Proposed 2020 Military Pay Raise of 3.1%

military pay raise 2020

NOTE: To see the updated 2021 Military Pay Charts, please go here.

 

UPDATED: 

The House Defense Authorization Bill includes the same 3.1% military pay raise for 2020.

According to an early draft, the House Defense Authorization Bill includes a 3.1% pay raise for the military for 2020. Last month, the Senate approved a 3.1% pay raise in their draft defense authorization bill. This, with the House’s bill is a good sign that troops will see that 3.1% raise come January. The House will begin the final work on the draft this week.

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President Donald Trump proposed a military pay raise in 2020 of 3.1% in March of this year.  This is the largest increase in nearly a decade.

It was expected that the increase would be 3.1% due to federal economic indicators that form the basis for calculating the raise for military pay.

Military Pay Raise Would Be Increase From 2019

The White House proposed 2020 military pay raise of 3.1% would be an increase of 0.5 percentage points over the 2.6% raise received in 2019.  That’s a nearly 20% increase from 2019.

Military Pay Raises Since 2013

  • 2013: 1.7%
  • 2014: 1.0%
  • 2015: 1.0%
  • 2016: 1.3%
  • 2017: 2.1%
  • 2018: 2.4%
  • 2019: 2.6%
  • 2020: 3.1% (proposed by White House)

On Tuesday March 12th, 2019, we will see the first analysis of what the DOD and the White House will recommend for 2020, with the release of the Pentagon’s overall budget request for fiscal 2020 Monday.

How is the Military Pay Raise Determined?

The main guideline for determining military pay raises comes from the quarterly report of the US Employment Cost Index (ECI). This is put out by the Bureau of Labor Statistics (BLS).

The ECI formula is usually used as a guideline to start the debate on military compensation between the White House and Congress.

What Happens Next?

Congress isn’t expected to take action on military pay rates until the approval of the National Defense Authorization Act that will happen later this year, before the start of the next fiscal year on October 1st.

Because the Democrats have taken control of the House, the debate could be a bit more heated. Going back a few years, rates usually have changed year by year, with the lowest amount being 1.0% in 2014 and 2015 and the highest being 3.9% in 2009.

RELATED Pay Links:

GI Bill Payment Dates and Rates

Updated Payment Dates and Rates for the GI Bill

GI Bill payment rates are based on the academic school year and may be sent from August 1st of one year to July 31st of the next.

Post 9/11 GI Bill Housing Payment Dates

GI Bill housing payment dates are typically paid for the first week of the month after the month you enrolled. GI Bill housing payments go to the student and are different from GI Bill payments which are sent directly to the school.

GI Bill housing payments are not made on the same dates each month. Your payment times may vary depending on a variety of factors. New students may experience a delay in payments at first but they should be consistent after the process starts.

RELATED: GI Bill BAH Rates

GI Bill Tuition Payment Rates

All payment and maximum amounts listed below are for those eligible for the full-time benefit, which is 100%. If you are not eligible for the 100%, your amounts will be prorated based on your eligibility percentage.

The Maximum Tuition and Fee Reimbursement differs based on the type of school that you attend. Here is the breakdown:

Public School

Pays for all tuition and fee payments for an in-state student.

Private or Foreign School

Pays up to $26,381.37 per academic year.

You might be eligible for the Yellow Ribbon Program if you are attending a private institution of higher learning (IHL) that is more expensive than the annual cap.

You may qualify for in-state tuition rates if you live in the state where the school is located regardless of your formal state of residence.

RELATED: Yellow Ribbon Schools List

Non-College Degree-Granting Institutions

Actual net costs for in-state tuition and fees are not to exceed $26,381.37 during the academic year.

For public, private or foreign schools, and non-college degree-granting institutions, you might also be eligible to receive a monthly housing allowance sent to you, a books and supplies stipend sent to you, and a one-time rural benefit for certain veterans.

Apprenticeship and On-the-Job Training Rates

Months of training:

  • 1st six months: 100% of your applicable MHA
  • 2nd six months: 80% of your applicable MHA
  • 3rd six months: 60% of your applicable MHA
  • 4th six months: 40% of your applicable MHA
  • Remaining pursuit of training: 20% of your applicable MHA

For an apprenticeship and on-the-job training, you may also be eligible to receive a books and supplies stipend sent to you.

  • Vocational Flight Schools: The actual net costs are not to exceed $15,075.05 per academic year. The cap applies to all classes and/or enrollments that begin during that academic year, regardless of the academic year in which the classes or enrollments are completed.
  • Correspondence Schools: The actual net costs are not to exceed $12,831.78 per academic year.

