Active-duty or retired military members and their families can join military banks or credit unions. Through specialized financial institutions, you are able to obtain valuable perks and services, which are specialized to cater to your every need. Through the top military banks and credit unions listed below, you are able to select from specialized financial institutions to see if they can offer a better banking experience for you and your family.
USAA Federal Savings Bank
USAA Federal Savings Bank offers a wide range of bank accounts, services, and products to more than 11 million members nationwide. Through convenient features such as worldwide ATM access, third-party ATM fee rebates, and a broad product suite, you will be able to see why so many have trusted the financial institution.
- Availability: AZ, CO, TX, FL, VA, NY, MD (Branch Locator)
- Routing Number:314074269
- Customer Service: 1 (800) 531-8722
- Services offered: Checking, Savings, loans, mortgages, credit cards, investments, insurance
- Pros:
- No monthly checking account fee
- Up to $15 in monthly ATM fee rebates
- Access to more than 60,000 surcharge-free ATMs
- Fully developed product line
- Cons:
- Low APY rates
- Not a lot of physical branches
- How to open an account: USAA membership is restricted to active and retired military, their families and cadets or midshipmen. If you’re eligible, you can open an account online with a $25 deposit plus your Social Security number, date of birth and address.
Navy Federal Credit Union
Being a credit union, Navy Federal Credit Union offers competitive rates on checking and certificates. Through more than eight million members nationwide, they are not only the largest credit union in the world, but you are able to take advantage of a wide variety of financial products and services.
- Availability: Nationwide (Bank Locator)
- Routing Number: 256074974
- Customer Service: 1-888-842-6328
- Services offered: Checking, Savings, loans, mortgages, credit cards, investments, insurance
- Pros:
- Some of the best rates available on a one-year CD
- No-fee accounts
- Wide variety of financial products available
- Pays interest on no-fee checking accounts
- Cons:
- Low APY rates
- How to open an account: You can open an account online at Navy Federal Credit Union once you prove that you’re eligible for membership. You’ll need to provide standard personal and financial information such as your name, address, date of birth and Social Security number.
Learn more about Navy Federal Credit Union here
Pentagon Federal Credit Union
Pentagon Federal Credit Union (“PenFed”), serves more than 1.6 million members nationwide. Through a wide range of banking products and services, you will be able to take advantage of the best credit union has to offer. PenFed has served military personnel and their families stemming from the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, and the Veterans of Foreign Wars.
- Availability: Nationwide (Bank Locator)
- Routing Number: 2560-7844-6
- Customer Service: 1 (800) 247-5626
- Services offered: Checking, savings, certificates, IRAs, mortgage, loans
- Pros:
- The checking account earns interest.
- Members have access to 68,000 free ATMs.
- 1.60% APY on its online savings account.
- Cons:
- 0.05% APY on its basic savings account.
- $5 minimum to open an online savings account
- Doesn’t participate in shared branching.
- How to open an account:
- Open an Online Savings account from PenFed Credit Union with an opening deposit of $1.00
- Input your info – Provide your name, address, phone, email and social security number or Tax ID.
- Fund the account – Transfer funds electronically from an internal account here or an external account at another bank.
Learn more about PenFed Credit Union Online Savings Account here
Service Credit Union
Service Credit Union was originally established in 1957 as Portsmouth Air Force Base Credit Union. They have around 50 locations throughout Massachusetts, North Dakota and New Hampshire. They have an A+ health rating and offers a range of personal depository banking products.
Air Force Federal Credit Union
AFFCU focuses on Integrity, Service, and Excellence. Through access to multiple AFFCU branches, over 200 CO-OP shared branches in Texas, and more than 5,000 shared branches nationwide, you will be able to see what AFFCU is all about.
Conclusion
Lastly, I would like to note that there is a vast array of military banks and credit unions for you to take advantage of. Above are just a few financial institutions offering perks and benefits to military personnel and their respective families.
However, before you apply for a membership, definitely take a look at features you would like to have access to, such as low ATM fees, best checking accounts according to your city as well as the best bank rates available through your desired financial institutions.
Additionally, If you are interested to be sure to check out our list of bank bonuses and CD rates!