Best Banks and Credit Unions for Military Members

Written for Money Magazine by Kat Tretina, October 2024

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Armed Forces Bank offers its Access Freedom Checking account with no monthly service charge and minimum balance requirements. It also provides early pay for military direct deposits and doesn’t charge for money orders. This checking account also offers access to over 38,000 surcharge-free ATMs across the U.S. Although it’s called Armed Forces Bank, civilians nationwide can also open accounts with this institution.

The checking account choices offer different perks depending on your goals. For example, an investment checking account provides interest and unlimited ATM fee waivers. However, you need $100 as an initial deposit. Or, you can use the Access Freedom Checking, which doesn’t have account maintenance fees and offers free money orders, and comes with a lower initial deposit. Armed Forces Bank offers banking products, such as loans and CDs, in addition to checking accounts. The APYs on CDs and the money market account are above average, but its savings accounts have lower rates than most.