America's armed forces -- and their relatives -- have access to some very decent banking options. MONEY looked at six military-oriented financial institutions, most of them credit unions, and found that free checking was almost standard (all but one institution had it) and higher rates were customary (the median savings yield for deposits of $20,000 was 0.28%). The institution above was a runner-up for many categories surveyed.
Why it's a winner
Navy Federal -- which you can join if you are active-duty military, a Department of Defense or Coast Guard civilian employee or contractor, or are a household or family member of an NFCU member -- gets a special nod because of the top-shelf terms it offers across a variety of accounts, both personal and business.
EveryDay Checking has no monthly service fee and pays a 0.05% rate; Flagship Checking, which is fee-free if you keep a balance of $1,500, has an APY as high as 0.45% and reimburses up to $10 in ATM surcharges a month. (It's also worth noting that Navy Federal participates in the CO-OP network, which allows you to use 55,000 ATMs for free, plus you also pay only $1 to use a Plus network machine.) Navy Federal's Money Market Savings Account, meanwhile, offers 0.5% on $25,000.
All of Navy Federal's business accounts allow unlimited electronic deposits. The maintenance fee-free Business Checking can make sense for those with a side gig, while more established companies should look at the Premier Business Checking account, which has a higher free-transaction limit.
Navy Federal's most basic business account offers only 30 free cash transactions (though all electronic transactions are free).
NFCU Flagship Checking
Money Market Savings
Business Checking Terms