Best Investment Checking Account for Military Families

Putting your money to work for you is a great tool for financial success, particularly for military families who encounter unique challenges. In today's fast-paced, globalized world, it's important to maximize the returns on your hard-earned money. One way to accomplish this is by selecting the best investment checking account.

Investment checking accounts offer a combination of accessibility and growth potential, making sure your funds actively support your financial goals.

Keep reading to learn how you can invest with a checking account, what an investment checking account entails, and why it might be considered an investment, especially for military families.

Is It Possible to Invest with a Checking Account?

Can you really invest with a checking account?

The answer is yes -- though it operates differently from traditional investment vehicles like stocks or bonds. A checking investment account most often works by offering a higher interest rate than standard checking accounts. This allows your balance to grow over time. Investment checking accounts may even come with additional benefits that enhance their value.

For military families who often face frequent relocations and unpredictable schedules, having a flexible yet profitable financial product is essential. While these accounts don't replace dedicated investment accounts like IRAs, BRS, or TSP, they provide a way to earn more on your everyday funds.

By selecting the best investment checking account, you ensure your money remains accessible while still generating returns. This approach is particularly beneficial for those who maintain significant balances in their checking accounts and want to avoid missing out on potential earnings.

What is an Investment Checking Account?

An investment checking account, also known as a checking investment account, combines the liquidity of a checking account with some earning potential of an investment account.

Investment checking accounts typically offer higher interest rates than regular checking accounts, making them a more attractive option for those who want to have access to their money while still earning interest. By utilizing investment checking accounts, you can effectively increase the overall return on your checking account balance.

For military families, having an investment checking account means having the flexibility to access funds easily while still benefiting from interest earnings. This is particularly useful for covering unexpected expenses or making large purchases, such as the costs associated with PCS moves.

Can a Checking Account Be an Investment?

There are many different opinions on whether a checking account can be an investment, but the answer depends on how you define "investment." Typically, investments are financial products or assets purchased with the expectation that they will generate income or appreciate in value over time. By this definition, a typical checking account might not qualify as an investment.

However, a non-interest-bearing checking account is still considered an investment. It serves as a safe place to store your money while keeping it readily accessible for everyday expenses. Additionally, many checking accounts, especially those designed as investment checking accounts, offer features that provide some level of return on your balance.

For example, if you choose a checking investment account with a higher interest rate, your balance can grow over time. However, it may happen more slowly than with traditional investments.

This incremental growth can be advantageous for those who maintain high balances in their checking accounts or frequently use their accounts for transactions. For military families, this means having a reliable and flexible financial tool that supports their lifestyle.

Access Investment Checking by Armed Forces Bank⁴

Armed Forces Bank offers a specialized investment checking account called Access Investment Checking,⁴ designed with service members and their families in mind. This account combines the benefits of a traditional checking account with the growth potential of an investment account, making it an excellent choice for military families.

Key Features of Access Investment Checking:⁴

• Tiered Interest-Earning Account: The rate of return increases as your balance rises.
• Quick Application Process: Applying typically takes 10 minutes or less, perfect for busy military families.
• Safety and Accessibility: Keep your money safe and ready while earning more of it.
• Ideal for Higher Balances: This account is perfect if you carry higher balances and want extra benefits.
• Unlimited ATM Fee Waivers: Enjoy unlimited ATM fee waivers¹ and free, unlimited access to 38,000+ MoneyPass® Network ATMs¹
• No Fee on Money Orders and Cashier’s Checks: Save on transaction fees with no charges on money orders and cashier’s checks.
• Referral Program: Refer friends and family and earn $50 for you and $50 for them.³
• Special Loan Discounts: Receive special loan discounts, including a $250 mortgage closing cost discount.
• Complimentary Standard Checks: Get free standard checks.
• Free eStatements and Paper Statements: Choose between electronic and paper statements at no cost.

There is a $100 opening balance requirement. To avoid the $20 monthly service charge, you must either maintain a daily balance of $5,000 or an average balance of $10,000 per statement cycle. Closing new Access Investment Checking⁴ accounts within 90 days of opening will result in a $20 early closure fee. Additionally, you can add cash to your account from thousands of retailers using Cash2Debit.^{TM 2}

Make Your Money Go Further with Access Investment Checking⁴

Investment checking accounts can be a smart move for anyone looking to make their money work harder -- especially military families. Whether you're interested in earning higher interest or simply keeping your funds accessible while they grow, an investment checking account like Armed Forces Bank's Access Investment Checking⁴ can help you achieve your financial goals.

Ready to get started? Apply online in minutes.

 

 

Member FDIC

 Closing new accounts within 90 days of opening will result in a $20 early closure fee.

 ¹ No fees for withdrawals, transfers, balance inquiries or denied ATM transactions at ATMs in the MoneyPass® Network if you have a MoneyPass® logo on the back of your card. MoneyPass® Network ATMs are within the U.S. only.

 ² A $4.95 fee may apply. Deposit limits and restrictions apply. Not available in Vermont. Ask an Armed Forces Bank associate for details. Not available at self-checkout.

 ³ Message and data rates apply. Terms and conditions apply. ReferLive.

 ⁴ $100 opening deposit required.  $20 monthly service charge applies unless a $5,000 daily balance or $10,000 average monthly balance is maintained. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. The Annual Percentage Yield (APY) shown is accurate as of 7/24/2024. The interest rate may change after the account opening. Fees may be charged to the account, which could reduce earnings on the account. If the account is closed prior to the interest payment date, no interest will be paid.