Best Military Banks and Credit Unions
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Our favorite military-focused financial institutions offer a combination of account options, competitive rates and low fees — as well as flexibility for families who face frequent moves or deployments. If you’re affiliated with the military, consider one of these financial institutions as your next place to bank.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
» Other options: Though we didn’t consider them for this list, many national, regional and online banks have low fees and rates that are competitive with these institutions. Check out our other top bank and credit union picks here.
Our favorite military-focused financial institutions offer a combination of account options, competitive rates and low fees — as well as flexibility for families who face frequent moves or deployments. If you’re affiliated with the military, consider one of these financial institutions as your next place to bank.
Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our coverage to help you choose the financial accounts that work best for you. See our criteria for evaluating banks and credit unions.
» Other options: Though we didn’t consider them for this list, many national, regional and online banks have low fees and rates that are competitive with these institutions. Check out our other top bank and credit union picks here.
Best Military Banks and Credit Unions
Bank/institution | NerdWallet rating | Learn more |
---|---|---|
![]() Navy Federal Credit Union | Best for 12-month share certificate | Read review |
![]() PenFed Credit Union | Best for Interest checking | Read review |
![]() Andrews Federal Credit Union | Best for Rewards checking | Read review |
![]() Security Service Federal Credit Union | Best for 15-month share certificate | Read review |
![]() Service Credit Union | Best for ATM fee rebates | Read review |
![]() USAA Bank | Best for ATM access | Read review |
Our pick for
12-month share certificate
Why We Like It
With more than 12 million members, Navy Federal is the largest federally insured credit union by total assets. But unlike the largest banks, it offers competitive rates on certificates.
Eligibility: An applicant must be a member of the military, a veteran or an employee of the Department of Defense, or have a relative who is.
Accounts and other products: Credit unions, even big ones, typically offer better rates than banks. Navy Federal has an extremely competitive 4.85% return on 12-month Special EasyStart Certificates and a tiny annual percentage yield of 0.01% on its free checking account. It also offers competitive low auto loan rates.
ATMs and branches: Navy Federal has a strong presence on and near military installations in the U.S. and abroad. The credit union also belongs to the Co-op network, giving members fee-free access to more than 30,000 ATMs throughout the U.S. and Canada.
When you use your debit card overseas at Visa/Plus ATM locations, Navy Federal typically charges up to 1% per transaction and $1 for ATM withdrawals and inquiries.
Our pick for
Interest checking
Why We Like It
PenFed is the country’s third-largest federally insured credit union by total assets, and you’d be hard-pressed to find a bigger U.S. network of ATMs. PenFed also has generous membership qualifications.
Eligibility: Anyone is eligible to apply. Membership requires that you open and maintain a savings account with at least $5.
Accounts: PenFed's savings accounts and Access America Checking account each earn interest. The rate on its online savings account is 3.00% APY. Compare that with the national average savings rate: 0.46% APY. And PenFed’s Access America Checking has an APY of 0.15% for balances below $20,000, and 0.35% for balances up to $50,000.
ATMs and branches: PenFed offers free access to over 85,000 ATMs through the Allpoint and Co-op networks. But to visit a branch, you need to be in the Washington, D.C., area or near select military bases in the U.S. and abroad.
Our pick for
Rewards checking
Why We Like It
Andrews Federal Credit Union is a Black-owned institution and a military credit union mostly available on the East Coast, but part of a network of shared branches and ATMs. Andrews Federal offers resources that cater specifically to military members.
Eligibility: Andrews Federal supports military families and membership is open to active and retired military members and their family members, people connected to the Washington, D.C., area or certain military bases and members of specific employer groups. Members of the nonprofit American Consumer Council are also eligible to join; ACC membership requires a fee between $8 and $15.
Customer service: Andrews Federal offers customer support by phone seven days a week with extended hours, and virtual assistance is available by chat. The credit union’s app earns good ratings from both iOS and Android users.
Accounts and other products: Andrews Federal special overseas offerings for military families include bill pay, special pricing on vehicles and assistance loans for high utilities costs. A variety of savings and checking accounts and share certificates are available to all members, and one rewards checking account caters to military members. The rewards account gives customers a 5 cents credit (deposited to their savings account) for purchases made with their debit card. Savings rates are low and the checking accounts all have a monthly fee, though they can be waived by meeting requirements. Certificate APYs are more competitive: A one-year certificate earns 5.00% and a five-year certificate earns 4.20%.
