What to Look for in a Veteran-Friendly Bank

When comparing banks or credit unions, keep an eye out for these key features:

• Low or no monthly fees: Many veteran-focused institutions waive monthly maintenance fees, offer free checking, or provide fee forgiveness programs.
• Specialized military benefits: Some banks offer benefits like early direct deposit of VA benefits, reduced loan rates, and financial counseling services.
• Good customer service: Banks with knowledgeable support teams can better assist with issues related to military benefits, transitions to civilian life, or moving between locations.
• Strong online and mobile banking tools: Reliable digital access is important, particularly if you move frequently or prefer handling your finances remotely.
• ATM access and fee reimbursement: Widespread ATM networks and reimbursement for out-of-network ATM fees can save you money when you’re on the move.

Navy Federal Credit Union (NFCU)

Open to all branches of the military, veterans, and their families, Navy Federal offers no-fee checking and savings accounts, competitive loan rates, and specialized products like Military Choice Mortgages. Veterans can also access helpful financial tools, personalized support, and a large ATM network across the U.S. and overseas. The credit union provides educational resources and participates in financial counseling programs through the Veterans Benefits Banking Program (VBBP).

PenFed Credit Union

PenFed serves a broad military community, including veterans, and offers low-interest personal loans, credit cards, and high-yield savings options. Veterans can benefit from home financing options, including VA loans tailored for those purchasing or refinancing after service. PenFed’s mobile banking platform and robust customer service make it a practical choice for those adjusting to civilian financial routines.

USAA Bank

USAA provides banking and insurance products exclusively to veterans, active-duty servicemembers, and their families. For veterans, USAA offers fee-free checking and savings accounts, early access to direct deposit of VA benefits, competitive loan rates, and strong online and mobile banking tools. USAA also emphasizes financial literacy and provides educational content and calculators designed to help veterans manage their money confidently.

Chase Military Banking

Chase offers checking and savings accounts with no monthly service fees for veterans and military members. Features include early direct deposit access and nationwide ATM and branch access. Chase also participates in the VBBP and offers financial literacy tools and resources for veterans looking to build or manage credit, save for major purchases, or plan for retirement.

Bank of America Military Banking

Bank of America provides fee waivers, interest rate discounts, and other financial benefits for eligible veterans. Their Military Banking team is trained to assist with account management and provide guidance during major life transitions, such as post-service relocation or adjusting to a civilian budget. Veterans can also access tools for budgeting and saving, along with support from the VBBP.

What You Need to Open a Checking Account

Opening a checking account typically requires a few basic documents and steps:

• Proof of identity: A government-issued ID, such as a driver’s license, passport, or military ID
• Proof of address: A utility bill, lease agreement, or other document showing your current residence
• Initial deposit: Some banks require a minimum deposit to open an account, though many military-friendly banks waive this requirement or set it very low

Veteran-friendly banks and credit unions may also ask for documentation verifying your military service (such as a DD-214 form) if you’re applying for accounts with military-specific benefits.

Many banks now offer the option to open checking accounts entirely online, which can be helpful for veterans who may be relocating or living overseas.

Best Checking Accounts for Veterans

Several banks and credit unions offer excellent checking account options designed with veterans’ needs in mind.

Navy Federal Credit Union (NFCU) nRewards® Secured Credit Card

This card offers 1 point per dollar spent and may become eligible for an upgrade to an unsecured card after six months of responsible use. It also has no annual fee.

PenFed Gold Visa® Secured Credit Card

This card provides a straightforward secured credit option with competitive terms for eligible members. Payments are reported to the major credit bureaus, which can help build a positive credit history.

USAA® Secured Visa® Platinum Card

Designed for individuals looking to rebuild or establish credit, this card has no annual fee and reports account activity to all three major credit bureaus.

VeteransPlus

VeteransPlus is a nonprofit organization that offers free financial education and personalized coaching services tailored specifically to veterans, active-duty servicemembers, and their families. Programs focus on budgeting, debt management, and understanding credit. Services are provided by professionals with military experience to ensure culturally competent support.

Operation Homefront

Operation Homefront provides financial education and credit workshops as part of its Transitional Homes for Veterans program. While these services are only available to veterans enrolled in the housing program, they focus on promoting long-term financial stability through mandatory financial education and case management.

