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Updated April 10, 2024
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Founded in 1922 as a way for a group of Army officers to insure each other’s automobiles, USAA Bank has grown to become one of the top fully integrated financial services organizations in America. From the beginning USAA has worked to meet its customers’ needs, and it has consistently been highly ranked in customer satisfaction. USAA’s banking is only available to those who have served in the military and their spouses and children. This comprehensive review can help you decide if USAA is the right bank for you. Pros & Cons Pros No monthly fee checking and savings accounts Generous rules over ATM fees Accessible mobile app Cons Only five branches in the U.S. Not available to those unaffiliated with the military Higher APYs elsewhere Company Overview Table of Contents USAA Bank Review Pros Explained Cons Explained Best For Bank Offerings Other Products Customer Service How to Bank Methodology USAA will be a good fit for military members and their families who are looking for convenient banking options. You may be an especially good fit if you: USAA has an extensive menu of products and services for its members. These include: The basic USAA Savings Account has an APY of 0.01% and a minimum opening deposit of $25. There are no fees whatsoever associated with this account, making it a decent place to stash some extra cash, as well as a good option for a linked account for overdraft protection. USAA allows for mobile check deposit and automatic transfers into this savings account, making it easy to add to your balance. In the past, the account had a tiered APY the APY is currently fixed at 0.01% no matter how big your balance is. All USAA customers with both a savings and checking account can access the bank's Savings Booster tools, which are designed to help customers reach their savings goals. These include: USAA Performance First Savings Account is USAA’s high-yield savings account, and it has a minimum opening deposit of $10,000. However, there is no minimum balance required, which means you will not be penalized if you need to reduce your balance below the $10,000 level. Like the general savings account, there are no fees with this account, and it allows for mobile check deposit and automatic transfers. You may also use this account as your linked account for overdraft protection. It offers a tiered APY. Customers with the USAA Performance First Savings Account also have access to the savings tools listed above, making savings easy. One thing that makes USAA stand out is the fact that two of its three checking accounts bear interest. Provided you keep a daily balance of $1,000 or more in your USAA Classic Checking account, you will earn a 0.01% APY on that balance. While that’s a relatively low rate for an interest-bearing checking account, the account makes up for it somewhat by being free of most fees and minimum balance requirements. This account is set up to be as convenient and inexpensive as possible. You can open a Classic Checking account with just a $25 deposit. If you opt for overdraft protection and link a USAA credit card or another checking or savings account, USAA will transfer money to cover your overdraft in $100 increments for free. Otherwise, you can expect an overdraft fee or non-sufficient funds fee of $29. USAA also does not charge fees for your first 10 ATM transactions per month within its 60,000 preferred-ATM network. After that, the fee is $2 per transaction. (Transactions at any of the 1,200 USAA-branded ATMs are always free.) In addition, USAA will reimburse up to $15 per month in ATM fees levied by other banks. USAA also offers a checking account specifically geared to minors under the age of 18. The USAA Youth Spending account is almost identical to the Classic Checking account. It has a $25 minimum initial deposit, offers a 0.01% APY on daily balances of $1,000 or more, and there are no fees or minimum balances. Parents who are already members of USAA can set up a Youth Spending account for their minor children. Parental controls allow parents to: Parents can decide whether or not to request a debit card with this account. It does not come standard as it does with the Classic Checking account. As with the regular checking account, Youth Spending allows you to opt into free overdraft protection with a linked credit card or savings account. You can also expect the same generous ATM fee policies with Youth Spending. When your child turns 18, the Youth Spending account automatically becomes a Classic Checking account. USAA offers three CD tiers: standard CDs, which require a minimum