ATMs: Members have access to more than 5,000 shared branches and 30,000 ATMs as part of the Co-Op network.
Our pick for
15-month share certificate
Why We Like It
Although membership is mostly limited to three states, Security Service offers its members high rates on some certificates and nationwide ATM access.
Eligibility: You’re eligible to apply for Security Service if you’re an employee of the Department of Defense or select military branches at certain bases within its service area, or you have a family member who is already part of the credit union. Civilians in Colorado, Texas and Utah can also qualify.
Accounts: The Security Service Power Checking account has no minimum balance or monthly fee, though it also doesn’t earn any interest. To open a basic savings account, you’ll need to deposit a minimum of $5, but you need a minimum balance of $100 across all Security Service accounts — or a loan, checking account, line of credit, share certificate, IRA, or credit card at the credit union — to avoid a $3 monthly fee.
The savings account earns an unimpressive 0.05% APY, though, which is less than the national average.
Security Service offers higher rates on its share certificates; its standard one-year certificates earn at least 2.15% APY, depending on the deposit balance and the location. The minimum deposit is $500, which is much lower than you’ll find at some other institutions. With that amount, you can open a 15-month CD that earns a highly competitive 4.90% APY.
ATMs and branches: Security Select belongs to the Co-op network of shared branches and ATMs. This means members can visit one of 5,000 branches of other financial institutions and access over 30,000 fee-free ATMs nationwide.
Our pick for
ATM fee rebates
Why We Like It
This credit union’s savings rates are competitive on balances up to $500. Nonmilitary membership is open to employees of select employer groups and members of a not-for-profit organization.
Eligibility: Service Credit Union membership is open to active-duty military and veterans, current and former Department of Defense employees and members of select employer groups (mostly in New Hampshire). Family members of those eligible can also qualify for membership. You can also become eligible for membership by joining the American Consumer Council, which can be done free of charge by using a promo code from Service Credit Union.
Accounts: Service’s Everyday checking account doesn’t charge a monthly fee. If you sign up for direct deposit, you can receive fee rebates for out-of-network ATM charges, as well as rate discounts on auto loans. Its savings account earns a 5.00% APY on the first $500, and 0.25% on amounts above that figure. The credit union’s one-year certificate earns a competitive 5.15% APY, and has a $500 minimum, which is low compared to some institutions’ requirements.
ATMs and branches: Service Credit Union participates in the Co-op network of more than 5,600 shared branches, as well as the Co-op network of more than 30,000 shared ATMs.
Our pick for
ATM access
Why We Like It
Perhaps best known for its insurance products, USAA Bank offers its more than 13 million members a range of bank accounts, well-rated mobile apps and more.
Eligibility: To open a bank account at USAA, you or a family member must have served in the military. In addition to banking benefits, such as one-day-early direct deposit, active-duty service members may get reduced rates on credit cards and other loan debt.
Customer service: USAA Bank is the top bank based on reputation, according to a 2022 American Banker survey of bank customers. Account holders have various ways to ask for help, including well-rated mobile apps and Twitter.
Accounts and other products: Its checking accounts have no monthly fees or minimum balance requirements. You also can use Apple Pay, Google Pay and Samsung Pay; deposit checks from your mobile device; and access USAA’s online money-management tool. The company offers a range of products, including auto loans and savings accounts, though savings rates are low.
ATMs: Members get free access to USAA Bank-owned ATMs as well as the bank’s wider network of 100,000 USAA-preferred ATMs in the U.S. In addition, USAA reimburses you up to $10 per month in fees for out-of-network ATMs.
Savings info for best military banks and credit unions
Financial institution | Rate on savings | Minimum deposit to open |
---|---|---|
Andrews Federal Credit Union | 0.05%. | $5. |
Navy Federal Credit Union | 0.25%. | $5. |
Pentagon Federal Credit Union | 3.00%. | $5. |
Security Service Federal Credit Union | 0.05%. | $5. |
Service Credit Union | 5.00% APY on first $500, and 0.25% on funds above that amount. | $5. |
USAA Bank | 0.01%. | $25. |
Last updated on February 14, 2023
To recap our selections...
NerdWallet's Best Military Banks and Credit Unions
- Navy Federal Credit Union: Best for 12-month share certificate
- PenFed Credit Union: Best for Interest checking
- Andrews Federal Credit Union: Best for Rewards checking
- Security Service Federal Credit Union: Best for 15-month share certificate
- Service Credit Union: Best for ATM fee rebates
- USAA Bank: Best for ATM access