Whether you're deployed on active duty or are retired military personnel, you need easy access to your money and financial services. Air Force Federal Credit Union (FCU) offers both convenient access and competitive rates, which is why the San Antonio-based credit union earned the No. 10 spot on GOBankingRates' ranking of the best military financial institutions in the country.
The credit union features account choices with a range of perks as well as access to nearly 30,000 surcharge-free ATMs and a free mobile banking app. Because Air Force FCU members may be deployed or required to move frequently while serving in the military, the credit union provides toll-free customer calling options across the U.S. and in other countries such as Germany and South Korea. The member contact center is open 24 hours a day, seven days a week, even on U.S. holidays. Members who aren’t near an Air Force FCU branch also have the option to visit one of nearly 5,000 shared branch locations and more than 2,000 kiosks.
What Makes Air Force FCU a Top 10 Military Financial Institution
Access to branches, ATMs and customer service are a major factor as to why Air Force FCU is a top 10 military financial institution, but it's not the only reason. The credit union also provides affordable checking and a range of other banking products, features and perks for members, including but not limited to:
Checking accounts with low initial deposit requirements
Savings account options, one of which can be opened with an initial deposit as low as $5
Competitive returns on savings, with money market accounts currently offering a 0.25% APY
Special offers from Sprint and GM
Exclusive discounts to Sea World and Schlitterbahn theme parks
Financial planning services, tax preparation assistance and debt management advice
Highly competitive rates on auto and mortgage loans
For example, Air Force FCU currently offers auto loans with annual percentage rates as low as 1.60%. Mortgages are offered at various rates and term lengths, including 10-, 15-, 20- and 30-year fixed conventional terms.
How to Become an Air Force FCU Member
Air Force FCU, a not-for-profit financial cooperative founded in 1952, currently has nearly 40,000 members worldwide and more than $370 million in assets. Membership is open to active and retired military and civilian personnel, U.S. government employees who are assigned to work at certain Department of Defense installations, some Reserve and Coast Guard members and immediate family members. Members of some specific foundations, places of worship or organizations and employees of participating companies also are eligible for membership with the credit union.
Membership does not expire, even if a member changes jobs, moves or retires. Eligible parties can apply for membership by phone or fax, online or at one of the credit union’s branches.
GOBankingRates' Ranking Methodology
Institution selection: In order to determine its “Best Military Financial Institution” rankings, GOBankingRates examined 36 military financial institutions offering retail bank services, including credit unions and banks. To be considered for ranking, banks had to be members of the Association of Military Banks of America (AMBA), and credit unions had to be listed as serving a military membership by the NCUA. From those, GOBankingRates selected the top military banks and credit unions for inclusion in its survey based on the following criteria.
Criteria for rankings: Financial institutions were scored from most to least favorable in the following categories. The categories given the most weight were (1) free checking account option and (2) low-fee or free ATM use, including reimbursing ATM fees. The next criteria were (3) savings account APY, (4) 12-month CD APY, (5) product and service offerings (including auto loans, VA mortgage loans, credit cards, insurance, and investment services), (6) a mobile app and remote deposit capability, and (7) financial education services. The criteria were rounded out by the financial institutions’ (8) BauerFinancial Star Ratings for overall financial strength, which were given a lesser weight.
Photo credit: Todd Morris