Banking as a member of the Armed Forces presents its own unique challenges. Round-the-clock access to your accounts is important, especially with long overseas deployments and frequent changes of duty stations. Online banking and a large ATM network mean you’re never too far away from your money.
To pick the best military bank account look for benefits such as low fees, free online banking and free money transfers. Other military perks include lower interest rates on loans and credit cards as well as higher yields on savings accounts and CDs.
Military banking is not just for active duty service members either. Most banks make benefits they offer active duty service members available to families and veterans too.
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Competitive interest rates, free checking, a large ATM network that spans the globe, discounts on products and services and generous reimbursements on out-of-network ATMs fees make Navy Federal Credit Union our choice for best banking option for members of the military.
- Competitive interest rates on CDs, checking and savings accounts
- No opening balance requirement
- Receive pay one day early with direct deposit.
- Low out-of-network ATM fees
- Discounts on services and at participating retailers and businesses
- You can find higher interest rates at other banks.
- Bank branches are limited to areas on, or close to, military installations.
Navy Federal has a number of accounts to choose from. We focused on the Free Active Duty Checking account and the Basic Savings accounts because of their low balance requirements and competitive interest rates.
For the checking account, there’s no minimum opening balance requirement, no monthly maintenance fee and you’ll get free personalized checks. You can earn 0.05% on any balance in the account, which is higher than the rate you’ll find on checking accounts at national banks but lower than the rate you’ll find at some other credit unions and online banks. If you enroll in direct deposit you’ll receive your pay one day early.
You can open the Basic Savings account with as little as $5. This account pays 0.25% interest which, again is competitive compared to most national banks but not the highest rate out there. You can also opt for one of Navy Federal’s certificates of deposit, where you can earn from 0.40% up to 3% interest, depending on the certificate chosen.
No matter which account you choose, you’ll have free access to over 30,000 Navy Federal and Coop Network ATMs across …….