deposit of $1,000 or more; jumbo CDs, for deposits of at least $95,000; and super jumbo CDs, for deposits of $175,000 or higher. You can purchase these CDs in terms ranging from 30 days to seven years, although some of the shorter terms are not available for the standard CDs. USAA has a number of credit cards on offer, with a variety of perks to meet the needs of its customers. USAA has both American Express and Visa cards. Whether you are looking for a rewards card offering points (plus bonuses), a cash-back card, or a card with an annual percentage rate (APR) as low as 15.15%, USAA has a card for you. In addition to the above banking products, USAA has a large menu of products and services for its members. These include: Excellent customer service has long been what USAA is known for. You can reach a customer service agent by phone at least six or, in some cases, seven days a week; the specific days and hours vary depending on which department of USAA you need to contact. The website also offers online chat with a virtual agent anytime you need help. As a financial institution serving a transient population, USAA has always been on the cutting edge of financial technology. It was one of the first adopters of mobile check deposit, allowing customers to deposit checks via iPhone as of 2009, as reported in the New York Times. However, some users find the app to be somewhat buggy, particularly after running an update, which can be a problem when the mobile app is one of the only ways to access your account. Members of the military and their families can open an account online. However, you will need to become a member of USAA first. You will need the following items to join: Once you have joined, you can open a checking account or basic savings account with a $25 deposit. As noted earlier, because there are only five branches of USAA in the U.S., you can expect to handle the majority of your banking chores and transactions via the online portal or with the mobile app. Verdict USAA is a fine bank for those who qualify to access it. With monthly fee-free checking and savings accounts, generous ATM fee policies, an APY coming standard with every checking account, and many tools and programs created to help customers avoid overdrafts and meet their financial goals, USAA offers a complete package of good banking practices. When you add in the fact that the institution also handles nearly every type of banking and financial need you might have, it’s clear that this is an excellent one-stop-shop for banking. Unfortunately, USAA is not available to everyone. Civilians cannot access the excellent products and customer service. With membership restricted to military and their immediate family—which only includes spouse and children, not the parents of a military member—USAA is out of reach for many people. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. USAA. "Checking." USAA. "USAA Savings Tools." Apple App Store. "USAA Mobile." Google Play Store. "USAA Mobile." USAA. "USAA Financial Centers." USAA. "Membership Means More." USAA. "Savings Accounts." USAA. "Youth Savings." USAA. "Certificate of Deposits Rates." USAA. 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Pros Explained
Cons Explained
Who Is USAA Bank Best For?
What Does USAA Bank Offer?
Savings Accounts
USAA Performance First Savings Account APY Daily Balance Annual Percentage Yield (APY) Less than $10,000 0.05% $10,000 to $24,999.9 0.10% $25,000 to $49,999.99 0.10% $50,000 to $99,999.99 1.00% $100,000 to $249,999.99 1.10% $250,000 to $499,999.99 1.20% $500,000 to $999,999.99 1.60% $1,000,000 and over 1.60% USAA Savings Accounts Account Minimum Opening Deposit Fee APY USAA Savings Account $25 None 0.01% USAA Performance First Savings Account $10,000 None 0.05% to 1.60% Checking Accounts
USAA Checking Accounts Account Minimum Opening Deposit Monthly Fee APY Classic Checking $25 None 0.01% Youth Spending $25 None 0.01% CDs
USAA Standard CD Rates Term Annual Percentage Yield (APY) 91 Days 0.05% 182 Days 5.05% 7 Months 0.05% 270 Days 4.90% 1 Year 4.80% 15 Months 4.70% 18 Months 4.60% 2 Years 4.40% 30 Months 2.75% 3 Years 2.75% 4 Years 2.50% 5 Years 2.50% 7 Years 2.02% USAA Jumbo and Super Jumbo CD Rates Term Annual Percentage Yield (APY) 30 Days 0.05% 91 Days 0.05% 120 Days 0.05% 150 Days 0.05% 182 Days 5.05% 7 Months 0.05% 270 Days 4.90% 1 Year 4.80% 15 Months 4.70% 18 Months 4.60% 2 Years 4.40% 30 Months 2.75% 3 Years 2.75% 4 Years 2.50% 5 Years 2.50% 7 Years 2.02% Credit Cards
Rewards Points Cards
Cashback Cards
Low Rate Card
Other Financial Products Offered by USAA
USAA Customer Service
How to Bank With USAA
Methodology
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