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Military Money 1-2-3: How to Pick a Bank Account

How to pick a bank account

Follow these steps to help guide your 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 and Competitive Interest Rates
    • Rate Discounts for Servicemembers and Low-Interest or Secured Credit Cards and Preapproved Auto & Home Loans
    • Low or No Fee Prepaid Debit Cards
    • Low Cost Installment Loans and 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

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