Military banks and credit unions. They’re generally exclusive to military families and they’re known as some of the best personal banks and credit unions in the country.
Their deep understanding and experience of military life makes these financial institutions attractive for many families and individuals with military roots. From VA loans to personal checking accounts, military banks and credit unions have tailored products and services just for you.
Finding the Right Military Financial Institution for You
Choosing the right bank or credit union can be a frustrating experience. The idea of transferring banks can make your head spin. However, these top financial institutions generally have amazing customer service and electronic banking options that make servicing your accounts a breeze.
There are two main categories to choose from: banks and credit unions.
One of the most popular and well known examples of a military bank is USAA Federal Savings Bank. It also happens to be one of the most exclusive regarding membership outside of veterans, active military service members, and their families.
Credit unions that specialize in military financial services are far more popular in terms of volume of credit unions. Well known credit unions include Navy Federal Credit Union and Air Force Federal Credit Union.
Shopping for Your Financial Needs
Just like most decisions in life, there are pros and cons to each military bank and credit union. The important thing to remember is that the best way to find the right fit is to take the time and shop around.
Before you start flipping through military financial institutions, begin by figuring out exactly what you need to help suit your lifestyle, goals, and protection. For example, some banks provide insurance, banking, loans, and investment opportunities (CD’s, IRAs, etc). Others provide higher yield savings accounts and that’s their big advantage.
When you know exactly what you’re looking for, making that decision is much easier.
Your Top Picks for Military Banks and Credit Unions
Once you have two or three choices narrowed down, it’s time to connect to learn more. Whether you fill out a contact form, call the institutions directly, or enjoy live chat from the comfort of your couch, getting to know the bank or credit union through communication is always a great idea.
This small step will help you figure out how customer service runs in that specific organization, which can often help prevent this process of shopping around in the future.
Ask questions about the product(s) you’re interested in, account minimums, investment advice, fees, interest rates, and more. Don’t forget to ask about transitioning from your current bank or credit union to your new one.
After sorting through questions, it’s time to pick the best military bank or credit union for you. Choose wisely.