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4 Best Military Banks and Credit Unions
The best financial institutions for current and former military members and their families.
The best military banks and credit unions give veterans, reservists, active-duty personnel and employees of the Department of Defense access to various benefits like no monthly fees, discounts on loans, ATM fee reimbursements and more.
We compared multiple military banks and credit unions, including regional and nationwide financial institutions, and reviewed their fees, interest rates, ATM networks, branch locations and other features to find the four best banks and credit unions for military members and their families.
Best for CDs
Navy Federal Standard CDs
Navy Federal Credit Union is the best military credit union for CDs thanks to its Special EasyStart Certificate, which earns up to 4.00% APY over a 12-month term. Open it with as little as $50 and add money at any time, up to a $3,000 maximum. Navy Federal also offers standard certificates with terms from three months to seven years, plus competitive checking rates for members who set up direct deposit. Just note you can only hold one Special EasyStart Certificate at a time.
| 1-year APY | 3.7% |
|---|---|
| 3-year APY | 3.8% |
| 5-year APY | 3.5% |
| Minimum deposit to open | $1,000 |
| 1-year APY | 3.7% |
|---|---|
| 3-year APY | 3.8% |
| 5-year APY | 3.5% |
| Minimum deposit to open | $1,000 |
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Best for military benefits
Chase Total Checking®
on Chase's secure site
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6 Standard
New Chase checking customers enjoy a $400 bonus when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment. T&Cs apply.
Chase is the best bank for military benefits because it waives fees for personal and business accounts for military members. Chase also provides benefits under the Servicemembers Civil Rights Act (SCRA), including reduced interest rates, early termination of auto leases and protection from foreclosures and repossessions. Chase's Survivor Program also cancels outstanding debt for eligible spouses and dependents of Chase military customers who lose their lives in the line of duty or from wounds received in action. Chase has a large branch network for in-person banking, but its savings accounts don't earn competitive interest rates.
| APY | N/A |
|---|---|
| Fee | $15 per month |
| APY | N/A |
|---|---|
| Fee | $15 per month |
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FDIC Insured
Best for digital banking
USAA Classic Checking
8.2 Great
USAA is the best military bank for digital banking thanks to a highly rated app packed with more features than other accounts on this list, including free budgeting tools and support for Siri, Google Assistant and other voice-activated tools. USAA also integrates with all major digital wallets — Apple Pay, Google Pay and Samsung Pay — and works with Zelle. On the downside, USAA's savings and CD rates aren't competitive, and it only has a handful of brick-and-mortar branches, so meeting with a banker in person isn't easy for most members.
| APY | 0.01% |
|---|---|
| Fee | $0 per month |
| APY | 0.01% |
|---|---|
| Fee | $0 per month |
verified_user
FDIC Insured
Best ATM network
PenFed Free Checking
9 Excellent
Pentagon Federal, or PenFed, is a strong pick for ATM access thanks to a network of more than 85,000 ATMs, including convenient locations inside retailers like 7-Eleven, Walgreens and CVS. PenFed also offers an interest-bearing checking account and competitive savings APYs. On the downside, it has relatively few branches compared to other credit unions on this list, and you'll need to meet specific requirements to avoid some fees.
| Fee | $0 per month |
|---|
| Fee | $0 per month |
|---|
verified_user
FDIC Insured
5 factors to consider when choosing a bank for military members
When selecting the best military bank account for you, pay special attention to the following factors.
- Fees. Checking accounts and credit cards sometimes have monthly or annual fees for civilians, but these fees are often waived for military members.
- Interest rate. Some military credit unions let you earn interest on balances in your checking and savings accounts, but others only offer interest on savings and their rates aren’t always competitive.
- ATM network. Military banks and credit unions have different ATM networks. Some are nationwide, while others are only regional. Some credit unions like Service Credit Union let you use ATMs overseas without extra fees, but others will charge you for withdrawals from international ATMs.
- Benefits. Some banks and credit unions offer unique benefits for military members, such as fee waivers and discounted rates on personal loans and business loans for veterans.
- Physical branches. Most military banks and credit unions have physical branches you can visit to conduct your banking in person, but digital banks exist exclusively online.
4 online alternatives for military members
Although the banks and credit featured in this guide each have something to offer, military members aren’t limited to choosing one of these institutions. Depending on your needs and lifestyle, a civilian-centric online bank might make more sense for your needs. Here are five banks that offer free banking regardless of your military affiliation.
- SoFi. The SoFi Checking and Savings account is a hybrid account. Earn up to 3.3% APY on its savings account after meeting some requirements.
- Chime®. A fintech with banking parters, Chime offers digital checking and savings accounts, and a variety of other services like tax filing, overdraft services and early direct deposit.
- Ally Bank. With Ally you won’t pay monthly maintenance fees and all accounts earn interest. But business accounts aren’t available.
- Axos Bank. An online bank with multiple checking and savings accounts to choose from, Axos is accessible to military families and beyond, offering high APYs and rewards checking options.
Bottom line
The best military banks and credit unions each have their specific strengths and weaknesses. Consider the factors that matter to you most, and weigh your options carefully. And if you’re not satisfied with any of these options, compare our picks for the best online banks.
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