Military members face unique issues that can complicate their finances. Military members have to deal with a lot of problems, like moving, getting sent to war, paying bills, and getting money while they’re overseas. Best Military Checking Accounts
A bank account for military members thanks them for their service and gives them the freedom to make managing their money easier.
This post will talk about the most important things that a checking account for military people should have. Then, we’ll go over a list of the best military checking accounts for service people and their families.
Best Checking Accounts for Military Members
1. Navy Federal Credit Union Free Active Duty Checking®
Navy Federal Credit Union (NFCU) is another extremely well-known credit union for military members – and with good reason. They offer great accounts, low fees, and more. They even make our list of the best business checking accounts, as they support service members and their families who want to start a business as well. Best Military Checking Accounts
There are no monthly service fees or minimum balance to open. You get up to $20 per statement period in ATM reimbursements. The ability to access military pay via direct deposit one business day earlier is available. This product does require military direct deposits. Free personalized checks for the life of the account are included.
Other products include student loans, auto loans, CDs, and credit cards. Read our full Navy Federal Credit Union review here.
2. PenFed Free Checking
PenFed Credit Union (Pentagon Federal Credit Union) is another credit union that is known for being a great partner to military members, the Department of Defense (DOD) employees, and their families. PenFed also makes our list of the best credit unions as well!
Their Free Checking account rounds out our list of the best military checking accounts because it offers great perks, and has few requirements! Best Military Checking Accounts
Their Free Checking account has no minimum balance requirement, no monthly fees, and only has a $25 minimum to open! Plus, you can earn 2% cash back on everything you purchase with a PenFed Power Cash Rewards Visa Signature® card.
PenFed also offers a variety of services, such as refinancing for student loans.
3. USAA Classic Checking
USAA offers a broad range of financial products and is military-oriented. Membership is open to active duty, National Guard, reserves, veterans who served honorably; Cadets or Midshipmen; and spouses and children of USAA members. Best Military Checking Accounts
Their checking product doesn’t have any monthly fees. An account can be opened with only $25 and there’s no minimum balance to maintain. USAA also has a network of over 60,000 ATMs in the U.S. You’ll receive up to $15/month in reimbursements for non-USAA ATMs.
There is a 1% foreign transaction fee for withdrawals outside of the U.S. USAA has an excellent mobile app that lets you manage your finances on the go. Overdraft fees can be avoided by linking a USAA savings account or credit card to your checking account.
USAA doesn’t list details of their survivor benefits. They do have contact information about the program located here: https://www.usaa.com/my/survivorship.
USAA is a full-service bank offering a broad range of financial products, including mortgages, personal loans, credit cards, insurance, retirement, CDs, investment services, and more. USAA Federal Savings Bank, Member FDIC. Best Military Checking Accounts
4. Chase Premier Plus Checking ℠
Chase is one of the most well-known banks in the country – it seems like there is a branch everywhere! And as a military member, there are so perks when you add your military direct deposit to your Chase account. Best Military Checking Accounts
When you add direct deposit of military base pay to your checking, you get a number of benefits from Chase. These include no monthly fees or minimum to open. There is no Chase fee on the first four non-Chase ATM transactions. There is also no Chase foreign transaction currency adjustment fee, although owner/network fees may apply.
Chase participates in the survivor benefit program. Debts that can be canceled include mortgages, auto loans, credit cards, and other consumer or business debt. Best Military Checking Accounts
Also, Chase is a full-service bank that offers a broad range of financial products. Chase also has a wide distribution of branches. Read our full Chase Bank review here.
5. Service Credit Union Everyday Checking
Service Credit Union offers three levels of free checking to match your needs. All levels include online banking and rewards for debit purchases, which is a great feature.
If you setup direct deposit, you’re eligible to get your paycheck up to two days early. You can also receive $15/mo in ATM rebates, which is a great perk.
The highest level of Everyday Checking is for those that make five or more payments or transactions per month along with direct deposit. You get all the other benefits and up to $30/mo in ATM rebates.
What to Look For
When considering a checking account, there are a lot of things to consider—especially if you’re in the military. We are already big fans of online bank accounts, but being in the military makes that a must! You could be deployed anywhere and you need to have access to your money. Best Military Checking Accounts
But don’t just think you need to find a military checking account. Many of the best free checking accounts would work as well – and some of them are even on this list! Plus, you could also look into one of the best nationwide credit unions as well.
Fees
With today’s checking accounts, it’s common that there are no monthly fees and a small minimum balance — or no minimum balance needed. Think about moving to a different bank if there is a monthly fee associated with your checking account.
Overdrafts are another area to watch out for. You should be able to link a savings or credit card account to your checking account to avoid overdraft fees.
ATM Access and Reimbursements
In-network ATMs should be free. Out-of-network ATMs are often not free but are reimbursed up to a certain amount each month. Also be sure to check that there is broad ATM coverage, especially if there are no branches in your area.
Survivor BenefitsBest Military Checking Accounts
These benefits apply in the case that a service member is killed in action. It allows the service member’s debts to be canceled, relieving some of the financial burdens on their family. These benefits are offered on a bank-by-bank basis.
Why Should You Trust Us?
The College Investor has been testing and reviewing checking accounts for over 10 years. I personally have been actively writing about banking products and the need for free checking since 2009.
In creating this guide, we’ve looked at our extensive list of bank reviews, our knowledge of the banking industry, and compared at least 50 of the top banks in the United States to see which free checking accounts are the best for consumers.
Furthermore, our compliance team checks the accuracy of any rates on this list every weekday, to ensure that you’re getting the most accurate information we can create. Best Military Checking Accounts
Final Thoughts
Military members have a number of options for flexible checking accounts outside of their base. On-base checking may fulfill your needs. In that case, there isn’t much reason to find an outside bank. If you need more, the above four options offer some of the best features and benefits for military members. Best Military Checking Accounts