National Testing Programs/Licensing & Certification Tests: You can be reimbursed up to $2,000 for licensing and certification tests. There is no maximum with national tests. Your entitlement will be charged a prorated amount based on the actual amount of the fee charged for the test relative to the rate of $2,200.96 for one month.

Full MHA Rates For Hybrid Classes

As of 2019, hybrid classes are now eligible for the full MHA (Monthly Housing Allowance) rates for housing with your Post 9/11 GI Bill. This will apply for classes that started Aug 15th, 2019, or later. It is NOT retroactive.

If you are required to participate in classroom training and/or online training in a military friendly college or institution, you will be paid a housing allowance in the same way as if you were in the classroom full-time.

What Are Hybrid Classes?

These are classes where you spend some of the time in an actual classroom and some of the time online.

This includes classes that:

  • Require you to go to class once a week, with the remainder online
  • Require you to meet the first day of the term, and all midterms and finals in person, with the remainder online
  • Meet at the beginning of the term, and then the rest online
  • Allow students to voluntarily attend a classroom course one hour a week, as long as the student chooses the classroom option and doesn’t decide to stick with online-only teaching.

Note that if a class meets before the term, and never meets again, that class will not count.

Hybrid Classes Before The Change

Before this change, there were certain specific qualifications in order to receive the full amount of monthly housing allowance while taking hybrid classes. Otherwise, you would have only received the half payment specified by the VA for the Post 9/11 GI Bill. Before you could also only receive MHA if you are enrolled greater than half-time.

Distance Learning Defined

Distance learning includes web-based training, one-way, and two-way transmissions through:

  • an open broadcast
  • closed circuit
  • cable
  • microwave broadband lines
  • fiber optics
  • satellite
  • wireless communication devices
  • audio conferencing

If those are the only way your class is taught, you will not qualify for the full amount.

Monthly Housing Allowance

Your monthly allowance (MHA) is generally the same as the BAH Rates for an E-5 with dependents.

Your MHA is based on the zip code where the school where you take the majority of your classes is located.

MHA rate increases based on BAH are effective August 1st of the new academic year.

If your MHA rates go up, you will see the difference the next academic year, not in January. If they go down, your MHA amount will not change unless you:

  • Change schools
  • Have more than a 6-month break in training

MHA Rate Exceptions

  • Foreign School: $1,900
  • Schools in US Territories: E-5 with dependents OHA Rate for school location
  • Exclusively Online Training (No Classroom Instruction): $901.00 (for the 2021-2022 academic year). This MHA rate is ½ the national average BAH rate.

If you are attending classes at ½ time or less or are an active duty trainee (or transferee spouse of a service member), MHA is not payable.

It is important to remember that you do need to be at over half-time status in order to receive any GI Bill Housing Payment benefit. If you are above half-time credit hours but below full-time you would receive a prorated amount.

Credit Hour Tiers

  • 12 semester or quarter hours is considered full-time.
  • 9-11 hours is considered three-quarter time.
  • 6-8 hours is considered half-time.
  • 4-5 credit hours is considered less than half-time.

In the case of 4-5 credit hours, you would be paid at the nearest 10% level.

For example – If you took 7 credit hours, that would put you at 58%, and you would receive 60% of the MHA benefit. If you only took 6 units, that would be 50% and you would not qualify for the GI Bill Housing Benefit.

GI Bill Housing Payment Is Less Than I Thought

There could be a situation where the GI Bill Housing Payment is less than you thought it was supposed to be. The most common reason for this is because it was a prorated amount based on the number of days in the month for which you were enrolled.

This typically applies when the term starts in August or in December.  This occurs because you would go to class for approximately half of the month.

Your check could also be off if an overpayment was deducted from your payment or you reduced your training time after you originally enrolled.

Books and Supplies Stipend

The yearly books and supplies stipend of up to $1,000.00 is paid proportionately based on enrollment. You would receive $500 a semester if you are enrolled full-time. If you are enrolled for less than full-time, you would receive a portion of that $1,000.

You will be given the money at the beginning of the school year, which is different from GI Bill Housing Payments which are paid once a month.

Rural Benefit

There is a one time payment of $500 that may be payable to certain individuals relocating from highly rural areas. This applies in the case that they reside in a county with 6 persons or less per square mile.

