Zero Down Home Loan Eligibility

Best Military Banks and Credit Unions

Military members and their families have unique banking needs, which is why it's essential to have a bank that understands what it means to serve. Here are the best military banking institutions.
Advertising Disclosure.

Advertiser Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone. This article may contain links from our advertisers. For more information, please see our Advertising Policy.

best military banks and credit unions

Information about this product has been collected independently by the author. The issuer did not provide the details, nor is it responsible for their accuracy.

Table of Contents
  1. Methodology for This List
  2. Top Military Financial Institutions
    1. USAA Federal Savings Bank
    2. Navy Federal Credit Union
    3. Pentagon Federal Credit Union
  3. Other Notable Military Financial Institutions:
    1. Air Force Federal Credit Union
    2. Armed Forces Bank
  4. Major Banks With Military Accounts
    1. Chase Bank – Chase Military Banking
    2. Bank of America Military
    3. U.S. Bank Military Banking
    4. Wells Fargo Worldwide Military Banking
  5. Local and Regional Credit Unions
  6. Highest Interest Rates

Service members and their families have unique banking needs. It’s not uncommon for service members to travel frequently, relocate, work irregular hours, live overseas, maintain multiple official addresses in a year, etc. All of this can make banking difficult if you don’t use a military financial institution.

Military banks and credit unions are better at anticipating and meeting the needs of military families. Even then, they aren’t all created equal. We created this list of military financial institutions to help you narrow down the list and choose a bank that meets your needs.

I’ll run through the methodology used to compare the banks we list, but I’ll preface it by saying I can’t list every military bank and credit union in existence.

The Defense Credit Union Council consists of more than 180 credit union members with branches on military installations around the world. Collectively, they serve more than 25 million members. That doesn’t include other banks or financial institutions that aren’t classified as credit unions.

Methodology for This List

We can’t cover 180+ financial institutions in this article. Most of the credit unions you will find at your local base or military installation will do a fair job at offering you stable financial products and services for most basic banking needs. We focused on some of the military banks and credit unions offering the widest array of services that cater to the military population.

This includes features such as:

  • Dedication to the military mission
  • Free checking
  • Remote check deposit through smartphones or scanners
  • Free ATMs and ATM fee refunds
  • Smartphone and tablet apps for full banking needs
  • Full financial services, including loans, investments, insurance and other products
  • Accessibility – either physical branches or excellent mobile banking options
  • Additional features, such as savings account interest rates and CD rates

Inclusion on this page doesn’t mean this is the best financial institution for your banking needs, and not including a financial institution doesn’t mean it isn’t worthy. The above features help us narrow down the sheer number of financial institutions to a more manageable number.

From there, we went based on their features, size, accessibility and dedication to the military mission. While many large, commercial banks have military departments, they often don’t have the same understanding of service members’ needs as some of the financial institutions dedicated almost entirely to serving service members and their families.

This often includes things like frequent travel, dealing with deployments, seamlessly processing VA loans and understanding how the Servicemembers Civil Relief Act works.

Top Military Financial Institutions

The following chart lists our top-rated military financial institutions. We have avoided giving them a specific numerical ranking, as each of the top three will meet the needs of almost any military member.

If you are already a member of one of these banks and you are happy, then don’t change. But you may find that one or more of these military financial institutions offers something your current bank doesn’t offer. In that case, it may be worth your time to look deeper.

 USAA Federal Savings BankNavy Federal Credit UnionPentagon Federal Credit Union
FeaturesUSAA Federal Savings BankNavy Federal Credit UnionPentagon Federal Credit Union
Free Checking AccountsUSAA classic checkingEveryday Checking, Active-Duty Checking, Campus Checking and Easy CheckingPenFed Free Checking account
Free replacement checksYesYesNo
ATM AvailabilityFree use of 60,000 USAA-preferred ATMs nationwide30,000 free ATMsMore than 40,000 surcharge-free ATMs within the U.S. network
ATM Fee Refundsup to $15 per monthup to $20 per monthNone;
Free withdrawals from PenFed ATMs; otherwise $1.50 withdrawal fee on some accounts
Mobile Check DepositScanner, iOS, Android, mail optionScanner, iOS, Android, mail optioniOS, Android
Free online bill payYesYesYes
Auto LoansYesYesYes
Credit CardsYesYesYes
Mortgages / VA LoansYesYesYes
Insurance ProductsAuto, home, life, health, renters', rental property insurance, valuable property, flood, umbrella, motorcycle, RV, boats, small business and moreAuto, home, renters’, lifeAuto, home, life, health
Investment ServicesInvestment advisors, full-service brokerage account, in-house mutual funds, stocks and bonds, annuities, investment calculators and other toolsInvestment advisors, mutual funds, stocks and bonds and annuitiesPenFed Wealth Management Program offered through CUNA Brokerage Services
International toll-free customer serviceYes: https://gethuman.com/phone-number/USAA/customer-service/eI5Yes: https://www.navyfederal.org/contact-us/phone-numbers.html
Yes, from certain locations - https://www.penfed.org/Contact-Us/
Smart Phone / Tablet AppsiPhone, iPad, Android phones and tabletsiPhone, iPad, Android phones and tabletsiPhone, iPad, Android phones and tablets
Additional servicesCar-buying service; travel agency; member shopping discountsPenFed Car Buying Service
ToolsUSAA Money Manager –
track spending and budgeting; budgeting tools, retirement planning tools; variety of financial calculators
Variety of financial calculatorsVariety of financial calculators
Physical Branches535039
Learn More:Visit USAA Federal Savings BankVisit Navy Federal Credit UnionVisit Pentagon Federal Credit Union

