Top Military Banks and Credit Unions of 2024

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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 Importance of Choosing a Military Bank or Credit Union

Military members and their families frequently have specific banking needs that civilians don’t share. For example, military members and their families tend to move more frequently than the average family, so having a bank accessible from anywhere in the United States is important. Additionally, having a banking institution that understands military families’ needs can help make the banking process smoother during stressful times.

We’ve rounded up the best banks and credit unions for military members to help you choose the right financial institution for you.

Top Military Banks of 2024

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. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account. If a bank fails, your insured deposits will still be safe.

Compare the Best Military Banks and Credit Unions

The Best Military Banks and Credit Unions FAQs

Reviews on the Best Bank Accounts for Military Members

Service Credit Union

Service Credit Union provides loans, bank accounts, mortgages, credit cards, business loans, insurance, and investment accounts.

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 has branches and ATMs in parts of the United States 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 Service Credit Union Primary Savings Account pays a high 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.

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.

Service Credit Union Review

USAA

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 United States, 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 the United 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.

USAA Bank Review

Navy Federal Credit Union

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 United States 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 Navy Federal Free Active Duty Checking™ Account, and $10 per month for other checking accounts.

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.

Eligibility: 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

PenFed could be a good fit if you want to earn high interest rates. You’ll earn 3.00% APY on Pentagon Federal Credit Union Premium Online Savings Account and 0.15% to 0.35% APY on Pentagon Federal Credit Union Access America Checking Account.

PenFed has branches in 13 United States 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.

Eligibility: 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.

Pentagon Federal Credit Union Review

Security Service Federal Credit Union

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.

Eligibility: 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

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. 

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.

Eligibility: You can receive Chase military benefits as an active, veteran, reserve, or National Guard military member.

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.
• U.S. 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:

USAA has an NR (No Rating) grade and Navy Federal Credit Union has an NR (No Rating) grade because both financial institutions are in the process of responding to previously closed complaints. 

Security Service Federal Credit Union has an A rating from the BBB because it has not resolved a few customer complaints.

Chase has been involved in a few recent public controversies.

In 2023, JP Morgan Chase was required to pay $75 million in a settlement with the U.S. Virgin Islands that accused the financial institution of failing to report suspicious activity regarding Jeffrey Epstein’s sex trafficking operation. 

In 2021, JP Morgan Chase & Co. paid the SEC $125 million in a settlement that stated the company did not have proper recordkeeping for certain documents. JP Morgan Chase also paid the Commodity Futures Trading Commission $75 million in a settlement when accused of permitting unapproved communication, such as text messages and WhatsApp messages.

If any of these issues worry you, you may prefer to go with another bank or credit union on our list.

Criteria for Ranking the Best Military Banks

Accessibility on Bases and Abroad

Between frequent moves and deployment, it’s important that military banks and credit unions are able to accommodate their members, no matter where those members are. Military banks that avoid ATM fees, offer online banking, have branches near military bases, and give you banking options abroad are all particularly useful for military families.

Tailored Products for Military Life

The best financial institutions for service members offer banking features that are particularly great for military members and families.

For example, one feature that can be beneficial for military personnel is early direct deposit. Some military banks also offer VA loans, which allow active service members and veterans to get a home loan that generally offers better rates and doesn’t require a down payment. Others give military members special perks, such as waiving monthly fees or paying back ATM fees.

Competitive Rates and Low Fees

The best military credit unions and banks, just like the best credit unions and banks for civilians, offer great rates and low fees.

Things to look out for include bank accounts with no monthly fees, low interest rates on loans, and high interest rates on deposit accounts, like money market accounts.

Benefits of Banking with Military Institutions

Support During Deployment and PCS Moves

Two of the most stressful experiences that military members and families regularly go through are deployment and permanent change of station, or PCS, moves. PCS moves require the entire family relocate to somewhere new, and deployments require the military member to leave their family and go outside the United States temporarily, potentially into a combat zone.

Military banks are more likely to understand what’s going on when you’re involved in a PCS move or deployment. They might even offer services or guidance to help, such as support services for deployed military personnel. This can help ease the stress of these difficult periods.

Financial Education and Counseling

Many military family banking options can offer financial education and counseling tailored for service member’s particular needs. For example, banks and credit unions with military benefits might offer education on what VA loans are and how to apply for them, or help you set up savings goals.

If you’re interested in financial education and counseling services, check out the website of the bank you’re interested to see if they provide them.

How to Choose the Right Institution

Assessing Your Financial Needs and Goals

Ultimately, you’ll want to choose the bank or credit union that works best for your particular needs. Do you know you’ll want to use ATMs frequently, both nationally and abroad? Look for a financial institution that has extensive international ATM networks, or one that pays you back for ATM fees. Are you planning on buying a house soon? Consider going with a bank that offers VA home loans or has great CD rates to help you save up.

And if you’re interested in receiving the best possible rates and not paying high fees, consider online banks, which double as a great way to ensure you always have access to your bank.

Comparing Rates, Fees, and Services

Just like with non-military banks, you’ll want to consider the rates and fees that come with your chosen financial institution. You’ll want to prioritize the services you’ll know you’ll use; if you know you want a high-yield savings account, for example, look for a bank that offers a high interest rate on savings accounts. If you’re not sure what services you need, you might want to choose a bank that offers lots of different services, so you’ll have access to the products you need no matter what.

You’ll also want to consider whether you’re interested in banking with banks vs credit unions. Banks are more likely to offer more services and better availability, while credit unions tend to have better rates and features.

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.

BI

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?

At Business Insider, we aim 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 »

Laura Grace Tarpley, CEPF

Personal Finance Reviews Editor

Kit Pulliam

Personal Finance Insider editorial fellow

Evelyn He

Compliance and Operations Associate

Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider’s personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team’s mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.

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