This is determined by the most recent decennial census and either physically relocate at least 500 miles to attend an educational institution or travel by air to physically attend an educational institution if no other land-based transportation exists

Prorated Eligibility Amounts Based On Time In Service:

Times of service must be at least:

  • 36 months or received a Purple Heart: 100%
  • 30 continuous days on active duty and must be discharged due to service-connected disability: 100%
  • 30 months, but less than 36 months: 90%
  • 24 months, but less than 30 months: 80%
  • 18 months, but less than 24 months: 70%
  • 6 months, but less than 18 months: 60%
  • 90 days, but less than 06 months: 50%

These rates are for those who served on active duty after 9/10/2001 with an honorable discharge.

Where Do GI Bill Payments Get Sent?

The school or institution will receive the tuition and fees. Those using the GI Bill benefit will receive the money for books and supplies, monthly housing allowance, and any one-time rural benefit.

 

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BAS Rates: Basic Allowance for Subsistence

BAS is one of the regular pays a service member will receive. Unlike BAH rates (Basic Allowance for Housing) or their basic pay, there can be a few restrictions on when you will receive BAS. Here is what you need to know about BAS.

What is BAS?

BAS stands for Basic Allowance for Subsistence. This pay is meant to offset the costs for a service member’s meals. It is important to remember that BAS is not meant to offset the costs of the entire family.

Who receives BAS?

As of January 1, 2002, all enlisted members of the military will receive full BAS but pay for their meals. Even meals that the government provides. This means that if you deploy or go to training, your BAS can be prorated, taking out the cost of meals that the military provides for you.

Often what happens is that a service member and their family get used to that BAS each month, they deploy, and then the military paycheck is down from what they think it should be. If you don’t know how BAS works, it can be easy to freak out over this.

BAS starts after basic training and your initial training period is over. However, single soldiers, living in the barracks, receive meal cards and will not receive BAS as the military is already providing for their meals.

What are the 2021 BAS rates?

BAS is based on the price of food. Each year it can be adjusted and is based on the increase of the price of food that is measured by the USDA food cost index.

The 2021 BAS pay rates are $266.18 for officers and $386.50 per month for enlisted.

What else do I need to know about BAS?

Remember that BAS is supposed to be just for the service member and you are not supposed to be receiving all of it if you are receiving meals through the military. However, the reality is, sometimes the BAS is taken out, and sometimes it isn’t.

The best thing to do is assume that it will be taken out. Don’t depend on BAS every month when you are gone. When you are home, put the BAS in your grocery budget and when you leave, make sure your family cuts back a bit since you will not be eating meals in your home for the time you are away. That way, you are using the money for what it is intended for, and if it is lowered or taken away during a deployment or training period, your family will not be putting themselves in trouble when that money is no longer there.

Remember that BAS, as well as BAH, is tax-exempt and does not have to be reported for tax purposes. If you are applying for a specific program, make sure to find out if they want you to include BAS in your income or not. This will depend on who is asking and paying for the program you are applying for.

 

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List of Military Pay Dates 2023 [updated]

2023 List of Military Pay Dates

Typically while serving in the military you are paid on the 1st and 15th of every month. However, due to weekends and holidays, the actual military pay dates may vary.

Paydays can fall on any day of the week, depending on the month. Check closely to know when you will be paid. In some cases, the time between pay periods may be longer than usual, then you will need to adjust your budget accordingly.

Here are the 2023 Military Pay Dates.

Jump to:

Military Pay Dates 2023

Military Pay Dates 2022

Retiree Pay Dates 2023

Retiree Pay Dates 2022

Annuitants Pay Dates 2023

Annuitants Pay Dates 2022

Military Pay Dates 2023

Friday, January 13th

Wednesday, February 1st

Wednesday, February 15th

Wednesday, March 1st

Wednesday, March 15th

Friday, March 31st

Friday, April 14th

Monday, May 1st

Monday, May 15th

Thursday, June 1st

Thursday, June 15th

Friday, June 30th

Friday, July 14th

Tuesday, August 1st

Tuesday, August 15th

Friday, September 1st

Friday, September 15th

Friday, September 29th

Friday, October 13th

Wednesday, November 1st

Wednesday, November 15th

Friday, December 1st

Friday, December 15th

Friday, December 29th

Military Pay Dates 2022

Friday, January 14th

Tuesday, February 1st

Tuesday, February 15th

Tuesday, March 1st

Tuesday, March 15th

Friday, April 1st

Friday, April 15th

Friday, April 29th

Friday, May 13th

Wednesday, June 1st

Wednesday, June 15th

Friday, July 1st

Friday, July 15th

Monday, August 1st

Monday, August 15th

Thursday, September 1st

Thursday, September 15th

Friday, September 30th

Friday, October 14th

Tuesday, November 1st

Tuesday, November 15th

Thursday, December 1st

Thursday, December 15th

Friday, December 30th

If you are a planner, you will want to know the exact dates you are going to get paid. As you can see, paydays can be any day during the workweek. 