There are several similarities between these three military banks. They all offer free checking, the ability to manage your finances online and through your mobile phone or tablet, the ability to deposit checks remotely and more. The other benefits include excellent customer service and a dedication to serving the military community. This goes a long way in my book. Here are some quick high points for each of these three banks.

USAA Federal Savings Bank

USAA Federal Savings Bank offers free checking; free replacement checks; no minimum balance; online and mobile access; remote check deposit; ATM reimbursements; home, auto and personal loans; VA loans; full investment services; a variety of insurance products, financial advice and planning; free online tools, including the USAA Money Manager; a car-buying service and more.

You can run your entire financial household through USAA, including banking, insurance and investments. Few companies offer such a wide range of high-quality services.

The biggest downside to USAA is a lack of physical branches. However, their online banking, bill pay and mobile app are top-notch and eliminate the need for many branch visits.

Learn more about USAA Federal Savings Bank.

Navy Federal Credit Union

Navy Federal Credit Union offers their customers free checking; free replacement checks; no minimum balance; online and mobile access; remote check deposit, ATM reimbursements; home, auto and personal loans; VA loans; full investment services; a variety of insurance products; financial advice and planning; free online tools; 350 physical branches and more.

NFCU offers competitive VA loan products and a wide range of services. Their extensive network of physical branches makes this a good choice for service members and veterans who live near an NFCU branch.

Learn more about Navy Federal Credit Union.

Pentagon Federal Credit Union

PenFed offers free checking with direct deposit, online and mobile access; remote check deposit; home, auto and personal loans; VA loans and insurance products. PenFed is well-known for offering competitive interest rates on loans and CDs. They also have numerous branches, primarily located near military installations.

Learn more about Pentagon Federal Credit Union.

Other Notable Military Financial Institutions:

There are several other notable military banks and credit unions that go along with the big three financial institutions mentioned in the above table. Some notable military banks include:

Air Force Federal Credit Union

Account types include checking, savings, investments (through Infinex Financial Group), auto and home loans, VA loans and credit cards. Features MoneyTracker to monitor account transactions, online calculators, online bill pay and more.

Learn more: Air Force Federal Credit Union.

Armed Forces Bank

Account types include checking, savings, CDs, IRAs, money market accounts, auto, consumer and home loans, VA loans and credit cards. Features online financial education section, online bill pay, online banking and mobile banking.

Learn more: Armed Forces Bank.

Major Banks With Military Accounts

Many major financial institutions also offer accounts for military members. These often come with free checking (usually requires direct deposit), and some other perks. Be sure to compare their features with your current bank and the military institutions listed above to see which is best for your needs.

Chase Bank – Chase Military Banking

Chase Bank deserves high praise for its military banking features and its efforts in the military community. While it is not specifically a military banking institution, it does offer a military banking product specifically designed for current and former service members.

Chase supports the military and veteran community through the Veteran Jobs Mission, which they co-founded in 2011. This coalition of more than 260 companies has committed to hiring one million veterans. Chase has hired more than 10,000 veterans as part of this program.

Chase Military Banking Features: Current and former service members are eligible to open the Chase Premier Plus Checking account with Chase military banking benefits. Features include no monthly service fee, no minimum balance requirement, no fee for basic checks, no fee for money orders or cashier’s checks and a host of additional benefits.

Chase Bank Sign-up Bonus: Chase currently has a $225 sign-up offer for new customers who open a new Chase Total Checking account and meet requirements. The sign-up bonus offers are available for the following accounts:

  • Chase Total Checking: $225 sign-up bonus
  • Chase Secure Banking: $100 sign-up bonus

Chase Bank Sign-up Bonus Details: The above sign-up bonus offers are only available for a limited time and have certain requirements, including setting up direct deposit and a minimum initial deposit. These accounts may also have monthly fees unless you meet requirements such as maintaining a minimum account balance or having additional Chase accounts.

Learn more at Chase Bank.

Bank of America Military

Bank of America account types include checking; savings; credit cards; auto, home and personal loans; investment; VA loans; online and mobile banking; free bill pay and more.

Learn More: Bank of America Military Account.

U.S. Bank Military Banking

The U.S. Bank’s military checking accounts feature free checking, online and mobile banking; online and mobile bill pay; free non-U.S. bank ATM transactions; free mobile check deposits and more. They also offer saving on mortgage closing costs, 100 free self-directed investment trades, free U.S. Bank logo checks and 50% off all other personal styles, additional Easy Checking accounts with no monthly maintenance fees and more.

Learn More: U.S. Bank Military Banking.