National Foundation for Credit Counseling (NFCC)

The NFCC connects veterans and military families with certified credit counselors who provide formal credit counseling services, often at no cost. NFCC member agencies can assist with credit report reviews, debt management planning, and other personalized financial services.

VA Benefits Garnishment Rules

Veterans who receive VA benefits, such as disability compensation, are protected by federal laws that limit how those funds can be seized by creditors. VA disability benefits are generally protected from garnishment, seizure, or attachment by most creditors.

However, A portion of VA benefits may be garnished to satisfy obligations such as child support, alimony, or certain federal debts (like overdue taxes or federally backed student loans).

When SCRA Protections Still Apply

Although the Servicemembers Civil Relief Act (SCRA) is primarily designed for active-duty servicemembers, some veterans may still benefit from its protections if:

• A legal proceeding or loan obligation originated during active duty, and
• The proceeding or enforcement action (like foreclosure or repossession) continues after separation.

In these cases, veterans may still be entitled to protections such as limits on interest rates for pre-service loans or requirements for court approval before certain actions are taken against them.

MLA Protections End After Service

The Military Lending Act (MLA), which caps interest rates and prohibits predatory loan terms for active-duty servicemembers and their dependents, does not continue after separation from the military. Veterans no longer qualify for MLA protections once they have transitioned to civilian status.

Transition Assistance Program (TAP)

The Transition Assistance Program (TAP) is a mandatory initiative for most service members separating from active duty. It provides a curriculum that includes career counseling, resume and interview workshops, financial planning, and information about VA benefits. TAP is an essential first step for transitioning service members who want to start preparing for civilian employment before leaving the military. You can typically begin TAP up to a year before separation (or up to two years for those retiring).

SkillBridge Program

SkillBridge allows active-duty service members to gain valuable civilian work experience during their last 180 days of service. The program partners with employers across a wide range of industries, offering internships, apprenticeships, and job training that align with civilian career paths. Participants remain on active duty and continue receiving military pay and benefits during their placement. It’s a great way to build a resume and network before separation. Approval from a commanding officer is required.

American Corporate Partners (ACP) Mentorship Program

The ACP Mentorship Program connects post-9/11 veterans and active-duty spouses with volunteer mentors from top companies like Disney, PepsiCo, and Deloitte. Over the course of a year, mentees receive personalized, one-on-one guidance on career exploration, resume development, job searching, and networking. This free program is especially useful for veterans navigating unfamiliar industries or looking to build professional connections.

Hiring Our Heroes

Hiring Our Heroes, a program of the U.S. Chamber of Commerce Foundation, helps veterans, transitioning service members, and military spouses find meaningful employment through job fairs, fellowship programs, and digital resources. The Corporate Fellowship Program, for example, places participants in 12-week fellowships with host companies while they complete training and networking. It’s a good choice for those looking for hands-on experience and a pathway to permanent employment.

On-the-Job Training (OJT) and Apprenticeships

Veterans can use their GI Bill benefits to receive monthly housing stipends while participating in on-the-job training or apprenticeship programs. These programs are ideal for veterans who want to earn while they learn, especially in skilled trades like plumbing, HVAC, or electrical work. Employers also benefit by training workers to fit their specific needs. Veterans must apply through a VA-approved program.

Veteran Readiness and Employment (VR&E) Program

The VR&E Program, also known as Chapter 31, helps veterans with service-connected disabilities prepare for, find, and maintain suitable employment. Services may include career counseling, education funding, job training, and assistance with accommodations. VR&E also offers self-employment support for eligible veterans. Applicants must apply through the VA and complete a comprehensive evaluation with a counselor.

Small Business Administration (SBA) Veteran Programs

The U.S. Small Business Administration (SBA) offers a variety of resources tailored to veteran entrepreneurs, including access to capital, business counseling, federal contracting opportunities, and disaster assistance. Through programs like the Office of Veterans Business Development (OVBD), veterans can find local support centers, participate in training programs, and get help navigating the small business landscape. The SBA also manages the Veteran-Owned Small Business (VOSB) and Service-Disabled Veteran-Owned Small Business (SDVOSB) certification programs, which give veterans an edge in federal contracting.