Military Pay Dates for Retirees 2023

For retirees, if the 1st falls on a weekend or holiday, they get paid on the last business day of the prior month. 

Wednesday, February 1st (For January)

Wednesday, March 1st (For February) 

Friday, March 31 (For March)

Monday, May 1st (For April)

Thursday, June 1st (For May)

Friday, June 30th (For June)

Tuesday, August 1st (For July)

Friday, September 1st (For August)

Friday, September 29th (For September)

Wednesday, November 1st (For October)

Friday, December 1st (For November)

Friday, December 29th (For December)

Military Pay Dates for Retirees 2022

For retirees, if the 1st falls on a weekend or holiday, they get paid on the last business day of the prior month. 

Tuesday, February 1st (For January)

Tuesday, March 1st (For February) 

Friday, April 1st (For March)

Friday, April 29th (For April)

Wednesday, June 1st (For May)

Friday, July 1st (For June)

Monday, August 1st (For July)

Thursday, September 1st (For August)

Friday, September 30th (For September)

Tuesday, November 1st (For October)

Thursday, December 1st (For November)

Friday, December 30th (For December)

Military Pay Dates For Annuitants 2023

For annuitants, if the 1st falls on a weekend or holiday, they get paid on the first business day of the month.

Wednesday, February 1st (For January)

Wednesday, March 1st (For February) 

Monday, April 3rd (For March)

Tuesday, May 2nd (For April)

Thursday, June 1st (For May)

Monday, July 3st (For June)

Tuesday, August 1st (For July)

Friday, September 1st (For August)

Monday, October 2nd (For September)

Wednesday, November 1st (For October)

Friday, December 1st (For November)

Tuesday, January 2nd, 2024 (For December)

Military Pay Dates For Annuitants 2022

For annuitants, if the 1st falls on a weekend or holiday, they get paid on the first business day of the month.

Tuesday, February 1st (For January)

Tuesday, March 1st (For February) 

Friday, April 1st (For March)

Monday, May 2nd (For April)

Wednesday, June 1st (For May)

Friday, July 1st (For June)

Monday, August 1st (For July)

Thursday, September 1st (For August)

Monday, October 3rd (For September)

Tuesday, November 1st (For October)

Thursday, December 1st (For November)

Monday, January 2nd, 2023 (For December)

MyPay and DFAS

MyPay is run by the Defense Finance and Accounting Service (DFAS) and is an online pay account management system that provides information about paychecks and tax information. This is for military service members, retirees, annuitants, and federal civilian employees.

On MyPay you can find your:

  • LES (Leave and Earnings Statement,)
  • W2 Wage and Tax statements
  • SLRP tax forms

At MyPay you can also:

  • change or begin your direct deposit
  • change your tax withholdings
  • stop or start hard copies of your LES or W2
  • enroll in TSP (Thrift Savings Plan)
  • change or cancel contribution percentage for TSP

RELATED: How to Maximize Your TSP Retirement Fund

Your LES should be available on MyPay a week before payday. You should check your LES to make sure everything looks the way that it should. If there is a problem with your military pay, the earlier you take care of it, the better.

You can also give your spouse access to MyPay which will is a good idea if they are the ones in charge of figuring out the bills or if you are deployed.

Following your LES and being aware of what is going on in MyPay is one way to make sure your finances are on point. Mistakes can happen and you might not notice if you are not paying attention to your income statements.

MyPay has recently added two-factor authorization for additional security. Voluntary opt-in began in October. 

Early Pay Dates

Members of financial institutions such as USAA and Navy Federal Credit Union can have funds made available even earlier with direct deposit.  Check the following to see when funds are made available.

USAA Pay Dates

Navy Federal Pay Dates

As a service member, you also have the option to get paid once a month, instead of twice. If you choose to do so, you would receive your full pay on the first payday of each month.

 

PAY AND BENEFITS UPDATES

 

 

USAA Military & Retiree Pay Days 2023 [updated]

USAA Pay Dates for Active Duty & Retirees for 2023

One benefit of being a USAA member is having funds available early. Find the standard military pay dates and USAA pay dates below.

Receive Military Pay Early with USAA

If you bank with USAA you can get paid early. Typically you will receive your pay a full business day before regular payday. This means that sometimes you will receive your pay on a Friday when the regular military payday is Monday.

