Military Money 1-2-3: How to Pick a Bank Account
Follow these steps to help guideyour decision.
Step 1: Ask questions about what is important to you
- How do I keep track of my balance and spending when I’m deployed?
- Can I talk to a real person anytime I need help? § Do they have branches where I’ll be stationed overseas?
- What about a joint account with my spouse?
- Do they understand military terms and how we speak?
Step 2: Decide what you really need
- Three must-have features for any military-friendly account:
- Extensive network for 24/7 access
- Low account fees and free ATM use
- Military-friendly savings & loan options
Access Your account should offer 24/7 worldwide access to your money.
- Local branches
- Online banking
- Free ATM network
- Online bill pay
Savings and loan options
- Look for options that help you grow your money or build credit:
- Automatic Savings Programs ú Competitive Interest Rates
- Rate Discounts for Servicemembers ú Low-Interest or Secured Credit Cards ú Preapproved Auto & Home Loans
- Low or No Fee Prepaid Debit Cards
- Low Cost Installment Loans ú Financial Coaching Services Step
3: Your next steps Your account is your responsibility. Aim for the next steps.
- Protect your pin and passwords
- Avoid spending more than you have
- Get expert financial coaching
- Keep track of your account