Boots to Business Program

Boots to Business is an entrepreneurship training program offered through TAP (Transition Assistance Program) in partnership with the SBA. It provides an introduction to business ownership, including instruction on market research, business planning, legal considerations, and financing options. Available to transitioning service members, veterans, and military spouses, the program also offers a follow-on course called Boots to Business Reboot for veterans who are already separated from service.

Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE)

Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE) is a training program designed specifically for female veterans, active-duty women transitioning out of the military, and female military spouses. It offers a three-phase program that includes online coursework, a three-day in-person conference, and ongoing mentorship. V-WISE focuses on both launching and growing businesses, and it also connects participants with a strong peer network of fellow veteran entrepreneurs.

Second Service Foundation Grants

The Second Service Foundation provides grant funding, coaching, and educational resources to support veteran, military spouse, and Gold Star family entrepreneurs. Through its Military Entrepreneur Challenge, the foundation awards grants and in-kind services to help participants launch or grow their businesses. Applicants typically complete business coaching sessions, submit a one-page business plan, and participate in a pitch competition, with winners selected based on business potential and community impact.

Post-9/11 GI Bill

The Post-9/11 GI Bill is one of the most robust education benefits available to veterans. It covers up to 36 months of tuition and fees at public colleges and universities, provides a monthly housing allowance, and offers a stipend for books and supplies. Veterans who served at least 90 days of active duty after September 10, 2001, are generally eligible. Benefits can also be transferred to spouses or children under certain conditions.

Montgomery GI Bill (MGIB)

The Montgomery GI Bill is available in two versions: one for active-duty service members (MGIB-AD) and one for members of the Selected Reserve (MGIB-SR). It provides a monthly education benefit that can be used for degree programs, certificate courses, flight training, and apprenticeships. Veterans must have contributed $1,200 during their first year of service to be eligible for MGIB-AD benefits.

Yellow Ribbon Program

The Yellow Ribbon Program helps cover tuition and fees that exceed what the Post-9/11 GI Bill pays for, such as costs at private colleges or out-of-state universities. Participating schools voluntarily offer additional financial support, which the VA matches. This program is especially helpful for veterans pursuing advanced degrees or attending institutions with higher tuition costs. Eligibility typically requires 100% Post-9/11 GI Bill benefits.

AMVETS Scholarships

AMVETS (American Veterans) offers several scholarships to veterans, active-duty service members, and their dependents. Scholarships can be used for vocational training, certification programs, or college degrees. These awards are typically competitive and require an application that includes essays, transcripts, and proof of military service.

VFW “Sport Clips Help A Hero” Scholarship

The Sport Clips Help A Hero Scholarship, offered through the Veterans of Foreign Wars (VFW), provides up to $5,000 in financial aid to veterans and active-duty service members pursuing education at post-secondary institutions. Scholarships are awarded twice a year and are designed to fill the financial gap left by GI Bill benefits. Applicants must be U.S. citizens, have completed basic training, and be honorably discharged or currently serving.

Federal Student Loan Relief for Disabled Veterans

Veterans who have service-connected disabilities may qualify for federal student loan discharge under the Total and Permanent Disability (TPD) program. This program forgives federal student loan debt for eligible veterans, relieving a significant financial burden. Veterans can apply for discharge directly or be automatically identified through a data match between the VA and the Department of Education.

Centers of Excellence for Veteran Student Success

The Centers of Excellence for Veteran Student Success program supports colleges and universities in developing campus resources specifically for veteran students. Funded by the U.S. Department of Education, these centers often offer specialized academic advising, counseling services, financial aid guidance, and peer mentoring programs. They create a central hub where veterans can find the support they need in one place, making it easier to navigate college life.

Veterans Upward Bound Program

The Veterans Upward Bound Program is a free, federally funded program that helps veterans develop the academic and personal skills needed for successful college enrollment and completion. Services include refresher courses in subjects like math and English, tutoring, mentoring, college entrance exam prep, and help applying for financial aid. It’s a great option for veterans who want to brush up on academic skills or ease their transition into higher education.

Warrior-Scholar Project

The Warrior-Scholar Project is a nonprofit organization that hosts intensive, short-term academic boot camps at top colleges and universities across the country. Designed specifically for enlisted veterans, these programs focus on building confidence and academic skills in subjects like the humanities, STEM fields, and business. Participants live on campus, engage in rigorous coursework, and connect with fellow veterans and mentors. It’s an excellent way to prepare for the academic demands of college while building a supportive peer network.

