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
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Navy Federal Credit Union |
Active duty, retired and veterans, immediate family members, Dept. of Defense (DoD) civilian personnel |
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Pentagon Federal Credit Union |
Anyone can join by opening a savings account with $5 |
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Active Duty, retired, veterans, and family members. Members of select employer groups, the American Consumer Council, and the Financial Fitness Association |
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Security Service Federal Credit Union |
Members of select military branches, DoD employees at specific military bases—or live, work, or conduct business in Texas, Colorado, or Utah |
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:
- 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
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.