You and your family can benefit greatly by choosing the best banks for veterans. Military members have unique banking needs. They need to relocate frequently, work irregular hours, travel overseas, and work from multiple locations.
A regular bank cannot facilitate veterans as best as military banks.
Most commercial banks are now offering great packages to assist service members and veterans. But a military bank can offer more understanding and specialized services for military personnel and their families.
HOW TO CHOOSE THE BEST BANKS FOR VETERANS?
Both military banks and credit unions provide banking services for veterans. More than 200 financial institutions are serving the members of the military. Here are a few factors that can help you choose the one that is perfect for you.
- Account options
- Low fees
- Competitive interest rates
- Free ATMs
- ATM refunds
- Remote check deposits
- Easy accessibility
- Commitment to military duty
- Additional Features
As a retired veteran, we recommend choosing a financial institution that is duly dedicated to serving military members and offers competitive interest rates, and insurance products. It is a great idea to look for one that can proffer great loans for veterans retirement home.
The ultimate goal of retiring veterans is to get good housing to call home. And after serving our country with your sweat and blood, you certainly derive that. A good military financial institution will help you in saving money with better interest rates, facilitate you with their investment tools, and ultimately help you in getting your retirement home.
Learn More about the Financial resources at the Armed Forces Retirement Homes.
BEST MILITARY FINANCIAL INSTITUTIONS:
Based on these criteria, we have chosen the best banks for veterans for you.
USAA has been serving military members and their families for ages. USAA offers comprehensive financial products and services for active and retired members of the military. Veterans at home, and on the move can benefit from their online banking options and a network of more than 65000 ATMs.
USAA is one of the best banks for veterans as it has no fee for classic and savings accounts. The APY ranges from 0.09% to 0.15% for the savings account. In addition to access to free ATMs, you also get $15 towards monthly ATM reimbursement.
USAA has only four locations in the US. It is, therefore, better for those who prefer online banking. The military bank’s website has some effective online tools to let you learn about saving money, like Investment calculators, In-house mutual funds, and Money Manager, to help you make wise investments. USAA offers the most comprehensive insurance products including auto, home, rental property, renter, flood, small business, RV, boat, motorcycle, etc.
Final Word: USAA offers all-inclusive banking, insurance and investment solution for military members and their families. Their online website and mobile apps make it convenient for veterans on the move, to manage their accounts, and to playbills online.
2. NAVY FEDERAL CREDIT UNION
Navy Federal Credit Union is the most widely spread military bank in the US. It has more than 200 physical branches serving veterans and their families.
The military bank offers free checking with no minimum balance required. You can use their banking services conveniently through an online website, mobile app, and vastly spread ATMs. They also give free replacement checks and reimburse for $20 monthly for using non-network ATMs.
If you live near an NFCU branch, this could be the best military back for you. You can benefit from their financial advice and use their effective online tools. NFCU has competitive loan products that cover auto, home, personal and VA loans. Other added benefits are high rates for savings certificates. Also, NFCU offers 0.25% APY on basic savings.
Final Word: With over 8 million members, NFCU is certainly one of the best banks for veterans. Its goal is to serve those who serve the country. You can benefit from their no-fee checking, high profit for savings certificates, and great VA loan packages.
3. PENTAGON CREDIT UNION
Pentagon Federal Credit Union is a great military bank for veterans. They offer the most competitive interest rates. They have the largest network of ATMs among other financial institutions.
PenFed offers free checking. The APY is 0.05% on the basic savings account, and 2.00% on the online savings account. You can use the free ATMs with a basic account, however, this is not an option with an online account. There are no fees for both accounts, and you can open with as low as $5.
PenFed’s money market certificates have a competitive APY of 1.9%. This is great for those who are looking to enhance ways for saving money. PenFed also facilitates non-military members who are government agents or make a donation for non-profit groups serving military members.
A big drawback of PenFed is that it charges you $30 overdraft fees if your funds are insufficient at the time of a transaction. Also, you cannot know much you might end up paying as they can charge multiple times in a day.
You can use their online website to pay bills online. Their website also offers some free tools and calculators that can come handy when planning a financial investment.
Final Word: With 68000 free ATMs, PenFed is one of the best banks for veterans. It offers great savings and competitive APY rates for the online savings account and share certificates.
HEAD TO HEAD COMPARISON
Military members and their families have unique banking needs, therefore it can be a little overwhelming to look at the best banks for veterans. Choose a bank that provides you with tools and resources to make wise financial investments.
Especially for veterans, it is important that you choose a military bank that is dedicated to serving both serving and retired members of the military.
We hope this article will help you in choosing the best military bank for you.