USAA Savings Account Interest Rates for October 2024: Up To 1.45% APY
Written by
Daria Uhlig
Edited by
Emily Gadd
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USAA serves members of the military, veterans and their families. If you qualify and are considering opening a savings account at USAA, you’ll need to understand the interest rates you could get to make sure you maximize your money.
USAA Savings Account Interest Rates
The savings options from USAA are not high-yield savings accounts, but the USAA Performance First Savings account has tiered APYs, which range between and . This account has a minimum opening balance of $1,000, and the APY increases as the balance grows.
Here’s a look at USAA savings account interest rates.
| Account | Balance | APY |
|---|---|---|
| USAA Savings | All balances | |
| USAA Youth Savings | All balances | |
| USAA Performance First | Less than $10,000 | |
| USAA Performance First | $10,000 to $24,999.99 | |
| USAA Performance First | $25,000 to $49,999.99 | |
| USAA Performance First | $50,000 to $99,999.99 | |
| USAA Performance First | $100,000 to $249,999.99 | |
| USAA Performance First | $250,000 to $499,999.99 | |
| USAA Performance First | $500,000 to $999,999.99 | |
| USAA Performance First | $1,000,000+ |
USAA Savings Account Overview
USAA offers three savings accounts:
- USAA Savings: A straightforward account for new customers
- USAA Performance First Savings: A premium savings account that offers tiered APYs
- USAA Youth Savings: An interest-bearing account that helps kids and teens learn the ropes and develop responsible financial habits
Minimum Deposit
The minimum deposit for USAA Savings and Youth Savings is $25. The USAA Performance First account has a minimum opening deposit of $1,000.
Minimum Daily Balance
None of the savings accounts have a minimum daily balance requirement. However, the Performance First account has a reduced rate of if the balance dips below $10,000.
APYs
All of USAA’s savings accounts earn interest. The APY for USAA Savings and Youth Savings is just . However, Performance First earns to , depending on your balance.
Fees
USAA savings accounts have no monthly maintenance fees, nor does USAA charge a nonsufficient funds fee if you make a deposit that doesn’t clear. However, there are other fees you might encounter:
- Overdraft fee: $29, limited to one fee a day per account; no charge for overdraft protection transfers
- Foreign transaction fee: 1% of U.S. dollar amount of purchase
How Do USAA’s Savings Rates Compare to Other Banks’ Rates?
Here’s how USAA stacks up against competing financial institutions.
| Bank | APY |
|---|---|
| USAA | USAA Savings: USAA Youth Savings: USAA Performance First: – |
| Navy Federal Credit Union | Share Savings: |
| PenFed Credit Union | Regular Savings: Premium Online Savings: |
| U.S. Bank | Standard Savings: |
How To Open a Savings Account at USAA
USAA is a membership bank, so opening a bank account here might be a little different than opening one at a typical bank. Here’s how to do it.
Thanks!
1. Join USAA
USAA membership is open to U.S. military members and veterans, precommissioned officers and spouses and children of eligible individuals. You’ll have to apply for membership before you can open an account. Once your application has been approved, you’ll be able to open an account.
2. Decide Which USAA Savings Account Is Best for You
USAA has two adult savings accounts to choose from. If you’re planning to deposit at least $10,000, Performance First is probably the better choice because the APYs are much higher.
3. Apply for Your USAA Savings Account
You can apply for your savings account on the USAA website, using the buttons on the savings account pages. The application will ask for your name, address, birth date and other personal information.
4. Add Money to Your USAA Savings Account
Once USAA has approved your account, you’ll need to fund it with at least $25 for USAA Savings or Youth Savings or $1,000 for USAA Performance First. USAA accepts checking or savings transfers, Visa and Mastercard for the $25 deposit.
Are USAA Savings Accounts Right for You?
USAA’s savings accounts are right for you if you have served or are currently serving in the military or armed forces or are married to an eligible individual. There’s also a Youth Savings account available for children of eligible individuals.
Though the standard USAA savings account interest rate is below the national average, USAA does offer a tiered APY option that could work for you, depending on how much money you are able to keep in your savings account.
USAA Savings Account Pros
- Wide variety of products and services
- No minimum balance requirements for standard savings account
USAA Savings Account Cons
- No high-interest savings accounts
- Low APY below the national average on basic savings
Other Savings Options at USAA
If the savings account options don’t seem to suit your needs, USAA also offers an array of certificate of deposit options. A USAA CD is an excellent alternative if you can let your money sit for a year. Here is a breakdown of what interest rates you can earn on three of the term lengths for standard fixed-rate CD accounts.
| Term | APY |
|---|---|
| 1-year CD | |
| 18-month CD | |
| 2-year CD |
Final Take To GO
If you have served your country, let a bank that specializes in serving you help you with your financial and savings goals. USAA Federal Savings Bank is a bank specifically designed for military personnel and their families.
Be sure to research which savings account options best meet your monetary needs, and compare USAA savings accounts to accounts at other banks. For better growth, consider investing in a CD instead.
FAQ
Here are answers to frequently asked questions about USAA savings account interest rates.- What is the savings interest rate for USAA?
- The savings interest rate for USAA's standard savings account is 0.01% APY. However, USAA's Performance First savings account offers higher tiered rates.
- Does USAA have a high-interest savings account?
- No, USAA does not offer a high-interest savings account, but it does have a variety of CD term options if you want to broaden your savings profile.
- Which U.S. bank gives 7% interest on a savings account?
- No bank in the U.S. is currently offering a 7% interest rate on a savings account.
Caitlyn Moorhead contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Oct. 3, 2024.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