VA Home Loan Program

The VA Home Loan program helps eligible veterans, active-duty service members, and surviving spouses buy, build, or refinance a home. Backed by the U.S. Department of Veterans Affairs, this benefit makes homeownership more accessible by reducing common financial barriers.

Key benefits include:

• No down payment required (in most cases)
• Competitive interest rates
• No private mortgage insurance (PMI)
• Limited closing costs
• Flexible credit and income guidelines

To qualify, applicants must meet service requirements, obtain a Certificate of Eligibility (COE), and plan to live in the home as their primary residence.

Homeowners Assistance Program (HAP)

The Homeowners Assistance Program (HAP), administered by the U.S. Army Corps of Engineers on behalf of the Department of Defense, provides financial support to a limited group of military personnel and surviving spouses who must sell their homes at a loss due to service-related circumstances.

As of now, the program is only accepting applications from:

• Wounded, injured, or ill service members (or certain DoD civilian employees) whose condition occurred in the line of duty during a deployment on or after September 11, 2001
• Surviving spouses of service members or eligible DoD civilian employees who died in the line of duty during a post-9/11 deployment

Eligible applicants may receive assistance covering part of the difference between the home’s value and the mortgage balance, helping reduce the financial burden of selling a home in a depressed market.

Homes for Our Troops (HFOT)

Homes for Our Troops (HFOT) is a nonprofit organization that builds and donates specially adapted custom homes nationwide for severely injured post-9/11 veterans. These mortgage-free homes are designed to accommodate mobility challenges and are typically located near medical and support services.

Building Homes for Heroes

Building Homes for Heroes is a nonprofit organization that gifts homes to veterans who were injured during their service, often while deployed in Iraq or Afghanistan. The organization provides:

• Mortgage-free homes
• Financial planning services
• Home modification support to accommodate disabilities

Habitat for Humanity’s Veterans Build Program

Habitat for Humanity’s Veterans Build initiative partners with veteran families to build or repair affordable homes. The program emphasizes community involvement and requires “sweat equity” (hours of volunteer work by the family) as part of the path to homeownership.

Military Housing Assistance Fund (MHAF)

The Military Housing Assistance Fund (MHAF) is a nonprofit organization that helps veterans and active-duty military members cover non-mortgage-related upfront costs when buying a home, such as earnest money deposits and closing costs. This assistance can make homeownership more accessible for those who qualify for a VA loan but need help with out-of-pocket expenses.

Homeless Providers Grant and Per Diem (GPD) Program

The Grant and Per Diem (GPD) Program provides transitional housing for up to 24 months to homeless veterans through partnerships with community-based organizations. In addition to safe shelter, the program offers supportive services such as case management, clinical care, substance use counseling, employment assistance, and housing placement support.

Domiciliary Care for Homeless Veterans (DCHV) Program

The DCHV Program provides residential rehabilitation and treatment for homeless veterans who have complex medical, psychiatric, or substance use needs that make it difficult to live independently. Veterans receive care in VA medical centers or contracted facilities, where services include integrated health care, mental health treatment, and substance use recovery support.

HUD-VASH (HUD-VA Supportive Housing) Program

The HUD-VASH Program is a joint initiative between the U.S. Department of Housing and Urban Development (HUD) and the Department of Veterans Affairs (VA) that helps veterans experiencing chronic homelessness secure and maintain permanent housing. The program provides long-term rental assistance through HUD-funded Housing Choice Vouchers, combined with intensive case management from VA social workers.

Supportive Services for Veteran Families (SSVF)

The SSVF program helps low-income veterans and their families stay housed or quickly find new housing if they’re at risk of becoming homeless. Through partnerships with community organizations, the program provides:

• Case management and housing counseling
• Temporary financial assistance for rent, utilities, security deposits, and moving expenses
• Support in accessing VA benefits, public assistance, and health services

Veterans Inc.

Veterans Inc. is a nonprofit organization that provides direct services to homeless veterans and their families, primarily in the Northeastern United States. It takes a “whole veteran” approach to helping clients overcome housing instability and achieve independence.

