Aren't all banks basically the same? Well, no two military families are exactly alike. Financial lifestyles can differ dramatically. And while they have some things in common, banks can vary just as much in how well they support your military financial needs. Your best bet is a bank that understands the unique financial challenges of being military, and is prepared with products and services to support both your current military lifestyle and meet the future needs of military retirement and beyond.
To choose the right bank for you, first determine your military money style by answering some few simple questions:
Can your bank help you to leverage your military salary? Comparing even basic banking products like savings accounts, checking accounts, money market accounts, long and shorter term CDs and more, can often earn you the highest interest rates, lowest fees, and most generous perks that go a long way towards stretching your military paycheck.
Can your bank support military retirement? Consider products like IRAs to see how your investment now can pay off later.
Consider your bank's level of customer service. With your busy military lifestyle, you want a proactive banker, someone who will keep you informed about the latest bank products and services designed to benefit your military family, creating a strong foundation for solid military money management.
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, look for things like generous perks, reasonable costs, and competitive rates.
A penny saved is military smart...if your bank accounts are working as hard as they can to bolster your military lifestyle. Banks offer a veritable smorgasbord of bank products and services. It's up to you to find those that support your military expenses, lifestyle and future plans.
Earning interest and saving money is easier than you may think. Even if your military pay is from one spouse only, allocating consistent savings from each military paycheck of just $10 or $20 a month adds up over time.
As military servicemembers, you have many money-saving advantages that consumers don't have, and that helps when it comes to maneuvering successfully in this tighter economy. You should be taking full advantage of military savings plans and military loans that can help you make smart saving, spending and investing choices.
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