- Free Active Duty Checking with access to early pay
- No min. balance requirements or monthly maintenance fees on most accounts
- Discounted loan rates with direct deposit
- 24/7 member service
Best Military Credit Unions in November 2024
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Personal Finance
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updated: July 24, 2024
Military members, veterans, and their families often have unique banking needs. Frequent moves and spouses' employment changes are just two of the challenges. As such, military families need a financial institution that understands and offers products and services to meet their unique needs. Some institutions specialize in filling these needs for members of the armed services.
We’re reviewing the top credit unions you should consider if you’re affiliated with the military.
Best military credit unions compared
| Credit Unions | Best for | Eligibility requirements | Savings APY | Fees | Minimum opening deposit |
|---|---|---|---|---|---|
Navy Federal Credit Union | Accessibility | Active duty, retired and veterans, immediate family members, Dept. of Defense (DoD) civilian personnel | 0.25% | $0 to $10 | $5 |
Pentagon Federal Credit Union | Savings | Anyone can join by opening a savings account with $5 | 3% | $0 to $10 | $5 |
Service Credit Union | Earning | Active Duty, retired, veterans, and family members. Members of select employer groups, the American Consumer Council, and the Financial Fitness Association | Up to 5% | $0 | $5 |
Security Service Federal Credit Union | Loans | Members of select military branches, DoD employees at specific military bases—or live, work, or conduct business in Texas, Colorado, or Utah | .05% | $0 to $10 | $5 |
Our Recommendations
Navy Federal Credit Union
Navy Federal (NFCU) is the largest credit union in the U.S. with 13.5 million members and a reported $168.4 billion in assets. NFCU operates 355 branches, including 26 international locations and a network of 30,000+ ATMs, all on or near a military installation.
NFCU offers several free personal and business checking, savings, and money market accounts; credit cards; auto loans; and mortgages, including a team specializing in VA home loans. It offers lower-than-average loan interest rates.
To become a member, you must be an active-duty military service member, veteran, retiree, Dept. of Defense (DoD) reservist, or ROTC candidate. DoD civilian employees, U.S. government employees working on a DoD installation, and DoD retirees and their immediate family members are also eligible.
Pros:
Cons:
- Must meet membership eligibility requirements
- Does not participate in Shared Branching
Why we like it:
Navy Federal has a great reputation for putting its members first and delivering outstanding service. It offers the most branches for a military-affiliated credit union, top-notch online banking capabilities, and a mobile banking app, making it a good choice for military families who move frequently.
Pentagon Federal Credit Union (PenFed)
Originally founded for military service members, veterans, federal employees, and their families, PenFed is now open to anyone who opens a savings account and keeps a $5 balance. With close to 3 million members and $35 billion in assets, PenFed is currently the third-largest credit union in the country. The credit union is headquartered in McLean, Virginia, and has 50 branches in 13 U.S. states, plus locations on military bases in Guam, Japan, Portugal, and Puerto Rico.
PenFed offers checking, savings, certificates of deposit, personal loans, auto loans, credit cards, mortgages, and student loans. It also offers special programs to help its members deal with government furloughs and emergencies.
Pros:
- No membership requirements
- Large network of free ATMS
- Early direct deposit
- Competitive rates on deposit accounts
Cons:
- Limited branch locations
- High non-sufficient funds and overdraft fees
- Monthly maintenance fees on checking (waivable)
- Does not participate in shared branching
Why we like it:
Providing there’s a location close to where you live, PenFed is a good option for those looking for a credit union that is easy to join, offers a wide range of products and services, and has higher-than-average interest rates.
Service Credit Union
Service Credit Union offers around 50 branch locations in New Hampshire, Massachusetts, North Dakota, and Germany.
Created to support military service members and their families in 1957, membership is now open to select employer groups and to members of the American Consumer Council and the Financial Fitness Association.
The credit union reports having 354,583 members and assets of $5.47 billion as of the end of 2023. It offers a variety of checking, savings, and money market accounts; certificates of deposit; and personal loans, credit cards, and investment services.
Pros:
- Competitive rates on some deposit accounts
- Loan discounts available to checking account holders
- ATM fee rebates are available
- Early direct deposit
- Participates in shared branching
Cons:
- High overdraft fees
- Limited branch locations
- Must meet membership requirements
Why we like it:
Overall, Service Credit Union is a good fit for military service members and the other employer and member groups that can become members. It offers free accounts and has a good track record for customer service.
Security Service Federal Credit Union (SSFCU)
Established in 1956 as the United States Air Force Security Service Federal Credit Union in San Antonio, Texas, SSFCU has 800,000 members and approximately 70 locations in Texas, Colorado, and Utah. Its $10.5 billion in assets make it the 14th largest credit union in the country.
SSFCU offers membership to select military branches, DoD employees at specific military bases, their family members, and anyone who lives, works, worships, attends school, or does business in the states where they operate.
Pros:
- 24/7 customer service virtual assistant via their website
- Free online courses on financial topics
- Participates in Shared Branching
- 2,600 ways to qualify for membership
Cons:
- Hefty overdraft and non-sufficient funds fees
- Must meet membership requirements
Why we like it:
SSFCU is a good choice for military families who can meet the membership requirements, and don’t overdraft often. Its participation in shared branching makes it convenient for those not living near their brick-and-mortar locations.
Methodology
When reviewing the above credit unions, we considered membership requirements, accessibility, customer service, products, services, fees, and account requirements.
How to choose the best credit union for the military
Here are a few things that should be considered when choosing a credit union or other financial institution:
- Membership requirements.
- Security (insured by NCUA).
- Physical locations and online access.
- Minimum opening deposits, balance requirements, and monthly maintenance fees.
- Interest rates on deposits.
- Interest rates for loans.
- Fees (account and ATM fees, overdrafts, loans, etc.)
Benefits of military credit unions
Military families live a unique lifestyle that can be hard for those not enlisted or connected to services to understand. Military credit unions and other military-affiliated financial institutions are run with that in mind and cater to those needs.
TIME Stamp: Choose a credit union designed for the requirements of military life
Military members, Veterans, retirees, and their families live a unique lifestyle that requires specialized financial services. Finding an institution with products and services catering to those requirements is important. Consider family needs, accessibility after moves, fees, and earning potential when determining the credit union that will be the best fit.
Frequently asked questions (FAQs)
What bank is better: Navy Federal or USAA?
Both financial institutions offer competitive financial products and services. Navy Federal is a credit union, while USAA is a bank. Which is better for you will depend on how you prefer to do banking—either in person or online only.
Which bank do most military members use?
USAA is often considered the leading bank for military members and their families, while Navy Federal is typically the credit union of choice for many.
Is USAA a bank or credit union?
Although many believe that USAA is a credit union due to its requirements to be an account holder, USAA is a federally insured bank, not a credit union.
The information presented here is created by TIME Stamped and overseen by TIME editorial staff. To learn more, see our About Us page.
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