Key services provided by Veterans Inc. include:

• Emergency shelter and transitional housing programs
• Workforce development and career training
• Mental health and substance use counseling
• Assistance with accessing VA benefits and permanent housing

Specially Adapted Housing (SAH) Grant

The Specially Adapted Housing (SAH) grant helps eligible veterans with serious service-connected disabilities purchase, build, or modify a home to meet their specific accessibility needs.

Eligible veterans can use the SAH grant to:

• Construct a specially adapted home on land they own or will acquire
• Modify an existing home to make it accessible
• Pay down the unpaid principal on an adapted home already purchased without a VA grant

The maximum amount available through the SAH grant for 2025 is $117,014.

Special Housing Adaptation (SHA) Grant

The Special Housing Adaptation (SHA) grant provides funding to veterans with certain service-connected disabilities to adapt their existing home or a home they plan to purchase.

SHA grants can be used to:

• Modify a home to enhance mobility and accessibility
• Adapt a home owned by a family member with whom the veteran lives

The SHA grant has a lower maximum funding amount than SAH. For 2025, eligible veterans may receive up to $23,444.

Temporary Residence Adaptation (TRA) Grant

The Temporary Residence Adaptation (TRA) grant is available to veterans who qualify for an SAH or SHA grant but are temporarily living in a family member’s home. This grant helps fund adaptations to make the home accessible for the veteran’s needs during their stay.

TRA grants may be used to:

• Install ramps, grab bars, or other accessibility features
• Modify bathrooms or entrances to improve safety and mobility

The amount available through a TRA grant depends on whether the veteran qualifies under SAH or SHA limits. For 2025, the maximum amount ranges from $8,415 (SHA-related) to $42,130 (SAH-related).

Home Improvements and Structural Alterations (HISA) Grant

The Home Improvements and Structural Alterations (HISA) grant is available to veterans who need modifications to their homes for medical reasons, regardless of whether their disability is service-connected. This program supports home improvements that are necessary for treatment or to increase access to the home.

Common uses of the HISA grant include:

• Installation of roll-in showers or stair lifts
• Widening doorways or lowering countertops
• Improving bathroom accessibility

The maximum HISA grant amount is $6,800 for veterans with service-connected disabilities and $2,000 for non-service-connected disabilities.

VA Supportive Housing Programs

In addition to HUD-VASH, the VA provides a range of housing support through programs like Supportive Services for Veteran Families (SSVF), which includes short-term rental assistance and case management for veterans at risk of becoming homeless. Some communities also offer Shallow Subsidy options, a pilot initiative under SSVF that provides modest rent support over a two-year period to extremely low-income veterans.

Operation Homefront – Critical Financial Assistance Program

Operation Homefront’s Critical Financial Assistance (CFA) program supports eligible post-9/11 veterans and military families who are struggling to meet basic financial obligations. Grants may be provided for rent, mortgage payments, utilities, and other critical household bills. Funds are paid directly to landlords, utility providers, or creditors, and are not issued as cash to applicants.

Coalition to Salute America’s Heroes

Coalition to Salute America’s Heroes is a nonprofit organization dedicated to providing emergency financial assistance to post-9/11 veterans who have been severely wounded in combat. The organization offers grants to cover essential expenses such as:

• Mortgage or rent payments
• Utility bills
• Other critical household costs

Veterans Affairs Servicing Purchase (VASP) Program

The Veterans Affairs Servicing Purchase (VASP) Program allows the VA to intervene directly in cases where a veteran with a VA-guaranteed loan is at risk of foreclosure. If a mortgage servicer is unable to offer a suitable loss mitigation option, the VA may purchase the loan from the servicer and then work one-on-one with the veteran to develop a more sustainable repayment plan. This approach gives veterans an opportunity to avoid foreclosure by entering into a new agreement directly with the VA, often involving modified terms such as reduced monthly payments or an extended loan term.

Special Forbearance

Special forbearance provides temporary relief for veterans who are experiencing short-term financial difficulties, such as medical issues, job loss, or a family emergency. During the forbearance period, the mortgage servicer may reduce or suspend monthly payments for a set amount of time. At the end of the forbearance period, the veteran can repay the deferred amount through a lump sum, a repayment plan, or other workout options. This tool is designed to give veterans time to stabilize their finances without immediately risking foreclosure.