USAA Federal Savings Bank Review: A Wide Variety of Services for Members
Written by
Sean Dennison
Edited by
Susan Kim
Commitment to Our Readers
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GOBankingRates Score
USAA Military Bank
-
Minimum Opening Deposits
4.5
-
Monthly Service Fees
5.0
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Customer Service
5.0
-
Mobile Experience
4.5
Pros
- Wide variety of products and services
- No minimum balance requirements for checking or savings accounts
- Affordable opening deposits
- Wide range of CD terms
Cons
- No high-interest savings account
- Annual percentage rate for checking account below the national average
About USAA Federal Savings Bank
What started in 1922 as a way for 25 Army officers to insure their vehicles is now a fully integrated bank with more than 13 million members. Headquartered in San Antonio, USAA Federal Savings Bank, or USAA Bank, has assets totaling over $200 billion. USAA Bank membership is open to current and former military personnel as well as their spouses and children. This includes veterans and precommissioned officers. USAA provides a wide variety of products and services to its members, including interest-bearing checking accounts, savings accounts, CDs and loans.
USAA Federal Savings Bank Products
USAA Bank offers several bank products for its members. Here’s a quick look:
Checking Accounts
USAA offers two checking accounts. Here are the details.
USAA Classic Checking
The USAA Classic Checking account has no minimum balance requirements or monthly service fees. A $25 minimum opening deposit is required. While the bank has a network of over 100,000 fee-free ATMs, if you use an out-of-network ATM, USAA will refund up to $10 in ATM fees per statement cycle. Balances of $1,000 or more in a USAA Classic Checking account earn APY.
Pros
- No monthly fees
- Interest-earning opportunity
Cons
- Not a high APY
- Must maintain balance of at least $1,000 to earn interest
USAA Youth Spending
The USAA Youth Spending account is designed to help kids learn how to manage money and requires a $25 minimum opening deposit. The account pays APY on balances of $1,000 or more. And like USAA’s other checking account, no minimum balance is required and no monthly maintenance fees apply. The account comes with a debit card with zero liability for unauthorized charges. When your child turns 18, the account will automatically be converted to a USAA Classic Checking account.
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Pros
- Set up limited access for 13-year-olds
- Parental controls over debit card limits
Cons
- Low APY
- Must maintain a $1,000 account balance for interest-earning opportunity
Savings Accounts
USAA has two main savings accounts that target different types of customers, in addition to a youth savings account. Here are the details.
USAA Savings
USAA Savings is a no-frills account for new customers that requires an opening deposit of only $25. It has no monthly service fees or minimum balance requirements and pays a APY on all balance tiers.
Pros
- No monthly fees
- Interest-bearing
Cons
- Low APY
USAA Performance First Savings
USAA Performance First Savings is for customers who have at least $1,000 to open an account. It has no monthly service fees or minimum balance requirements. It pays to APY depending on the balance. To receive a higher APY than , your balance must exceed $10,000.
Pros
- Earn interest on your savings
- Helpful online banking tools
Cons
- APY lower than what you can earn through other banks
- Must save at least $10,000 to earn more than APY
CD Accounts
USAA Bank offers an impressive variety of CDs, including fixed-, variable- and adjustable-rate CDs in standard, jumbo and super jumbo options.
Pros
- Attractive rates on some CD term lengths
- Lock in a competitive rate
Cons
- Adjustable-rate and variable-rate CDs come with low starting APYs
- Minimum deposit requirement is $1,000 for fixed-rate and adjustable-rate CDs
Fixed Rate CDs
A $1,000 minimum deposit is required for standard CDs, while a $95,000 minimum deposit is required for jumbo CDs and a $175,000 deposit is required for super jumbo CDs. The CD options have varied terms ranging from 30 days to seven years, and all options pay to APY, depending on the balance. For example, the 182-day CD comes with a APY.
