Military Banking Rates

Communities pay honor to the military service members and families for sacrificing for our nation. Individuals and organizations assist with care packages, letters and messages, electronics, interactive communication platforms and other assistance. The families of military service members in the Navy, Air Force, Marines, Army, Coast Guard, National Guard and Marines receive support from many community-based organizations, including the banking industry. 

Best CD Rates for the Military and Families

Many banks offer special certificate of deposit rates for military service members and families. Currently, one bank offers a two-year certificate of deposit for 1.50 percent annual percentage yield. Certificate of deposit accounts that qualify maintain a balance between $1,000 and $94,999 to earn the specified rates. Accounts with larger balances qualify for higher rates. Often a penalty is applied for early withdrawals from certificate of deposit accounts and rates are continuously changing.  

Home Mortgage Rates and Benefits

Since 1944, the Veterans Administration has offered home loans to military service members at a lower interest rate than civilian counterparts pay. Banks and mortgage companies offer 0 percent down, allow the sellers to pay up to six percent of closing costs, higher debt-to-income ratios, no additional underwriting and no prepayment penalties. Military service members in the market place for a home will find obtaining the American dream easier than ever. Homes are selling at a fraction of the prices asked five years ago. Mortgage foreclosures and short sales may yield even better deals. 

Loans

Military pay while serving in a combat zone is tax-free and service members receive combat/imminent danger pay. A service member may accrue a substantial amount of cash in a short time with no outgoing expenses for food or housing. In civilian life, the bills come due and former service members often find it necessary to acquire a loan. Automobile loans, debt repayment loans and other personal loans are generally offered at a lower interest rate for members of the military, retired military and former military.