New bank for the US military community to launch this winter – Moonbeam
Moonbeam, a new bank built by US military veterans and designed exclusively for the country’s military community, is expected to launch in winter this year.
It is currently accepting sign-ups to a waitlist for its Alpha card, a credit card which the firm claims will offer 0% interest on all purchases, no hidden fees, cashback and rewards.
Through a mobile app, Moonbeam plans on offering customers “built-in budgeting” for every stage of their military career and beyond.
The app’s budgeting tool will take into account military benefits such as Thrift Savings Plans (TSP), Leave and Earnings Statements (LES), Retiree and Annuitant Services (RAS) and more.
Moonbeam says it will also offer expert financial advice as well as advice on benefits including the VA home loan, GI bill and tuition assistance.
The start-up adds that signing up to its platform involves no credit checks.
“Moonbeam’s only requirement is that you’re Active Duty, Guard, Reserve, Veteran, or an eligible family member,” it says on its website.
Founded in 2021 and headquartered in Austin, Texas, Moonbeam says its digital banking products will aim to emphasise financial literacy and economic mobility – “fighting issues that plague the veteran community like suicide and homelessness”.