Yahoo Finance 10 Best Banks and Credit Unions for the Military
Life is anything but simple for members of the U.S. military: They frequently move, work odd hours, travel often or even live overseas, which means their financial situation can change dramatically from one moment to the next. Once deployed, simple financial transactions like ATM withdrawals, check deposit and money transfers can become complicated. Plus, the families supporting these men and women who serve our country need access to special services to keep their financial situation stable and running smoothly.
A financial institution that caters specifically to U.S. military service members and their families can make all the difference -- the best offer perks like competitive interest rates, free services and discounts on everything from tax preparation to theme park tickets as a way to say "thank you for your service." So which ones are, in fact, the best?
As part of GOBankingRates' "Best Banks of 2015" series, we examined more than 30 military banks and credit unions -- considering factors such as free checking, remote check deposit and financial literacy programs -- to determine which U.S. banks and credit unions best serve those who serve our country.
Here are the 10 best financial institutions for U.S. military members and their families:
1. Navy Federal Credit Union. Navy Federal Credit Union accepts the majority of service members, contract employees and various extended family members. It also has some of the most comprehensive financial services for both individuals and business, including 100 percent VA financing and competitive interest rates on loans. Navy Federal Credit Union stands by its "once a member, always a member" motto -- even if you leave the military or your situation changes, your membership never expires.
2. Arkansas Federal Credit Union. This financial institution offers unique products like health savings accounts and a high-yield, liquid investment account with no minimum balance called the "Member Freedom Money Fund." Members of Arkansas Federal Credit Union aren't restricted to banking in that state; the credit union's "shared branch" service allows members to conduct transactions at other participating credit unions. This service is particularly convenient for service members who move or travel for work.
3. Andrews Federal Credit Union. Like many other institutions on this list, Andrews Federal Credit Union extends membership to many branches of military and certain civilian and employer groups. But what makes this credit union truly unique is the special services it offers just for military members serving overseas, including branch locations in Germany, Belgium and the Netherlands, customer service numbers for over 30 countries and Online Euro Bill Pay, which means deployed service members won't need to open a new bank account just to pay bills and conduct transactions while overseas.
4. RBFCU. Membership to RBFCU extends well beyond the military; students of certain local schools, association members or even worship groups can bank here. This financial institution doesn't offer some of the same military-specific features as other banks on the list, but some of the more unique services it offers include free notary services, dental benefits plans and coin counters inside local branches.
5. Fort Knox Federal Credit Union. Like others on the list, Fort Knox Federal Credit union offers membership to both military service members and many civilian groups, including those who live, work, worship or attend school in certain areas. There is a one-time membership fee of $15, but members can access a variety of services, including financial education tools.
6. USAA Federal Savings Bank. Membership at USAA Federal Savings Bank is fairly restricted. The bank extends membership to most U.S. military service members and their families, but only a few products are available to civilian consumers. The bank offers many of the same basic features and services as other financial institutions on this list, as well as special rates and discounts for service members overseas, including vehicle storage and free ADT home monitoring.
7. Langley Federal Credit Union. Langley Federal Credit Union offers both military members and civilians multiple ways to join, and members enjoy perks like interest-bearing checking accounts, insurance and tax services and identity theft protection. LFCU credit card holders can also earn points that can be redeemed for merchandise online.
8. First Citizens Bank & Trust Company. Membership at First Citizens Bank & Trust Company varies by type of military service, status and rank. There are many military-specific products such as unsecured installment loans of up to $1,000, free checking with no minimums and credit card loyalty programs, but only certain service members might qualify.
9. Tyndall Credit Union. Tyndall Credit Union has very loose membership requirements: a non-qualifying consumer can join if an immediate family or household member qualifies. The financial institution offers competitive rates and fees. It also has many partners like Sprint that extend additional benefits to members.
10. Air Force Federal Credit Union. The field of membership at Air Force Federal Credit Union is extensive: Anyone from retired military personnel to civilian employees of participating employers may join. The bank offers many typical services, and its members have access to tax preparation assistance, debt management and financial planning tools, as well as discounts on Sea World and Schlitterbahn Waterpark tickets and special offers from Sprint and General Motors.
With the often complicated financial lives of members of the military, it's important they have access to reputable services. It's even more important those services are tailored to their needs. These banks and credit unions have shown they're committed to helping our military navigate the world of finance.
Morgan Quinn is a writer for GoBankingRates.com, a leading source for the best savings account rates, CD rates, personal finance news and more.
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