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

Legal Protections While on Active Duty

This article provides information on how to choose the correct bank account, as well as other information. This article was provided by The Consumer Financial Protection Bureau.

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

Click the link below for more information

CLICK HERE For the entire PDF on Military Money How to Pick a Bank Account