USAA Pay Dates 2023

Pay Date      Early Pay Date
Thu, Dec 1, 22Wed, Nov 30, 22
Thu, Dec 15, 22Wed, Dec 14, 22
Fri, Dec 30, 22Thu, Dec 29, 22
Fri, Jan 13Thu, Jan 12
Wed, Feb 1Tue, Jan 31
Wed, Feb 15Tue, Feb 14
Wed, Mar 1Tue, Feb 28
Wed, Mar 15 Tue, Mar 14
Fri, Mar 31Thu, Mar 30
Fri, Apr 14Thu, Apr 13
Mon, May 1Fri, Apr 28
Mon, May 15Fri, May 12
Thu, Jun 1Wed, May 31
Thu, Jun 15Wed, Jun 14
Fri, Jun 30Thu, Jun 29
Fri, Jul 14Thu, Jul 13
Tue, Aug 1Mon, Jul 31
Tue, Aug 15Mon, Aug 14
Fri, Sep 1Thu, Aug 31
Fri, Sep 15Thu, Sep 14
Fri, Sep 29Thu, Sep 28
Fri, Oct 13Thu, Oct 12
Wed, Nov 1Tue, Oct 31
Wed, Nov 15Tue, Nov 14
Fri, Dec 1Thu, Nov 30
Fri, Dec 15Thu, Dec 14
Fri, Dec 29Thu, Dec 28

Retiree Payment Dates  2023

MonthPay DateEarly Pay Date
Jan 2023Wed, Feb 1Tue, Jan 31
Feb 2023Wed, Mar 1Tue, Feb 28
Mar 2023Fri, Mar 31Thu, Mar 30
Apr 2023Mon, May 1Fri, Apr 28
May 2023Thu, Jun 1Wed, May 31
Jun 2023Fri, Jun 30Thu, Jun 29
Jul 2023Tue, Aug 1Mon, July 31
Aug 2023Fri, Sep 1Thu, Aug 31
Sep 2023Fri, Sep 29Thu, Sep 28
Oct 2023Wed, Nov 1Tue, Oct 31
Nov 2023Fri, Dec 1Thu, Nov 30
Dec 2023Fri, Dec 29Thu, Dec 28

Annuitant Payment Dates 2023

MonthPay Date Early Pay Date
Jan 2023Wed, Feb 1Tue, Jan 31
Feb 2023Fri, Mar 1Thu, Feb 28
Mar 2023Mon, Apr 3Fri, Mar 31
Apr 2023Tue, May 2Fri, Apr 28
May 2023Thu, Jun 1Wed, May 31
Jun 2023Mon, Jul 3Fri, Jun 30
Jul 2023Tue, Aug 1Mon, Jul 31
Aug 2023Fri, Sep 1Thu, Aug 31
Sep 2023Mon, Oct 2Fri, Sep 29
Oct 2023Tue, Nov 1Mon, Oct 31
Nov 2023Fri, Dec 1Thu, Nov 30
Dec 2023Tue, Jan 2, 2024Fri, Dec 29

You can learn more about USAA by reading USAA Member Benefits and Perks.

Military Pay Dates 2023

Knowing when you get paid is important. You already know that you will get paid on the 1st and 15th of every month.  However, the actual payday doesn’t always land on those days because of weekends and holidays.

In addition to that, if you bank with USAA you do get paid early. You will receive your pay a business day before regular payday. This means that sometimes you will receive your pay on a Friday when the regular military payday is Monday.

 

PAY AND BENEFITS UPDATES

 

>> Never miss a great military discount!  Sign up for the free Military and Veteran Discounts Newsletter and start saving today!

 

Navy Federal Pay Dates for 2022 [updated]

Navy Federal Pay Dates 2022

One benefit of being a Navy Federal Credit Union member is having funds made available early. Find the standard military pay dates and Navy Federal pay dates below.

Military Pay Dates

The military pays on the 1st and 15th of every month.  Everyone knows that!  But what if the actual military pay date lands on the weekend or a holiday?

Navy Federal Credit Union deposits funds early for their members. This will depend on the type of checking account that you have. An Active Duty Checking account will receive funds earlier than other checking accounts.

The type of checking account is based on what account your direct deposit goes into. Funds are typically available the day before the military pay date.

