Service members, who may have to move frequently and face sudden and extended deployments, value no-hassle accounts with friendly policies for those who do their banking around the country and the world.
Here's a look at our top bank picks for military personnel.
BEST: Navy Federal Credit Union
Open to current and former members of all military branches, Navy Federal Federal Credit Union has a strong mix of accounts. Active-duty personnel with a qualifying military direct deposit can use a free checking account that yields 0.05% interest and reimburses up to $20 per statement cycle in out-of-network ATM fees.
All of the credit union's checking accounts -- including one that yields up to 0.45% -- come with free checks and free transfers from a savings account to checking in case of an overdraft. The no-fee basic savings account yields 0.25%, and a free money market deposit account pays a rate of up to 0.55% (depending on the balance). Plus, Navy Federal offers the Go prepaid debit card, which has no monthly fee and is usable anywhere that accepts Visa debit cards. Both the prepaid card and standard debit cards from Navy charge a reasonable 1% fee on transactions abroad made in foreign currencies.
Navy Federal has 298 branches worldwide (often on or near military bases), including locations in 30 U.S. states. It also offers a host of military-specific resources and advice, such as free financial seminars around the U.S.
Sponsored Content
RUNNER-UP: Andrews Federal Credit Union
Andrews Federal Credit Union is centered in a few East Coast states and caters to the local military community, with branch locations on and near Joint Base Andrews, in Maryland, and Joint Base McGuire-Dix-Lakehurst, in New Jersey. But anyone in the country can become a member by paying a $5 fee to join the American Consumer Council. The credit union offers a free, no-strings checking account (as well as an interest checking account that yields 0.1% on balances of $5,000 or more), plus a free savings account with a rate of 0.31% on balances of $100 or more. Members can use ATMs in the CO-OP network, with nearly 30,000 machines, free of charge, and Andrews doesn't charge a fee to customers who use out-of-network machines (ATM operator charges may apply). Andrews also offers a no-fee Visa prepaid debit card.
Especially for service members living in Europe, Andrews has some attractive features, including the ability to pay bills online in the local currency and branch locations at military installations in Belgium, Germany and the Netherlands.
Sponsored Content
The Best Banks and Credit Unions for You, 2017
.kip-slideshow ul.kip-list-nobullet li {font-size: 14px;margin-bottom: 0;line-height: 1.5;}
These stellar banks and credit unions are making all the right movies to win satisfied customers:
Sponsored Content
-
Four Surprising Signs You’ll Never Retire (and How to Fix Them)Gearing up to retire? If any of these four signs ring true, you may want to make some changes before you do.
-
Stocks Rise After Trump-Powell Fed Tour: Stock Market TodayNvidia hit a new all-time high intraday, but another renowned semiconductor name and some less iconic stocks were bigger movers Friday.
-
What to Do With Your Tax Refund: 6 Ways to Bring GrowthUse your 2024 tax refund to boost short-term or long-term financial goals by putting it in one of these six places.
-
What Does Medicare Not Cover? Eight Things You Should KnowHealthy Living on a Budget Medicare Part A and Part B leave gaps in your healthcare coverage. But Medicare Advantage has problems, too.
-
15 Reasons You'll Regret an RV in RetirementMaking Your Money Last Here's why you might regret an RV in retirement. RV-savvy retirees talk about the downsides of spending retirement in a motorhome, travel trailer, fifth wheel, or other recreational vehicle.
-
The Six Best Places to Retire in New Englandplaces to live Thinking about a move to New England for retirement? Here are the best places to land for quality of life, affordability and other criteria.
-
The 10 Cheapest Countries to VisitWe find the 10 cheapest countries to visit around the world. Forget inflation woes, and set your sights on your next vacation.
-
15 Ways to Prepare Your Home for Winterhome There are many ways to prepare your home for winter, which will help keep you safe and warm and save on housing and utility costs.
-
Six Steps to Get Lower Car Insurance Ratesinsurance Shopping around for auto insurance may not be your idea of fun, but comparing prices for a new policy every few years — or even more often — can pay off big.
-
How to Increase Credit Scores — FastHow to increase credit scores quickly, starting with paying down your credit card debt.
