 opening deposit
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No monthly service fee
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Compounds interest monthly, not daily
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You may find a slightly higher rate elsewhere
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Many ways to join PenFed, the easiest being to open a savings account with $5
Branches in US and on military bases in Guam, Puerto Rico, and Japan
Interest compounded monthly, paid monthly
Federally insured by the NCUA
Additional Reading
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Security Service Power Checking Account
4.25/5
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Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Security Service Power Checking Account
4.25/5
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Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Security Service Power Checking Account
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Pros & Cons
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No monthly service fees
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No minimum opening deposit
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Overdraft protection available as a transfer from savings or as a line of credit
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$1.50 out-of-network ATM fee
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Doesn’t reimburse fees charged by out-of-network ATM providers
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$2 overdraft transfer fee when you exceed 3 transfers per month
Highlights
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Join Security Service FCU if you are a member of select military branches at certain military bases; are an employee of the Department of Defense; live, work, worship, study, volunteer, or have a business in CO, TX, or UT; are related to someone who is already a Security Service FCU member
67 branches in CO, TX, and UT; 5,000 shared branches in the CO-OP network
Over 30,000 free ATMs in the Security Service FCU, CO-OP, and Stripes networks
Federally insured by the NCUA
Service Everyday Checking Account
4.5/5
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Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Service Everyday Checking Account
4.5/5
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Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Service Credit Union, Member NCUA
Service Everyday Checking Account
Service Credit Union, Member NCUA
Details
Annual Percentage Yield (APY)
None
Minimum Deposit Amount
$0
Pros & Cons
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No minimum opening deposit
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No monthly service fees
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No out-of-network ATM fee
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Earn up to $30 per month in out-of-network ATM refunds, depending on tier level
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Earn up to 0.75% discount on certain loans, depending on tier level
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Get paid up to 2 days early
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Transfer funds from savings for overdraft protection
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No ATM fee refunds or loan discounts for Basic tier
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Limited fee refunds and loan discounts for Direct Deposit tier
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$5 overdraft transfer fee (no fee for Direct Deposit + tier)
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Join Service Credit Union as an active or veteran military member, former or current employee of the Department of Defense, employee of a Select Employer Group, or member of the American Consumer Council
Branches and ATMs in the US and Europe
Three Everyday Checking tiers: Basic, Direct Deposit, and Direct Deposit +
Basic doesn’t reimburse out-of-network ATM fees or offer loan discounts; Direct Deposit reimburses up to $15 per month in out-of-network ATM fees and offers 0.50% discounts on certain loans; Direct Deposit + reimburses up to $30 per month in out-of-network ATM fees and offers 0.75% on certain loans
Qualify for Direct Deposit tier by setting up direct deposits (minimum $500 in direct deposits each month to qualify for perks); qualify for Direct Deposit + by setting up DFAS direct deposits, OR by setting up direct deposits and making at least 5 payments per month
Federally insured by the NCUA
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Chase Premier Plus Checking℠
4/5
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Annual Percentage Yield (APY)
0.01% effective as of 7/1/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
Fees
$25 monthly service fee
Chase Premier Plus Checking℠
4/5
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Annual Percentage Yield (APY)
0.01% effective as of 7/1/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
Fees
$25 monthly service fee
Chase Premier Plus Checking℠
Details
Fees
$25 monthly service fee
Annual Percentage Yield (APY)
0.01% effective as of 7/1/2022. Interest rates are variable and subject to change
Minimum Deposit Amount
$0
Pros & Cons
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No required opening deposit
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Over 4,700 branches
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Four waived out-of-network fees per month
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Free Chase design checks, cashier’s checks, and money orders
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Waive monthly fees on 2 other Chase checking accounts when linked to this account, and to Chase savings accounts excluding Chase Private Client Savings
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Possible to waive monthly service fee
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Enroll in free overdraft protection that moves money from savings to checking
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Chase Overdraft Assist lets you overdraw by up to $50 without paying a fee
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$25 monthly fee unless you qualify to waive it
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$3 fee for out-of-network ATMs
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$34 overdraft and non-sufficient funds fees
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Doesn’t refund any fees charged by out-of-network ATMs
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The $25 monthly service fee is waived when you have an average beginning day balance of $15,000 or more in any combination of this account and linked qualifying deposits or investments OR have a linked qualifying Chase first mortgage enrolled in automatic payments from your Chase account OR for current servicemembers and veterans of the U.S. Armed Forces with a qualifying military ID
No Chase fee on first four non-Chase ATM transactions per statement period
Earn interest on your checking account balance
Access to 15,000 Chase ATMs and over 4,700 branches
Open your account online now
Available online nationwide except in Alaska, Hawaii, and Puerto Rico. For branch locations, visit locator.chase.com.
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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
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’s what they had to say about choosing a place to bank. (Some text may be lightly edited for clarity.)
What should someone look for in a military bank?
Tania Brown, certified financial planner at SaverLife:
“In the military, you have no idea where you will be living every few years, so it’s important to have a bank that can travel with you. First is accessibility — you have to have easy access to services, either through multiple locations or technology. You should easily be able to handle every transaction by phone or by computer.
“Second, the hours should be long enough for you to reach them if needed, no matter where you are in the world.
“Third, either an ATM network of banks or ATM fee reimbursements so you are not continuously charged every time you take out cash.”
How can someone decide if a bank and a credit union is a better option for them?
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
“One of the biggest differences between the two is that credit unions require memberships to open bank accounts. Some credit unions will specify that you have to live in a certain area or work at a participating employer — otherwise, you can’t join. Also, another thing to note is that credit union members usually have to open a savings account. That may impact your decision on which institution may be the better option.”
