Best Checking Accounts for Military Members

1. PenFed Access America 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 Access America Checking account rounds out our list of the best military checking accounts because it offers great perks, and has few requirements!

The monthly service fee will be waived after the first 90 days if you establish direct deposit or maintain a minimum balance of $500 or more. Plus, it pays one of the highest interest yields on a checking account! PenFed also offers a variety of services, such as PenFed student loan refinancing. 

Open a PenFed checking account here >>

Navy Federal Credit Union (NFCU) is another extremely well known bank for military members - and with good reason. They offer great accounts, no 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.

There are no monthly service fees or minimum balance to open. You get up to $20/month in ATM reimbursements. The ability to access military pay via direct deposit one business day earlier is available. This product does require military deposits. Free personalized checks for the life of the account are included.

Other services include student loans, auto loans, CDs, and credit cards.

Open a Navy Federal Checking account here >>

Chase is one of the most well know 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. 

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 annual rent for the 3” by 5” safe deposit box or smaller. 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.

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.

The information about Chase has been collected independently by The College Investor. The product details have not been reviewed or approved by the company.

While Service Credit Union doesn’t offer a checking account oriented to military members, we couldn’t pass up its great military savings account products. The Primary Savings pays an impressive 5% APY on the first $500 and 0.5% on anything above $500.

That’s not all; the Deployed Warrior Savings account earns 10% APY on balances up to $10,000. To earn this APY, you must be a member who’s currently serving active duty in a combat zone. Any remaining balance over $10,000 does not earn any interest.

Open a Service Credit Union account here >>

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.

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.