The Best Military Savings Account in 2025

If you are part of the military, every basis point of interest and every waived fee matters. In 2025, rates are volatile, and banks and credit unions constantly revise terms. 

This guide focuses on the best military savings accounts (excluding money markets, CDs, and checking accounts) that offer military-friendly features. 

Military Savings Accounts Reviewed

USAA Bank

Our Take

USAA has served military families for more than a century, and while its savings rates are low, its strength is reliability. It’s a one-stop home base for checking, insurance, credit, and investments, all built around the military lifestyle.

Eligibility

You can join if you’re active duty, Guard, Reserve, a veteran, or a qualifying family member of someone who served. Proof of service (like a DD-214 or military ID) is required. Once you’re in, you’re in for life even after separation or retirement.

Accounts and Features

USAA savings accounts don’t charge monthly fees. Members get early pay, strong mobile tools, and SCRA protections that cap interest rates on eligible loans and credit cards. The real benefit here isn’t just the APY but the convenience and support that move with you through deployments, PCS moves, and post-service life.

ATMs and Access

Members have access to over 100,000 USAA-preferred ATMs nationwide. USAA reimburses up to $10 per month for out-of-network fees and provides around-the-clock support, including for APO/FPO addresses overseas.

Navy Federal Credit Union (NFCU)

Our Take

Navy Federal is the largest credit union in the country, and for good reason. It is built by and for the military community, offering dependable service, flexible accounts, and consistent support no matter where you are stationed.

Eligibility

You are eligible if you are active duty, Guard, or Reserve, a veteran, a DoD employee, or a qualifying family member. Joining requires a small $5 share deposit, which officially makes you a member-owner. Membership never expires.

Accounts and Features

The standard Share Savings account is your entry point, with no monthly fees and a modest base rate. The bigger value comes from the extras, such as early pay, deployment fee waivers, family-member access, and global customer service that understands the challenges of military life.

ATMs and Access

Navy Federal offers fee-free access to more than 30,000 Co-op network ATMs and has branches near most major U.S. bases. The mobile app ranks among the best for reliability and customer satisfaction.

PenFed Credit Union

Our Take

PenFed offers one of the best online savings rates among military-friendly institutions. It is a strong fit for veterans or families who want the flexibility of a digital bank without losing the service culture of a credit union.

Eligibility

Membership is open to anyone with a military connection, including active duty, Guard, Reserve, veterans, DoD employees, or a qualifying family. You can also join by signing up with one of PenFed’s partner organizations, most of which are free and take only a few minutes online. A $5 opening deposit is all it takes to become a member for life.

Accounts and Features

PenFed’s Premium Online Savings typically pays around 2.70% APY with no monthly fees. Members benefit from SCRA relief, deployment-friendly policies, and strong financial tools that are easy to manage through the mobile app or website.

ATMs and Access

You will have free access to more than 85,000 ATMs through the Allpoint and Co-op networks. Most members never need to visit a branch, but PenFed locations are available around Washington, D.C., and near select military bases.

Wells Fargo 

Our Take

Wells Fargo is one of the few national banks with a dedicated military banking division. It provides worldwide access, familiar branch coverage, and consistent service for active-duty members and veterans who want their accounts under one roof.

Eligibility

Anyone can open an account, but active-duty members and veterans can qualify for additional benefits once they verify service with a military ID, LES, or DD-214. Wells Fargo extends SCRA protections and caps interest rates on eligible loans automatically once status is confirmed.

Accounts and Features

The Platinum Savings account earns a variable rate that depends on your balance and whether you have a linked checking account. While the APY is lower than most credit unions, Wells Fargo’s value lies in convenience. Military customers receive fee waivers, SCRA protections, and global support through its Worldwide Military Banking program.

ATMs and Access

Wells Fargo maintains thousands of domestic ATMs and branches, plus fee-free cash access through the Worldwide Military Banking network. It also offers 24/7 online and mobile banking with strong fraud protection.

Bank of America

Our Take

Bank of America serves millions of veterans and active-duty members through its Military Benefits program. It is best suited for those who already use the bank for credit cards, mortgages, or investments and want everything in one place.

Eligibility

Anyone can open a Bank of America account. To unlock military benefits such as fee waivers and SCRA protections, you must verify your service using a military ID, LES, or DD-214. Once confirmed, benefits are applied automatically.

Accounts and Features

The Advantage Savings account offers low yields but integrates smoothly with Bank of America’s checking, credit, and rewards programs. The bank provides SCRA rate caps, fee reimbursements for eligible service members, and access to its Preferred Rewards for Veterans program, which can boost savings rates and reward potential.

ATMs and Access

Bank of America customers have access to one of the largest ATM networks in the United States and can use international partner ATMs across more than 200 countries. Online and mobile banking tools are reliable and backed by 24/7 customer support.

How We Selected These Accounts

Our comparison focuses solely on savings accounts, excluding CDs and money market accounts. Below are the evaluation criteria we used to examine institutions and select the best military savings accounts.

Interest rate (APY)

Posted annual percentage yields and tier transparency, with acknowledgment that while some accounts offer higher APYs, these options were chosen for their veteran-friendly benefits and reliability.

Fees and balance requirements

Monthly fees, minimums, and waiver policies

Military-specific benefits

Deployment access, SCRA protections, early pay, family eligibility

Digital and global usability

App quality, ATM access, APO/FPO card replacement, support hours

Insurance coverage

App quality, ATM access, APO/FPO card replacement, support hours

Ease of membership

Who qualifies, and what documentation is required

Rates and terms were verified as of October 2025 and may change up to eight times per year. This piece is updated quarterly; confirm current details with each bank before applying.

What Makes the Best Military Savings Accounts

The best military savings accounts share three core traits: consistency, accessibility, and support tailored to the military lifestyle. While the interest rate is important, it’s not the only metric that matters. 

For service members and veterans, account stability, overseas usability, and customer service that understands deployments can be just as valuable as a higher APY.

When comparing military savings accounts, here’s what to look for:

• Transparent rates and tiers: A clear APY structure with no misleading promotional terms or balance cliffs.
• Low or no maintenance fees: Accounts that stay fee-free regardless of deployment or activity level.
• Strong digital access: Reliable mobile apps, online transfers, and responsive customer support that work across time zones.
• Military-specific perks: Early pay, SCRA protections, waived fees during deployments, and card or account access for spouses or family members.
• Reliable insurance and safety: FDIC or NCUA coverage up to standard limits and clear ownership options for joint or trust accounts.

A great military savings account should be flexible enough to support your financial goals, whether you’re stationed overseas, transitioning to civilian life, or building long-term savings for your family.

Try to look for accounts that can check most or all of these boxes.

The Best Military Savings Accounts

Below is a snapshot of savings accounts that come close to checking those boxes. These are accounts with explicit military or veteran access (or strong military ties). However, note that rates, fees, and other stipulations are constantly in flux. Always double-check before opening an account.

Rates and terms were verified as of October 2025 and may change up to eight times per year. This piece is updated quarterly; confirm current details with each bank before applying.

Day-to-Day Usability & Digital Features

How well your savings account performs in real life matters just as much as APY.

Final Thoughts

Every service member’s financial situation is different, and each of these institutions serves the military community in its own way. The best military savings account is the one that fits your lifestyle: steady, flexible, and built to support you through deployments, transitions, and civilian life. Compare carefully, confirm current terms, and choose the institution that earns your trust, not just your balance.