Does your bank fit your military money style?
As active military serviceperson or a US veteran, you have been called upon to protect, serve and ensure the safety of your country. We think your bank should do the same for your military finances: protect, serve and grow your assets, here at home.
If you're like most military families, you chose your current bank for its convenient location, and low minimum balance with no monthly fee. But it's important for a military family to shop around for the right bank to handle your hard-earned military salary. Knowing what bank products and services serve you best can save you money, too.
Bankers should be your financial partners; they should take an interest in understanding your military family's financial goals, and be quick to offer the highest possible interest rates on your deposits, efficient banking products, and competitive money-saving financial services. Military families move often, so you may find yourself looking for a new bank more often than the average family. Before you choose a new bank, here's what to look for:
Generous perks: When you have a busy military lifestyle, free online banking is a must - and a standard service for most banks. Some banks offer free fund transfers and free online bill pay without minimum balance requirements.
Reasonable costs: You work hard to create savings with your military salary; extra bank fees can eat away at your account balance. Consider your military family's banking habits, and then ask what the bank charges for using another bank's ATM, dropping below the minimum balance or writing too many checks.
Competitive rates: Rates determine how much money you earn on your savings account or how much you pay for loans. Compare your bank's interest rates to their competitors.
Strong rewards: Your bank can help your military pay go further with reward programs that really add up, such as cash back for using your bank card to make purchases, or combined points from debit and credit card purchases. Ask about rewards programs.
Responsive service: With your busy military life, time is of the essence. How quickly does your bank respond to calls or e-mails? Excellent service can make all the difference.
Protective measures: Fraud is as large a problem for those in the military as anyone else. Many banks fully protect your information and offer useful tips for how you can protect yourself and detect fraud. Some banks offer services that help you monitor your credit.
