Military members face unique challenges, which can make managing finances difficult. Relocation, unexpected deployments, paying bills, and accessing funds while overseas are just some of the challenges military members face.
Having a checking account that’s oriented toward military life benefits military members for their service and provides the flexibility that can help ease financial management.
In this article, we’ll look at the key features any military-oriented checking account should have. We’ll then go through a list of the top military checking accounts for military members and their families.
Our Top Pick: PenFed Free Checking. PenFed is one of the original names in military banking. They offer a full range of services - and they have one of the best free checking accounts out there. Open a PenFed Free Checking account here >>
Best Checking Accounts for Military Members
1. 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!
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 PenFed student loan refinancing.
PenFed Free Checking | |
|---|---|
Min Opening Deposit | $25 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Interest | None |
ATM Access | 85,000 ATMs |
Availability | Online Nationwide |
Promotions | None |
2. USAA Classic Checking
USAA offers a broad range of financial products and is military-oriented.
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. Read our full USAA Bank review here.
USAA Classic Checking | |
|---|---|
Min Opening Deposit | $25 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Interest | 0% APY |
ATM Access | Up to $15/mo Reimbursement |
Availability | Nationwide |
Promotions | None |
3. Navy Federal Credit Union Free Active Duty Checking®
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.
Navy Federal Credit Union Free Active Duty Checking® | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Interest | 0.03% APY |
ATM Access | Up to $20/mo Reimbursement |
Availability | Nationwide |
Promotions | None |
4. Chase Premier Plus CheckingSM
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.
Chase Premier Plus CheckingSM | |
|---|---|
Min Opening Deposit | $0 (for military members) |
Min Balance Requirement | $0 (for military members) |
Monthly Fee | $0 (for military members) |
Interest | 0.01% APY |
ATM Access | 16,000 ATMs nationwide |
Availability | Online nationwide, except HI, AK, and PR |
Promotions | $300 Bonus |
5. Service Credit Union Savings Accounts
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.
Service Credit Union Deployed Warrior Savings | |
|---|---|
Min Opening Deposit | $5 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Interest | 10% APY up t $10,000 |
ATM Access | Co-Op Network |
Availability | Online Nationwide |
Promotions | None |
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.
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. If your checking account is charging a monthly fee, consider switching to another bank.
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 Benefits
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.
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.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.
