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Best Banks and Credit Unions for U.S. Military Service Members


Written by Katie Ziraldo | Edited by Ali Cybulski | Published on 04/21/2025

Military service often comes with financial challenges. Frequent relocations, unpredictable deployments and inherent life stresses can make managing money difficult. A military-focused bank or credit union, however, can provide products and services tailored to the distinct needs of service members, veterans and their families.

Here’s more about the pros and cons of military banks and credit unions and your top options to consider.

Why you can trust DepositAccounts
Why you can trust DepositAccounts

DepositAccounts strives to produce high-quality content that meets your needs and exceeds your expectations. Content is fact-checked to ensure accuracy and objectivity. DepositAccounts monitors hundreds of accounts from banks and credit unions across the country to identify the best options. Here’s more about our methodology.

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What are the best military banks and credit unions?

Navy Federal Credit Union
Navy Federal Credit Union Best for: Branch access
Checking accounts Savings accounts Certificates of deposit (CDs) Money market accounts
Free Active Duty Checking:
  • APY: 0.05%
  • Monthly fee: none
  • Minimum deposit: none
Free Easy Checking:
  • Monthly fee: none
  • Minimum deposit: none
Free EveryDay Checking:
  • APY: 0.01%
  • Monthly fee: none
  • Minimum deposit: none
Flagship Checking:
  • APY: up to 0.45% depending on account balance
  • Monthly fee: $10; may be waived
  • Minimum deposit: none
Share Savings Account:
  • APY: 0.25%
  • Monthly fee: none
  • Minimum deposit: $5
Terms: 3 to 84 months
APY: up to 3.90% depending on term and account balance
Monthly fee: none
Minimum deposit: $50 to $1,000 depending on term
APY: up to 2.25%
Monthly fee: none
Minimum deposit: none, but a minimum balance of $2,500 required to earn interest
PenFed Credit Union Best for: Navigating financial hardships
Checking accounts Savings accounts Certificates of deposit (CDs) Money market accounts
Free Checking:
  • Monthly fee: none
  • Minimum deposit: $25
Access America Checking:
  • APY: up to 0.35%
  • Monthly fee: $10; may be waived
  • Minimum deposit: $25
Regular Savings:
  • APY: 0.05%
  • Monthly fee: none
  • Minimum deposit: $5
Premium Online Savings:
  • APY: 2.80%
  • Monthly fee: none
  • Minimum deposit: $5
Terms: 6 to 84 months
APY: up to 3.20% depending on the term
Monthly fee: None
Minimum deposit: $1,000
Money Market Savings Account:
  • APY: up to 0.15%
  • Monthly fee: none
  • Minimum deposit: $25
Service Credit Union Best for: Earning interest
Checking accounts Savings accounts Certificates of deposit (CDs) Money market accounts
Everyday Checking:
  • Monthly fee: none
  • Minimum deposit: none
Dividend Checking:
  • APY: 0.15%
  • Monthly fee: $10; may be waived
  • Minimum deposit: none
Primary Savings:
  • APY: up to 5.00% depending on account balance
  • Monthly fee: none
  • Minimum deposit: $5
Military Savings:
  • APY: up to 10.00% for active duty with qualifying minimum deposit
  • Monthly fee: none
  • Minimum deposit: $5
Terms: 3 to 60 months
APY: up to 4.15% depending on term
Monthly fee: none
Minimum deposit: $500
APY: up to 1.70% depending on account balance
Monthly fee: $5 for balances under $2,500
Minimum deposit: none, but a minimum balance of $2,500 required to earn interest
Armed Forces Bank Best for: Bonus rewards
Checking accounts Savings accounts Certificates of deposit (CDs) Money market accounts
Access Freedom Checking:
  • Monthly fee: none
  • Minimum deposit: $25
Access Rewards Checking:
  • Monthly fee: $6
  • Minimum deposit: $25
Access Investment Checking:
  • APY: up to 0.05%
  • Monthly fee: $20; may be waived
  • Minimum deposit: $100
Basic Savings:
  • APY: up to 0.03%
  • Monthly fee: $5; may be waived
  • Minimum deposit: $25
Terms: 1 to 60 months
APY: up to 3.60% depending on term
Monthly fee: none
Minimum deposit: $500
APY: up to 3.51% during the promotional period, then up to 2.15% (with qualifying minimum deposit)
Monthly fee: $10; may be waived
Minimum deposit: $25
USAA Federal Savings Bank Best for: ATM access
Checking accounts Savings accounts Certificates of deposit (CDs) Money market accounts
Classic Checking:
  • Monthly fee: none
  • Minimum deposit: $25
USAA Savings:
  • APY: 0.01%
  • Monthly fee: none
  • Minimum deposit: $25
USAA Performance First Savings:
  • APY: up to 0.65% with qualifying minimum deposit
  • Monthly fee: none
  • Minimum deposit: $1,000
Terms: 1 to 84 months
APY: up to 2.25% depending on term
Monthly fee: none
Minimum deposit: $1,000
Not offered
Chase Bank Best for: Mobile banking
Checking accounts Savings accounts Certificates of deposit (CDs) Money market accounts
Secure Banking:
  • Monthly fee: $4.95; may be waived
  • Minimum deposit: none
Total Checking:
  • Monthly fee: $12; may be waived
  • Minimum deposit: none
Chase Premier Plus Checking:
  • APY: 0.01%
  • Monthly fee: $25 (waived for current service members and veterans)
  • Minimum deposit: none
Chase Savings:
  • Monthly fee: $5; may be waived
  • Minimum deposit: none
Premier Savings:
  • APY: 0.01% standard, 0.02% relationship
  • Monthly fee: $25; may be waived
  • Minimum deposit: none
Terms: 1 to 120 months
APY: 0.01% standard or up to 1.25% relationship depending on term
Monthly fee: none
Minimum deposit: $1,000
Not offered

