topic Re: Best Primary Banks/CUs for Military Member? in Personal Finance

Best Primary Banks/CUs for Military Member?

30mm_goes_BRRRT — Mon, 19 Jun 2023 00:05:10 GMT

Hi everyone,

I've been with USAA for over a decade. However, I feel that their banking department isn't what it used to be. I've been mulling the idea of retaining my insurance with them but banking elsewhere. I don't have any money in savings accounts (just my direct deposit into checking and 20% of my base pay into my roth tsp), so I wasn't looking too hard at HYSAs. Through research, it seems like NFCU, Schwab, and Alliant seem to be decent and have feature packed checking accounts (compared to USAA at least). I do have interest in Alliant's Visa Signature card as well as NFCU's platinum for the low APR or even the Flagship as a catch-all card. I don't want to make any bank my primary just to get a credit card though. Any advice would be much appreciated. Thank you!

Re: Best Primary Banks/CUs for Military Member?

AndySoCal — Mon, 19 Jun 2023 02:29:22 GMT

@30mm_goes_BRRRT First thank you for your service to our country. Here are a few suggestions for credit unions. Take your time do the research and find one that works well for you wether it is a bank or a credit union

Service Credit Union

https://servicecu.org/

Pen Fed Federal Credit Union

https://www.penfed.org/

This one is located In New York (Yorkvile)

https://www.americu.org/

Re: Best Primary Banks/CUs for Military Member?

Hipployta — Mon, 19 Jun 2023 08:52:35 GMT

NFCU. I joined them in 2010 after 8 years with USAA and they are still my primary bank. They are extremely supportive and want to give as much as possible to their menbers whether via loans or credit cards.

Re: Best Primary Banks/CUs for Military Member?

SouthJamaica — Mon, 19 Jun 2023 11:06:24 GMT

@30mm_goes_BRRRT wrote:
Hi everyone,
I've been with USAA for over a decade. However, I feel that their banking department isn't what it used to be. I've been mulling the idea of retaining my insurance with them but banking elsewhere. I don't have any money in savings accounts (just my direct deposit into checking and 20% of my base pay into my roth tsp), so I wasn't looking too hard at HYSAs. Through research, it seems like NFCU, Schwab, and Alliant seem to be decent and have feature packed checking accounts (compared to USAA at least). I do have interest in Alliant's Visa Signature card as well as NFCU's platinum for the low APR or even the Flagship as a catch-all card. I don't want to make any bank my primary just to get a credit card though. Any advice would be much appreciated. Thank you!

What features are you looking for?

Most institutions I've dealt with have both advantages and disadvantages. And some "features" are not worth having, to some people (e.g. interest bearing checking accounts for people who make a certain number of debit card transactions per month -- not of interest to people who don't keep money in their checking accounts or to people who don't believe in using debit cards for purchases).

@Hipployta recommends NFCU, and NFCU is certainly a worthy candidate to consider, but it has its drawbacks too -- e.g. can't pull transfers from external accounts, slow credit card balance transfers, interest rates ok compared to banks but not as good as many other credit unions, early direct deposit not as early as some institutions.

Re: Best Primary Banks/CUs for Military Member?

Anonymalous — Mon, 19 Jun 2023 11:17:25 GMT

@Hipployta wrote:
NFCU. I joined them in 2010 after 8 years with USAA and they are still my primary bank. They are extremely supportive and want to give as much as possible to their menbers whether via loans or credit cards.

Navy is my primary FI as well, but the one downside is they can't do ACH pulls from other institutions. (Except to credit products -- Navy can pull to pay off a Navy CC, for instance.) This makes them a poor hub for transfering money between different accounts.

But in general, they're excellent. Exceptional customer service, the full suite of banking products, low fees, low rates, and so on. Their credit cards aren't great for those into the travel point game or who are optimizing cash back with a big pile of credit cards, because they lack travel partners and cards that give 5% back in specific categories. But they're great for those looking for a simple 2 card setup that focuses on categories important to much of middle America, not to mention the huge CLs. It does pay to shop around a bit -- for instance while their CDs have been keeping abreast of the market leaders, their savings APYs are pretty bad right now.

Re: Best Primary Banks/CUs for Military Member?

30mm_goes_BRRRT — Mon, 19 Jun 2023 23:01:31 GMT

Thank you all for the replies! I'm pretty ignorant with banking/finances, so I'll try to answer the best I can.

@AndySoCal of course! And I appreciate you sending the alternate credit unions to look at. I used to drive by an Americu almost daily back when I lived in Watertown NY and never knew what it was lol.

@Hipployta thanks for sharing your experience with NFCU. I went ahead and applied last night for NFCU (I actually applied for NFCU, Alliant, and Schwab... haha). I'm leaning towards having NFCU as my main checking account (thinking flagship) and opening up a HYSA elsewhere. Still debating whether to leave my DD with USAA for the 2 day early deposit and then xferring majority to NFCU from there. If that sounds dumb to anybody please chime in!