Tania Brown, CFP:
“For most people, it falls into five categories: location, interest rates, services, technology, and relationships. Next, prioritize what’s important and you will have your answer. For instance:
If multiple regional and national locations are important: Banks typically have more locations than credit unions.If the most important thing to you is a high interest rate: Credit unions, on average, offer better interest rates than banks.If a lot of services (commercial banking, business banking, investment services, etc.) are valuable to you: Larger banks offers more services than most credit unions. If feeling like a person, not a number, matters to you: Credit unions are known for great personalized customer service.If you are a tech junkie: Larger banks typically offer more tech bells and whistles for online users than credit unions.”
What makes a savings account good or not good?
Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”:
“It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don’t want to have so much friction where it’s such a pain to get the money out when you need it.”
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
“Anything that restricts how much you can save is, to me, not very good. If I can’t save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that’s not a really good savings account, because it’s not really prepared to help me expand and grow, which is what a savings account is supposed to do.”
What makes a checking account good or not good?
Roger Ma, CFP:
“I would look at the ATM branch locations and then minimum balance amounts to not incur a monthly fee … I think there’s other stuff that could make life easier, whether it’s a free checks, online bill pay, or are they in the Zelle network?”
Sophia Acevedo, CEPF:
“I would for a checking account that either doesn’t have any monthly services fees or offers multiple ways to waive the fee. I would also look at customer support availability and mobile app ratings.”
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.
See our full ratings methodology for checking, business checking, savings, and money market accounts »
The Best Military Banks and Credit Unions Frequently Asked Questions
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.
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.
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.
Compare the Best Military Banks and Credit Unions
USAA Classic Checking
Navy Federal Free Active Duty Checking™ Account
Pentagon Federal Credit Union Premium Online Savings Account
Security Service Power Checking Account
Service Everyday Checking Account
Chase Premier Plus Checking℠
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Editor’s Rating
4.25/5
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0.01% on balances of $1,000 or more
Editor’s Rating
4.5/5
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Editor’s Rating
4.25/5
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Editor’s Rating
4.25/5
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Editor’s Rating
4.5/5
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Editor’s Rating
4/5
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0.01% effective as of 7/1/2022. Interest rates are variable and subject to change
USAA Classic Checking
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 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 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: 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.
USAA Bank Review
Navy Federal Free Active Duty Checking™ Account
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.
Why it stands out: Navy Federal is a great choice if you want in-person branch access. There are over 355 branches around the world, including in North America, Europe, Africa, and Asia. Some of its branches are on select military bases.
There are over 500 Navy Federal ATMs. You also have free access to 30,000 CO-OP ATMs in the US and Canada and to 1,100 CashPoint ATMs in North Carolina, and access to 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 Navy Federal Free Active Duty Checking, and $10 per month for other checking accounts.
Along with bank accounts, Navy Federal provides loans, credit cards, mortgages, investment accounts, and insurance.
What to look out for: 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.
Navy Federal Credit Union Review
Pentagon Federal Credit Union Access America Checking Account
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 $5.
Why it stands out: PenFed could be a good fit if you want to earn high interest rates. You’ll earn 3.00% APY on PenFed Premium Online Savings and 0.15% to 0.35% APY on PenFed Access America Checking.
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 68,000 ATMs.
PenFed offers credit cards, loans, mortgages, and investment accounts.
What to look out for: 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.
Pentagon Federal Credit Union Review
Security Service Power Checking Account
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.
Why it stands out: 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.
What to look out for: 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.
Security Service Federal Credit Union Review
Service Everyday Checking Account
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.
Why it stands out: With a Service Everyday Checking Account, you can receive discounts on certain loans. You’ll receive a 0.50% discount if you qualify for the Direct Deposit tier, and a 0.75% discount with the Direct Deposit+ tier.
Service Credit Union provides loans, bank accounts, mortgages, credit cards, business loans, insurance, and investment accounts.
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 Primary Savings Account pays a solid APY on your first $500. The rate drops on balances over $500, but it’s still higher than what many banks pay.
You can contact a customer service representative over the phone 24/7, or chat live online.
What to look out for: 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.
Service Credit Union Review
Chase Premier Plus Checking℠
Eligibility: You can receive Chase military benefits as an active, veteran, reserve, or National Guard military member.
Why it stands out: Chase isn’t a military bank, but it does have benefits for military members. When you open a Chase Premier Plus Checking℠ account, Chase waives the $25 monthly service fee; lets you use out-of-network ATMs for free four times per month; gives you free counter checks, cashier’s checks, and money orders; waives the monthly fee for up to two additional checking accounts and a savings account.
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.
What to look out for: 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 Chase Premier Plus Checking℠ account, then the child would still have to pay the monthly fee.
Chase Bank Review
Other Institutions That Didn’t Make the Cut and Why
Air Force Federal Credit Union: 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: 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: This is another big bank with military offerings, but it doesn’t have anything equivalent to Chase’s Survivor Program.US Bank: Another good national bank with military services, but its benefits aren’t as robust as what Chase offers.Wells Fargo: 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: 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:
Navy Federal Credit Union has an NR rating because it’s profile is being updated. USAA has an NR(“No Rating”) grade because it is 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 2020. If any of these issues worry you, you may prefer to go with another bank or credit union on our list.
Laura Grace Tarpley, CEPF
Personal Finance Reviews Editor
Laura Grace Tarpley (she/her) is a personal finance reviews senior editor at Insider. She oversees coverage about mortgage rates, refinance rates, lenders, bank accounts, investing, retirement , and borrowing and savings tips for Personal Finance Insider. She was a writer and editor for Insider’s “The Road to Home” series, which won a Silver award from the National Associate of Real Estate Editors. She is also a Certified Educator in Personal Finance (CEPF).
She has written about personal finance for seven years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU. You can reach Laura Grace at [email protected].
Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
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