Summary: Best military banks and credit unions



Navy Federal Credit Union

Best for branch access

Why we picked it:

As the largest U.S. credit union based on assets and members, Navy Federal Credit Union (NFCU) is our top pick for access to branches. Navy Federal Credit Union provides about 180 branches on or near military installations and 27 international branches. The credit union also has a network of more than 30,000 fee-free ATMs. 

NFCU offers checking, savings and money market accounts, certificates of deposit (CDs), multiple credit cards, loans, and more. 

Standout products include the Free Active Duty Checking, which gives active-duty and retired service members, as well as reservists, early access to military pay and up to $240 in ATM fee reimbursements annually. 

Navy Federal Credit Union is also known for competitive rates on certificates, though you may be able to find better rates on savings accounts elsewhere.

PROS

  • Provides access to more than 350 branches worldwide and 30,000 fee-free ATMs
  • Charges no monthly service fees on most checking and savings accounts
  • Offers 24/7 phone support, with customer service numbers for a dozen countries outside of the U.S.

CONS

  • Extends lower interest rates on savings accounts than other credit unions on this list
  • Requires a balance of $2,500 or more to earn interest with its money market account
  • Penalized by the Consumer Financial Protection Bureau (CFPB) in 2024 for mishandled overdraft fees



PenFed Credit Union

Best for navigating financial hardships

Why we picked it:

If your priority is a financial institution you can rely on when facing hardship, consider PenFed Credit Union. PenFed offers financial assistance programs for multiple banking products, including home loans, credit cards, student loans and more. Hardship relief options include deferred payments and loan modifications. 

Unlike some of the other options on this list, PenFed Credit Union — you don’t does not require military ties for membership. 

You’ll also find the essentials at PenFed Credit Union, including two checking accounts. Choose from a free account with no monthly fees and no minimum balance, or an interest-earning account that can earn up to 0.35% annual percentage yield (APY), depending on your account balance. The interest-earning checking has a $10 monthly fee, though this is waivable. 