Navy Federal Pay Dates 2022

Pay DateEarly Pay Date
Funds AvailableFunds Available
Fri, Jan 14Thu, Jan 13
Tue, Feb 1Sat, Jan 29
Tue, Feb 15Sat, Feb 12
Tue, Mar 1Sat, Feb 26
Tue, Mar 15Sat, Mar 12
Fri, Apr 1Thu, Mar 31
Fri, Apr 15Thu, Apr 14
Fri, Apr 29Thu, Apr 28
Fri, May 13Thu, May 12
Wed, Jun 1Tue, May 31
Wed, Jun 15Tue, Jun 14
Fri, Jul 1Thu, Jun 30
Fri, Jul 15Thu, Jul 14
Mon, Aug 1Fri, Jul 29
Mon, Aug 15Fri, Aug 12
Thu, Sep 1Wed, Aug 31
Thu, Sep 15Wed, Sep 14
Fri, Sept 30Thu, Sep 29
Fri, Oct 14Thu, Oct 13
Tue, Nov 1Sat, Oct 29
Tue, Nov 15Mon, Nov 12
Thu, Dec 1Wed, Nov 30
Thu, Dec 15Wed, Dec 14
Fri, Dec 30Thu, Dec 29

NavyFed Retiree Payment Dates 2022

MonthPay Date Early Pay Date
Jan 2022Tue, Feb 1Sat, Jan 29
Feb 2022Tue, Mar 1Sat, Feb 26
Mar 2022Fri, Apr 1Thu, Mar 31
Apr 2022Fri, Apr 29Thu, Apr 28
May 2022Wed, Jun 1Tue, May 31
Jun 2022Fri, Jul 1Thu, Jun 30
Jul 2022Mon, Aug 1
Fri, Jul 29
Aug 2022Thu, Sep 1Wed, Aug 31
Sep 2022Fri, Sep 30Thu, Sep 29
Oct 2022Tue, Nov 1Sat, Oct 29
Nov 2022Thu, Dec 1Wed, Nov 30
Dec 2022Fri, Dec 30Thu, Dec 29

NavyFed Annuitant Payment Dates 2022

MonthPay Date Early Pay Date
Jan 2022Tue, Feb 1Sat, Jan 29
Feb 2022Tue, Mar 1Sat, Feb 26
Mar 2022Fri, Apr 1Thu, Mar 31
Apr 2022Mon, May 2Fri, Apr 29
May 2022Wed, Jun 1Tue, May 31
Jun 2022Fri, Jul 1Thu, Jun 30
Jul 2022Mon, Aug 1Fri, Jul 29
Aug 2022Thu, Sept 1Wed, Aug 31
Sep 2022Mon, Oct 3Fri, Sep 30
Oct 2022Tue, Nov 1Sat, Oct 29
Nov 2022Thu, Dec 1Wed, Nov 30
Dec 2022Mon, Jan 2,2023Fri, Dec 30

Take a look at what Navy Federal Credit Union has to offer. Then find out if Active Duty Checking would be right for you.

You can learn more about Navy Fed by reading Navy Federal Credit Union benefits and perks.

 

PAY AND BENEFITS UPDATES

 

 

Navy Federal Member Benefits & Perks

Member Benefits for Navy Federal Credit Union

As a military member, you can find different benefits out there for you and your family because of your military service. When it comes to banking, you have a lot of choices, but Navy Federal Credit Union is made for service members and provide a lot of benefits from banking to buying a new car. Here is a little bit about Navy Federal Credit Union benefits and perks that may be available to you.

List of NFCU Benefits

  • Unofficially, NFCU stands for Navy Federal Credit Union and was originally incorporated in 1933 as the Navy Department Employees’ Credit Union of the District of Columbia.
  • They have gone through many changes over the years and were only open to Navy personnel until 2008 when they opened up to the entire Department of Defense, to include members of the Army, Navy, Marine Corps, and Air Force as well as civilian personnel within the Department of Defense. In 2013, they were also opened to the Coast Guard.
  • Navy Federal has 7.5 million members and is the largest natural member or retail credit union in the United States.
  • They are open to all service members, to include the national guard and reserves, DOD Officer candidates, veterans, retirees, annuitants, DOD civilians, as well as family members. These include grandparents, parents, spouses, siblings, children, grandchildren, and household members.
  • They offer a lot of similar services that USAA does, including banking, special offers, and loans. However, compared to USAA, they tend to have more generous loan terms as well as more physical bank locations.
  • They also offer perks and discounts, military pay advances, and easy direct deposit.
  • You can receive your military paycheck a day early.

RELATED: Navy Federal Pay Dates

  • Since they are a credit union, as a member you will become part owner and have a say in the future of the company. They will also pay out dividends.
  • They offer free checking accounts, and they also refund ATM fees up to $20 per statement period on their free active duty checking accounts. Their Free Active Duty Checking account was made for active duty life which is a huge plus.