@SouthJamaica thanks for your comment! I'll claim ignorance, but I'm not entirely sure what I'm "looking" for. I'll do more research on my end! In summary I was looking for guidance on what the best banking/credit unions are available for military members and the why. I understand there is not one-size fits all solution here. Each FI has its strengths and weaknesses. It just seems to me USAA's banking dept in particular is becoming less strong compared to what's out there, and I don't want to settle for just okay. I've blindly been a part of them because my father has been a member for close to 50 years (yeah, he's old... He'll go off tangent about how it used to be exclusively for officers every now and again lol). NFCU does seem like a solid choice.

@Anonymalous thanks a million for the detailed response! Glad to hear NFCU has been a great institution for you and that you utilize it as your primary FI. As of now, I think I'll try it out as the primary with Alliant as a backup spot to park some cash in for the Alliant Visa lol

I like the fact that Schwab gives you a brokerage account along with its checking. However, investing is something I have no knowledge on atm. I've been content enough to just invest in my roth tsp and let my money sit in checking. Probably a bad move. I'll look at setting up a HYSA with maybe AMEX or another 4%+ APY FI. You're spot on regarding their credit cards too. Really great duo with the More Rewards/Flagship!

Re: Best Primary Banks/CUs for Military Member?

butterpecan — Tue, 20 Jun 2023 07:24:43 GMT

@30mm_goes_BRRRT

What a small world....Watertown, NY native here for 35+ years due to my father being stationed on Ft. Drum. I finally left 2 years ago for the south. AmeriCU is a good credit union, at one time it was only open to military. Good luck in your search, I'm also in the same boat except with BofA so I'm "looking" too.

Re: Best Primary Banks/CUs for Military Member?

30mm_goes_BRRRT — Tue, 20 Jun 2023 12:51:24 GMT

@butterpecan 35 years!! Geez, a well deserved move to the South after dealing with that many Upstate winters lol. I will say, the Thousand Islands and that area are a hiddem gem and can't be beat in the summer! My wife is from Kingston Ontario, so she keeps wanting us to move back. Who knows

Likewise, good luck in your search! I have a meeting with a local Schwab branch, so maybe that will alter my path.

Re: Best Primary Banks/CUs for Military Member?

ForwardLooking — Thu, 22 Jun 2023 06:01:09 GMT

I am with NFCU and can't say anything bad about them. Comparing them to the big banks, I enjoy my interactions with NFCU a lot more than I do with Chase or Key bank where I have other accounts. Like a few others have said, they have decent products, but nothing over the top. I do have their Flagship card and use it as my daily driver and appreciate the 2% cash back for most purchases and 3% for travel as well as their other travel benefits. I also like their international presence and have used their branches while on travel. Their savings, both share savings and HYSA options, are lacking a little so I just keep a small portion of my emergency funds there, but moved the majority of my savings to my Fidelity money market account. I do use them as my main financial hub, but as somone pointed out, you have to initiate any inbound transactions from another bank because they only allow you to push in their interface.

My brother has USAA and has complaints similar to you and is thinking of moving his accounts too.

Re: Best Primary Banks/CUs for Military Member?

butterpecan — Thu, 22 Jun 2023 06:16:44 GMT

@30mm_goes_BRRRT

Oh yes the summer's are breathtaking in the Thousand Islands! You can always go for a visit, I do miss some aspects of it but def not the 8 feet of snow. Have you decided on Schwab?

Re: Best Primary Banks/CUs for Military Member?

30mm_goes_BRRRT — Sun, 25 Jun 2023 17:22:26 GMT

Honestly, my meeting with Schwab was a lot less informative then I was hoping. I've decided to swap my main checking account to Navy Federal, open a HYSA with AMEX, and reallocate my TSP funds to be more aggressive. I plan to close my Alliant account in 3 months when there's no penalty (not worth the hassle to park $1K in a checking account just for a 2.5% catch-all card).

As for my Schwab account, I think I'll keep it open as long as it's free. I like the fact it reimburses all ATM fees, to include overseas. I also want to keep the door open once I'm able to max my TSP and invest more money through different avenues. Thanks for everyone's guidance and help!

Re: Best Primary Banks/CUs for Military Member?

butterpecan — Tue, 27 Jun 2023 20:00:51 GMT

@30mm_goes_BRRRT wrote:
Honestly, my meeting with Schwab was a lot less informative then I was hoping. I've decided to swap my main checking account to Navy Federal, open a HYSA with AMEX, and reallocate my TSP funds to be more aggressive. I plan to close my Alliant account in 3 months when there's no penalty (not worth the hassle to park $1K in a checking account just for a 2.5% catch-all card).
As for my Schwab account, I think I'll keep it open as long as it's free. I like the fact it reimburses all ATM fees, to include overseas. I also want to keep the door open once I'm able to max my TSP and invest more money through different avenues. Thanks for everyone's guidance and help!

@30mm_goes_BRRRT I too like Amex for the HYSA and Navy Federal moreso for their credit products at this point. I am pulling the plug on a few accounts too. I never belonged to Alliant but instead DCU which has really nice auto loan rates. I'm glad you figured out your path it sounds productive. Good luck.

Re: Best Primary Banks/CUs for Military Member?