Adjustable Rate CDs
Adjustable Rate CDs require a $1,000 minimum opening deposit for standard CDs, a $95,000 minimum deposit for jumbo CDs, and a $175,000 deposit for super jumbo CDs. Terms range from three to seven years and start at APY.
Variable Rate CDs
Variable Rate CDs are only available in the standard option and offer the following two terms: 182 days and one year. The APY starts at APY.
Banking Experience
GOBankingRates gave USAA an overall score of 4.8 based on the following standout features. Here’s what you need to know.
Minimum Opening Deposits
USAA Bank keeps its minimum opening deposits affordable, with all checking and most savings accounts requiring a low minimum opening deposit of $25 each, which makes it easier to open more than one account at a time. Additionally, minimum opening deposits for CDs start at $250 for variable-rate CDs and $1,000 for fixed-rate and adjustable-rate CDs, which is more affordable than the $2,500 minimum opening deposit some other banks require.
No Monthly Service Fees
Monthly service fees are nonexistent for USAA’s deposit accounts, which means your money can stay where it belongs — in your bank account. Monthly service fees can really add up over time, even if the fees are just $5 per month. While many banks offer account holders options for waiving service fees, it can sometimes be a hassle to consistently meet the requirements, such as maintaining a minimum daily balance or completing a certain number of debit card transactions per month.
Customer Service
The best way to contact USAA Bank customer service representatives is by phone. Members can contact the main customer service line at 800-531-8722 and ask for a specific department, or call individual departments directly. The bank’s shortcut mobile number is #USAA (8722). You can also send USAA a secure email message or use its virtual agent.
Mobile Experience
USAA has a mobile app available for Apple and Android devices. The app has a rating of 4.8 out of 5 in the App Store and a rating of 4.0 out of 5 in Google Play. The app provides information about all your USAA accounts with a single login. Information is protected by a PIN or biometric access.
Membership Requirements
In order to work with USAA, you’ll need to have a qualifying connection to the military. In general, U.S. military members, veterans, and precommissioned officers are eligible for membership. Additionally, spouses and children qualify to work with the bank.
USAA Bank vs. Competitors
Even if you qualify for membership at USAA, it’s helpful to compare it with other banks before opening an account. Here’s a look at how it stacks up against a few rivals.
USAA Bank vs. Navy Federal Credit Union
Both USAA Bank and Navy Federal Credit Union offer products and services to military personnel and their families. USAA Bank offers a greater variety of products, including insurance. Navy Federal Credit Union has more branches available in the U.S. and a bigger presence around the world.
USAA Bank vs. Bank of America
USAA offers higher APYs on its standard CD accounts, but these rates are only available to those who meet the membership requirements. Bank of America, Member FDIC, is a better choice for folks who don’t qualify for USAA membership and prefer having access to a larger number of branches.
USAA Bank vs. Chase
Like Bank of America, Chase has more physical branches than USAA across the country. It also runs promotions that give new customers free money for opening an account. However, members of USAA have access to a broad range of nonbanking products and services unavailable at Chase, including health insurance, shopping discounts and travel deals.
Final Take
If you meet the membership requirements at USAA Bank, it’s worth a look. You get free checking and savings accounts and an array of other financial products and services at competitive prices. Find out if you qualify for membership and open an account to access everything the bank has to offer.
USAA Bank FAQ
Here are answers to some of the most commonly asked questions about USAA Bank.- Does USAA have actual bank branches?
- USAA Bank has financial centers in Colorado, New York, Maryland and San Antonio.
- What days are USAA Bank branches open?
- In general, Monday through Friday. However, the West Point Main Exchange location in West Point, New York, is also open on Sunday.
- What time does USAA Bank release funds after ATM deposits?
- You should have access to cash and check deposits by the first business day after you make your deposit at an ATM.
Compare to Other Banks
- Chase Bank Review
- Wells Fargo Bank Review
- Capital One Bank Review
- U.S. Bank Review
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Sarah Sharkey and Cynthia Measom 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 Aug. 16, 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.
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