As you can see, there are many Navy Federal Credit Union benefits and perks just for joining.  When choosing where to bank, keep these things in mind as you are trying to decide where it would be best to go.

As far as deciding if Navy Federal Credit Union is right for you, that will depend on what you are looking for in a financial institution, what types of products you plan to use, and who you trust to keep your money safe. Just know that they will offer you and your family amazing benefits if you decide to go with them.

 

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USAA Member Benefits & Perks

Benefits and Perks for Members of USAA

Due to your military service, you can find all kinds of great benefits out there for you and your family.  Here is some background on USAA and the member benefits and perks they offer.

When it comes to banking, you have a lot of choices.  In USAA’s case, they are made for service members, providing lots of benefits from banking to buying a new car.

About USAA

USAA stands for United Services Automobile Association and was founded in 1922 in San Antonio, TX by a group of 25 Army Officers. They did so after not being able to secure auto insurance because of being perceived as a high-risk group.

They now offer many different products such as banking, investing, and insurance for service members, and their families. Today they have over 12.4 million members.

Who’s Eligible for USAA?

Membership is limited to current military members, to include:

  • Active duty
  • National guard
  • Reserves
  • Officer candidates
  • The children of the aforementioned

USAA’s products and services are also available to:

  • Veterans
  • Retirees
  • Spouses
  • Adult children of USAA members
  • Former members

Benefits and Perks of USAA

USAA is Member-owned

Each member owns a subscriber savings account.

USAA Has the Option to Pay Out Distributions Each Year

Once a year, USAA has the option of paying out a distribution to USAA members. While not a guarantee each year, they usually do give you something which is a nice benefit.

Stellar Customer Service

Anytime you need something and call USAA, they are helpful, understanding and work hard to get you the help that you need. Finding this type of customer service is refreshing and creates a better relationship between you and your financial institution.

They Reimburse ATM fees

SAA will give you 10 free ATM withdrawals as well as refunding you up to $15 per month at non-USAA domestic ATMs. This means you don’t have to worry as much about the fees you are charged when getting money out of an ATM, whether it is a USAA one or not.

USAA’s Mobile App Makes It Easy

USAA makes it very easy to do all of the following in their app:

  • Deposit checks directly
  • Pay bills online
  • Stay up to date on your bank accounts
  • Easily open a free checking or savings account

Many Different Insurance Options

They have many different insurance options, from auto to home to life. They also offer extra discounts when bundling more than one of their programs.

Easily Apply and Get Fast Responses

If you need a loan, you can easily apply online and usually can get a response in just a few minutes. They offer auto loans, personal loans, as well as home loans.

Early Paydays

When you bank with USAA, you will be able to receive your military paycheck a day early. This can be super helpful and is a big plus to banking with them.

RELATED: USAA Pay Dates

Counselors Ready to Assist

If you need advice about retirement, balancing your work life, or paying off debt, you can talk to a counselor and work towards your goals.

Discounts on Products and Services

They also offer their members many different types of discounts, from buying cars, to travel, to home security systems.

So, Now You Can Decide

There are many USAA benefits and perks available to you as a member. Keep these things in mind as you are trying to decide where to bank.

Still trying to decide if USAA is right for you?  That will of course depend on what you are looking for in a financial institution.   You may want to know what types of products you plan to use or who you trust to keep your money safe.  Just know that they will offer you and your family amazing benefits if you decide to go with them.

 

PAY AND BENEFITS UPDATES:

 

 

National Guard Pay vs. Army Reserves Pay

National Guard Pay and Reserve Pay

If you are thinking about joining the National Guard or the Reserves, you might be wondering how National Guard pay or Reserve pay works.

Serving in the National Guard and Reserves can be quite different than serving in the active duty military. You have your monthly drills, your annual training, and anything else the military calls you to do. You also work a civilian job, and the military is only a small part of your paycheck.

As an active duty soldier, you know you can receive base pay, BAH (Basic Allowance for Housing), and other types of payments and allowances.

How do things work for the National Guard and Reserves? How about if you deploy or train for more than a weekend? Will you still receive BAH if you are gone for three weeks?

National Guard Pay and Reserve Pay

Your pay as a National Guard or Reservist is determined by your rank, job, and time in service.

You will always get paid when you train. When you work for the military, you will receive some type of military pay.

What about drill pay and weekend drills?