The credit union offers competitive rates on savings accounts and certificates. Its Premium Online Savings currently earns an APY of 2.80%, and its one-year Special Money Market Certificate earns an APY of 3.20%. 

PROS

  • Provides a large network of more than 85,000 fee-free ATMs in the U.S.
  • Adds no monthly fees on most checking and savings accounts
  • Offers competitive interest rates for online savings and money market certificates

CONS

  • Charges a nonsufficient funds fee of $30
  • Requires a minimum deposit of $1,000 to open a Money Market Certificate
  • Pays low rates, well below average, on money market savings accounts



Service Credit Union

Best for earning interest

Why we picked it:

Of the financial institutions included on this list, Service Credit Union offers the highest APYs on both savings accounts and CDs. The Primary Savings earns an APY of 5.00% on the first $500 and 0.25% on any additional funds. If you’re serving in a combat zone, you may qualify for an APY of up to 10.00% with the Deployed Warrior Savings program. 

Depending on the term, certificates can earn up to 4.15% APY, but you’ll need to make a minimum deposit of $500 to open the account. 

Service Credit Union offers many other banking products, including a money market account, which yields higher returns than traditional savings accounts and allows customers to easily access their funds. It also provides a military relocation loan that can be used to cover moving expenses, consolidate bills and more.

Service members benefit from a discount of 0.75% APR on auto, motorcycle and personal loans with a qualifying direct deposit into a checking account. 

PROS

  • Offers a high APY on certificates
  • Allows service members in combat zones to qualify for a savings program with an APY of up to 10.00%
  • Discounts loans for service members with qualifying direct deposit into a checking account

CONS

  • Applies competitive savings rates only to first $500
  • Offers lower rates on money market accounts than other options on this list
  • Requires a balance of $2,500 or more to earn interest with money market account



Armed Forces Bank

Best for bonus rewards

Why we picked it:

Armed Forces Bank offers a variety of products and services, including checking and savings accounts, CDs and money market accounts, and several types of loans. But customers who choose Armed Forces Bank may also benefit from rewards such as fuel savings, roadside assistance services, loan discounts, and dining, event and attraction deals. 

Each of the bank’s checking accounts comes with a different suite of benefits. Select from three checking accounts: a free account, a midtier account with a $6 monthly fee, and an interest-earning account (up to 0.05% APY) with a $20 monthly fee.

Armed Forces Bank serves customers nationwide and operates branches in 10 states. For those who aren’t located near a branch, Armed Forces Bank also gives customers access to more than 38,000 ATMs through the MoneyPass network. 

PROS

  • Offers competitive rates on CDs and money market accounts
  • Allows access to more than 38,000 ATMs through the MoneyPass network
  • Issues rewards checking accounts that include deals, discounts and bonus services

CONS

  • Provides lower rates on savings accounts than the military credit unions on this list
  • Charges a $20 monthly fee on interest-earning checking account, waivable only for customers with average daily balance of $5,000 or more
  • Limits branches to 10 states



USAA Federal Savings Bank

Best for ATM access

Why we picked it:

With a network of 100,000 fee-free ATMs, USAA Federal Savings Bank may be a good choice if easy access to ATMs is your top concern. If you can’t get to one of these free ATMs, USAA Federal Savings Bank will refund up to $10 in ATM fees per statement cycle. 

USAA Federal Savings Bank offers deposit accounts, credit cards and multiple types of loans, including mortgages as well as auto and personal loans. Through USAA Federal Savings Bank, you can also obtain insurance products, including vehicle, property and life insurance policies.

The bank’s Classic Checking account usually requires a minimum opening deposit of $25, but newly enlisted military members can open the account with no initial deposit. 

Service members may also be eligible for dedicated deployment support at 877-233-7569. 