Wells Fargo Worldwide Military Banking

Wells Fargo Worldwide Military Banking offers online and mobile banking; checking and savings accounts; auto, home, and personal loans, VA loans; homeowners, flood and mortgage insurance; online tools for monitoring budgeting, spending and saving; digital wallet options; up to four free ATM cash withdrawals per statement cycle at non-Wells Fargo ATMs and investment and wealth management services.

Learn more: Wells Fargo Worldwide Military Banking.

Local and Regional Credit Unions

Don’t forget to look at the credit unions at your local base or region. Many of these financial institutions are more convenient if you need to visit a bank or credit union in person. You may also need to open an account with a different bank or credit union if you are stationed overseas and need an account in the local currency. Many credit unions offer foreign currency accounts if they have a branch at an overseas location. Larger banks don’t always offer this service.

As with everything, determine the items that are most essential to you, and find the service that is the best match for your needs.

Highest Interest Rates

Most of the banks listed above are full-service banks, meaning they offer just about every type of banking service you may need – checking accounts, savings accounts, mortgages, loans, credit cards and sometimes even insurance and investing. Most of these banks also offer an extensive ATM network and several physical locations.

Not all full-service banks offer high-interest rates on their savings accounts. Some of the highest interest rates in the nation are found at online-only banks.

Getting ready to buy a home? Find a trusted VA lender in just a few minutes.

Some VA lenders are tailored for borrowers with weaker credit, while others offer a larger variety of VA loan types. The best way to determine if you are eligible is to start by connecting with a lender. Lenders can pull your Certificate of Eligibility in minutes to see if you meet the basic service requirements and have VA loan entitlement. Additionally, a lender can review your financial information to determine if you meet credit and income guidelines.

Get Instant Access
FREE Weekly Updates! Enter your information to join our mailing list.

Posted In:

About Ryan Guina

Ryan Guina is The Military Wallet's founder. He is a writer, small business owner, and entrepreneur. He served over six years on active duty in the USAF and is a current member of the Illinois Air National Guard.

Ryan started The Military Wallet in 2007 after separating from active duty military service and has been writing about financial, small business, and military benefits topics since then. He also writes about personal finance and investing at Cash Money Life.

Ryan uses Personal Capital to track and manage his finances. Personal Capital is a free software program that allows him to track his net worth, balance his investment portfolio, track his income and expenses, and much more. You can open a free Personal Capital account here.

Featured In: Ryan's writing has been featured in the following publications: Forbes, Military.com, US News & World Report, Yahoo Finance, Reserve & National Guard Magazine (print and online editions), Military Influencer Magazine, Cash Money Life, The Military Guide, USAA, Go Banking Rates, and many other publications.

Reader Interactions

Comments

    Leave A Comment:

    Comments:

    About the comments on this site:

    These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

  1. Jean Bridgman says

    Wondering how my Marine Credit Union does here. We were members of Marine Air but it was at El Toro and I let it go after my husband’s death in 1989.

  2. Leonard Krashoc says

    I’m looking into all this from the other end. I’m 68, on SS, and a veteran, looking to save what little money I have, looking for simple discounts, with out jumping through a lot of hoops.

      • Ryan Guina says

        Hello Alex,

        Chase lists these benefits on their military banking page. However, they do not list the military benefits on the Chase Premier sign up page. Just be sure to contact your local Chase branch or online customer service rep if you sign up. They can add this to your plan and you will avoid the monthly fees. This is what I did when I opened my account several years ago. I was never charged any of the monthly fees for that account.

        I’ll see if I can take a screenshot and it to the page for verification purposes.

        Thanks!

    • Danny Martinez says

      I really like Justice Federal credit union then Comes Navy Federal Credit union Pentagon fedeal credit union looks ok as well as Air Force federal credit union.

Load More Comments

The Military Wallet is a property of Three Creeks Media. Neither The Military Wallet nor Three Creeks Media are associated with or endorsed by the U.S. Departments of Defense or Veterans Affairs. The content on The Military Wallet is produced by Three Creeks Media, its partners, affiliates and contractors, any opinions or statements on The Military Wallet should not be attributed to the Dept. of Veterans Affairs, the Dept. of Defense or any governmental entity. If you have questions about Veteran programs offered through or by the Dept. of Veterans Affairs, please visit their website at va.gov. The content offered on The Military Wallet is for general informational purposes only and may not be relevant to any consumer’s specific situation, this content should not be construed as legal or financial advice. If you have questions of a specific nature consider consulting a financial professional, accountant or attorney to discuss. References to third-party products, rates and offers may change without notice.

Advertising Notice: The Military Wallet and Three Creeks Media, its parent and affiliate companies, may receive compensation through advertising placements on The Military Wallet; For any rankings or lists on this site, The Military Wallet may receive compensation from the companies being ranked and this compensation may affect how, where and in what order products and companies appear in the rankings and lists. If a ranking or list has a company noted to be a “partner” the indicated company is a corporate affiliate of The Military Wallet. No tables, rankings or lists are fully comprehensive and do not include all companies or available products.

Editorial Disclosure: Editorial content on The Military Wallet may include opinions. Any opinions are those of the author alone, and not those of an advertiser to the site nor of  The Military Wallet.