NoMoreE46 — Sat, 01 Jul 2023 03:31:13 GMT

Welcome to My FICO @30mm_goes_BRRRT .

Love the username name.

Re: Best Primary Banks/CUs for Military Member?

30mm_goes_BRRRT — Sat, 01 Jul 2023 03:40:29 GMT

@NoMoreE46 Appreciate it, this forum is incredibly informative.

And lol, I work with CAS platforms frequently and love the A10 so 🤷

Re: Best Primary Banks/CUs for Military Member?

Hipployta — Thu, 20 Jul 2023 23:18:48 GMT

@Hipployta wrote:
NFCU. I joined them in 2010 after 8 years with USAA and they are still my primary bank. They are extremely supportive and want to give as much as possible to their menbers whether via loans or credit cards.

I also like Langley...I have a PLOC and credit card with them

Re: Best Primary Banks/CUs for Military Member?

Aim_High — Wed, 26 Jul 2023 03:18:27 GMT

@30mm_goes_BRRRT wrote:
Honestly, my meeting with Schwab was a lot less informative then I was hoping. I've decided to swap my main checking account to Navy Federal, open a HYSA with AMEX, and reallocate my TSP funds to be more aggressive. I plan to close my Alliant account in 3 months when there's no penalty (not worth the hassle to park $1K in a checking account just for a 2.5% catch-all card).
As for my Schwab account, I think I'll keep it open as long as it's free. I like the fact it reimburses all ATM fees, to include overseas. I also want to keep the door open once I'm able to max my TSP and invest more money through different avenues. Thanks for everyone's guidance and help!

You got great advice and I like that plan, @30mm_goes_BRRRT. I also like Navy FCU and PenFed, but I had accounts with USAA also, so I have experienced all of those. When I was active duty over a couple of decades ago, online banking wasn't yet a big thing, so I normally took my deposits out in cashiers check and moved to a new local financial institution near my base, often the affiliated credit union. Today, you guys have lots more choices and don't have to move banking.

Just in case you decide you want to put your toe in the water with one of the big banks, let me tell you about a good deal. Chase Bank is possibly the most military-friendly large bank. At the link below, you'll find special military programs for banking, small business and more. Both current servicemembers and veterans can open a Chase Premier Plus Checking account with no minimum required balance and no $25 monthly service fee; no Chase Fee for first four non-Chase ATM withdrawals monthly; no fee for Counter Checks, Money Orders, or Cashier's Checks; and no monthly service fees on affliated Chase savings accounts or up to two additional Chase checking accounts. There are additional enhanced benefits for active duty members. Sure, Chase doesn't compete head-to-head with credit unions on interest rates, but there's something to be said for their huge banking footprint and great customer service. I don't use Chase as my primary accounts but I have some and have considered making it more of a banking hub for convenience.

>Chase Military Banking Link<

Re: Best Primary Banks/CUs for Military Member?

30mm_goes_BRRRT — Wed, 26 Jul 2023 15:55:41 GMT

Funny you bring this up @Aim_High, just last night I was browsing US Bank's checking accounts. I went ahead and created an account with them which, with military status, defaults to their Plus Tier checking. I tested out Navy and, as a previous commenter mentioned, they aren't exactly the best hub since they cannot do ACH pulls from other institutions. That rather irritated me more than I thought it would haha. That issue, coupled with a rather cumbersome process trying to get my wife in as a member, has somewhat steered me away from using Navy as my primary FI. I started using Schwab a couple weeks ago as my primary FI and I have no real complaints besides petty things. Their UI is more graph/data oriented than I'd prefer, and whenever you spend money from your checking account it shows up as bright red numbers all over causing me to panic the first time I saw it lol. It is also annoying that it defaults to the brokerage account when trying to find the routing/account numbers when I'd rather the checking account be the default (I feel like it's a sheisty attempt to get you to fund the brokerage). All in all, for being free, Schwab offers a tremendous amount of perks when compared to other institutions.

Back to US Bank... it would seem US Bank and Chase offer somewhat identical perks for AD military. $0 maintenance fees on a checking account and all additional savings/elite money market accounts, $0 overdraft fees when overdrawn $50 or less, $0 ATM fees at US Bank ATMs and first 4 non-US Bank ATMs per statement period, free cashier's checks/money orders/stop payments. The Plus Tier checking account comes with a slew of other perks I havent seen from a checking account before, to include a mortgage loan closing cost credit up to $1K. I think I might try US Bank out for a month or two and see how I like it. As a potential unrelated bonus, I was planning to apply for the US Bank AR this September... maybe this could help. Lord know's I'll need it lol (currently 4/6 new accounts, will drop to 1/6, 4/12 in Sept). I will keep Chase on my radar from here on out too. Their geographical footprint is huge, so finding a branch CONUS would be no issue whereever. I don't put much priority on this aspect though. I haven't needed to go into a bank for almost 15 years. However, if they offer me a decent checking account SUB, I might hop on it and see how it goes! So far the best way for me to assess which FI I prefer is to do the research and simply try them out. Thanks again for your input! This forum is definitley a great wealth of knowledge and has been incredibly helpful for me.