PROS

  • Offers access to more than 100,000 fee-free ATMs
  • Refunds up to $10 in ATM fees per statement cycle
  • Provides resources and support for deployments

CONS

  • Limits branches to Colorado, Maryland, New York and Texas
  • Pays lower rates on savings accounts and CDs than the military credit unions on this list
  • Does not offer money market accounts



Chase Bank

Best for mobile banking

Why we picked it:

Of the financial institutions on this list, Chase Bank has some of the best mobile app ratings and features, making this our top pick for mobile banking

Service members can open a Chase Premier Plus Checking with no monthly service fee. This account earns a 0.01% APY, plus it includes overdraft coverage and waives ATM fees.

Chase Bank also established a Military Survivor Program to support military families. The program cancels eligible debt for customers who were killed in action, died of wounds received in action, or died in a combat theater of operations since Jan. 1, 2011.

PROS

  • Receives high ratings for mobile app
  • Charges no monthly fees on Premier Plus Checking account for military members
  • Provides Military Survivor Program, issuing debt relief for military families

CONS

  • Pays lower rates on savings accounts than the military credit unions on this list
  • Requires CDs to be linked to a qualifying checking account to earn a competitive rate
  • Does not offer money market accounts

Understanding military banks and credit unions

Military banks and credit unions cater to the financial needs of service members, veterans and their families. These institutions provide products and services designed to support military members. For example, some have branches located near military bases, while others refund fees from out-of-network ATMs, including international ATMs. 

Products and services from military banks and credits unions typically include:

  • Checking and savings accounts
  • CDs and money market accounts
  • Credit cards with rewards tailored to service members
  • Auto loans, mortgages and personal loans
  • Financial planning and resources, including budgeting, debt management and retirement planning resources
  • Servicemembers Civil Relief Act (SCRA) assistance
  • Deployment-specific services, such as help with direct deposit of military pay

To bank with a military institution, you must meet certain requirements. Navy Federal Credit Union, for example, is open to all active-duty service members, reserves, veterans and retirees, as well as their family members. 

Many military banks and credit unions, including Navy Federal, also serve Department of Defense civilians. 

Some have additional membership requirements, such as affiliation with a particular branch of service or residency near a specific military base. However, military banks and credit unions have moved away from this approach to deliver their services to a wider range of service members. 

Military banks vs. military credit unions

Military banks and credit unions have some key differences. For example, banks are profit-driven entities, while credit unions are member-owned, not-for-profit institutions. 

This difference is that credit unions typically return their profits to their members in the form of more favorable rates and terms. Because some military banks are subsidiaries of larger banks, they may offer a wider range of products and better access to branches than credit unions.

Pros and cons of military banks and credit unions

PROS

  • Offer competitive rates – usually higher rates on deposit accounts and lower rates on loans than traditional banks
  • Provide overseas banking and ATM access, which is essential for deployed service members
  • Issue specialized products and services, such as financial counseling

CONS

  • Allow access to fewer branches and ATMs than big banks
  • Limit choice of financial products compared with large, traditional banks
  • Serve members in specific regions, in some cases

How to choose a military bank or credit union

To choose the right military bank or credit union for you and your family, consider your banking habits, borrowing needs and long-term goals. Compare fees and APYs between institutions to understand the cost of borrowing — and the potential return on investment — that you might expect with each option. 

Also, consider the accessibility of services from each bank. If in-person support is important to you, for example, look at the availability of branches near military installations. 

You’ll also want to examine your online and mobile banking options. 

Finally, to learn about the experiences of other military members, make sure you read customer reviews and testimonials. 

Methodology

To compile our list of best military banks and credit unions, we analyzed options available nationwide. Financial institutions had to meet the following requirements to make the list: 

  • Open to all service members: The institution does not require you to serve in a specific military branch or to be stationed at a specific military base. 
  • Competitive rates and fees: The bank or credit union charges few if any service fees and offers competitive rates on deposit accounts. 
  • Insurance coverage: The bank or credit union is insured by the Federal Deposit Insurance Corp. (FDIC) or National Credit Union Administration (NCUA), protecting deposit accounts up to $250,000. 
  • Military-oriented perks: The bank or credit union must have specific services, discounts or rewards tailored toward military members and their families.
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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.