  • Weekend drills can be anywhere from 1-4 days long, depending on what is going on, what is needed and even the budget. Usually, you can count on training on Saturday and Sunday with a possible Friday or Monday as well. They will be at your local armory or another location. If you live near a military installation, you might even go there for training.
  • Each year, you can figure out how much you will get paid during your drill weekends by checking out the military pay charts here. For example, in 2018, an E-5 with 8+ years would make $104.19 for 1 drill, $416.76 for 4 drills. An O-7 with 16+ years would make $392.73 for 1 drill, $1,570.92 for 4 drills.
  • You need to know that 1 drill period is 4 hours. On a typical weekend, you would work 4 drill periods. So that E-5 would earn $416.76 for a regular, two day drill weekend.
  • You are not given any BAH for a drill weekend.
  • You should receive your pay for your drill weekend, about 10 days after the weekend is over, give or take.

What about Annual Training (AT)?

  • AT is annual training and happens once a year, for about two or three weeks. During this time, your base pay would be the same as your active duty counterpart with the same rank and time in service. This will, of course, be prorated for the time that you are away on training.
  • If you’re gone for less than 30 days, you will receive what is called Basic Allowance for Housing Reserve Component/Transient, or BAH II. This is not the same as BAH, what an active duty service member would receive.
  • BAH II pays less than what BAH I would pay. It is also not based on your location but instead on rank, if you have dependents or not, and on the national average for housing. The E-5 with dependents would earn $948.30, the 0-7 with dependents would earn $2050.80. This number is also prorated. If you are gone for three weeks, you will receive three weeks worth of BAH II, not the full amount.
  • You can pull up these rates on the military pay charts here as well.
  • If you happen to be gone for more than 30 days, you would then receive BAH I. This is a change as it used to be that you had to be gone 140 days to qualify.

What happens when I deploy?

  • When you deploy, you are being activated and will receive pay as if you were on active duty. This will include pays such as BAH, Family Separation Pay, Hostile Fire/Imminent Danger Pay, Hardship Duty Pay, Hazardous Duty Pay, Foreign Language Proficiency Pay, BAS (Basic Allowance for Subsistence,) and all of your pay while deployed will be tax-exempt.
  • Of course, what you receive when you deploy will depend on where you are going, how long you are there, and what you qualify for.

What about TRICARE?

  • As far as TRICARE goes, you will have to pay a monthly fee unless you are activated to serve on active duty. When that happens, you can qualify for the same TRICARE that your active duty counterpart does.
  • If you are not activated, you would need to sign up for TRICARE Reserve Select, and the cost would be $221.38 per month for the service member and their family, $46.09 for just the service member. While you do have to pay for this, the cost is very affordable and less than what you would probably pay through your civilian employer.

Anything else I need to know about National Guard and Reserves Pay?

There are also over 60 special and incentive military pays that you may or may not qualify for. If you do extra training, you can also earn more money from doing so.

Remember, every time you are working for the military, you will receive a military paycheck. If you are trying to learn more about how much money you would make as a National Guard or Reserve service member, this should give you an idea of what to expect.

 

RELATED:

 

 

Military to Receive Pay Raise of 2.6% for 2019

2.6% Pay Raise for Military in 2019

Service members will receive a 2.6% military pay raise in 2019.

President Donald Trump signed the $717 billion Fiscal 2019 National Defense Authorization Act which included the pay raise for the military.

The 2019 NDAA was signed on August 13th, 2018. at a ceremony in Fort Drum, NY.

Congress approved the pay increase on August 1st, 2018.

Highest Military Pay Raise in Almost a Decade

This is the highest raise since 2010 and will go into effect on January 1st, 2019. The past ten years have seen pay raises from a low of 1% in 2014 and 2015 to a high of 3.9% in 2009.

The highest military pay raise in the last 30 years was in 2002 with 6.9%.

Military Pay Raise Ebbs and Flows

Over the years, the pay raise ebbs and flows based on the Employment Cost Index. Some years the military pay raise is equal to or below ECI, other years the military pay raises have been higher than ECI. The President does make their own proposal, and Congress has the final say and is able to change the amount the President asks for.

Bottom Line: What Does This Mean to You?

As far as what this means for your day to day life?

According to Military.com, the pay raise will mean about $670 more annually for junior enlisted troops and about $1,300 more for senior enlisted and junior officers.

To break this down even further, an 0-5 with over 12 years would have a base pay of $7,891 in 2019 over $7,691 in 2018.

An E-5 with over 12 years would have a base pay of $3,396 in 2019 over $3,310 in 2018.

While this amount doesn’t necessarily seem like a lot, every little bit helps and it is always nice to know that a military pay raise is coming.

Remember that although the pay raise goes into effect on January 1st, you will see the increase on your January 15th paycheck.

 

 

 

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