USAA Bank

USAA Bank


Overview / Commentary
800-531-8722
10750 McDermott Freeway
San Antonio, TX 78288-0544

USAA Bank is the Texas-based banking component of the United States Automobile Association, a privately held financial services company offering an array of insurance, banking, investment, and lending products and services. The company’s target market and membership field is limited to members of the U.S. military and their immediate families. The company also has a history of superior credit and service ratings, in addition to its repeated recognitions by major publications for being one of the best companies to work for.

On its personal banking side, USAA Bank offers deposit and loan products to serve its members savings and lending needs. Checking, savings, Certificate of Deposit (CD) and IRA CD accounts are available, as well as auto, home, and personal loans. USAA’s checking accounts feature a free checking option that offers free mobile deposit, BillPay, funds transfers to and from any bank, and zero liability for unauthorized charges. The bank also has a secure checking account option that comes with a monthly fee in exchange for identity theft protection services and a World MasterCard debit card. The savings account offering has no monthly service fee and comes with a debit card that can be used at any ATM nationwide. Transaction fees garnered from non-USAA ATM partners are reimbursed up to a certain amount each month. The savings account also features free funds transfers and tiered interest rates that grow as the account balance reaches certain thresholds. Both the checking and savings account offerings come with USAA’s financial management software, MoneyManager, which helps track expenses and map out a budget.

Certificates of Deposit (CDs) and IRA CDs are also available and can be opened in term lengths ranging from 1 month to 7 years. CDs come in three forms: Variable, Adjustable Rate, and Fixed Rate, which allow for additional deposits, a one-time rate adjustment, and no additional deposits, respectively.

USAA Bank online banking provides a secure and versatile web-based system through which members can manage their deposit accounts, as well as other accounts they have with USAA. The Internet platform makes it easy to accomplish tasks like Bill Pay, mobile deposit, and funds transfers. USAA MoneyManager is the bank’s proprietary financial management system that gives members the ability to track their spending and budget. USAA’s mobile banking system consists of a mobile optimized website and mobile banking apps to make banking from a smartphone or tablet device easy and convenient.

USAA Bank was originally established as a federal savings bank with the FDIC in 1983 and is headquartered in San Antonio, Texas. The USAA group began after a group of Army officers insured one another when they could not obtain auto insurance due to their “high-risk” stereotype. Over 60 years later the banking component of the insurance company was started. USAA Bank serves its members through a limited number of financial service centers located across the country, as well as through online and telephone banking representatives.

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7/24/14 - IBM's Watson That Beat Jeopardy Champions Is Being Used By USAA Bank
6/11/13 - Itinerant Customers Embracing Mobile Banking Faster Than Military Banks Expected
9/30/11 - USAA Won’t Charge Extra Fees For Debit Card
9/2/11 - USAA CD Rates Fall 10 Basis Points On 5-Year Super-Jumbo
7/7/11 - USAA Bank Ends Debit Card Rewards Program
6/15/11 - USAA Bank Offers Direct Check Deposits At UPS Stores
3/10/11 - Do Not Have To Be In Military To Open CD
1/28/11 - USAA Bank's Growth - Focus Only On The Military?
1/27/11 - Top Jumbo Mid-Term CD Rates at USAA Bank - Available Nationwide
9/24/10 - USAA Bank Cuts CD Rates Again
9/10/10 - USAA Bank's CD Rates Fall
8/24/10 - USAA Bank's Long-Term CD Rate Cuts
8/6/10 - USAA Bank Increases 7-Year CD Rates - Best 7-Year CD Rates in the Nation
8/3/10 - Consent For Early Withdrawal For CD From USAA Bank
8/2/10 - USAA Bank Is Missing From My Lists Here...
7/23/10 - Top Jumbo Long-Term CDs at USAA Bank - Available Nationwide
7/10/10 - Interesting Incident At USAA Bank
5/19/10 - Your Postingon May 1
3/10/10 - My Husbandjust Rolled Over An IRA With USAA
8/4/09 - Competitive CD Rates at USAA Federal Savings Bank - Nationally Available
5/6/09 - 3.25% 2-Year CD at USAA Bank - Nationally Available but Membership Restrictions
4/22/09 - $100 Checking Account Bonus at USAA Bank - Nationally Available but Membership Restrictions
1/19/09 - 5.32% 7-Year CD at USAA Federal Savings Bank - Nationally Available but Membership Restrictions
12/6/08 - 5.32% 5-Year Jumbo CD at USAA Federal Savings Bank
2/5/07 - $150 Checking and Savings Account Promo at USAA
10/30/06 - High Yield Long-Term CDs at USAA Bank
8/12/06 - USAA Bank Update and Extra 1% Rate Special
5/18/06 - 5.71% Money Market Account for First 6 Months at USAA Bank
10/6/05 - Update on USAA Bank

Reviews (270)

The Best Bank There Is!

Posted by: |

I have been banking at USAA since I’ve been 16 years old and have had many products through them. Currently I have two credit cards, checking, savings, personal loan, renters insurance, and car insurance. I never plan on switching my primary bank as USAA has always treated me well. Customer service-wise, they have always been available and helpful to the various needs I've had. They take their time and have helped me learn how to balance my finances and what the benefits of different products are. The website and app have had various upgrades throughout the years that have made banking and reviewing my accounts easier. I have never stepped foot in a physical USAA bank and don’t live anywhere near one, but the no-ATM fees have made this variable insignificant.

The only problems I've had with USAA was the turnaround on a claim/car repairs when my vehicle was stolen. There was a huge increase in auto theft in my area, and my auto repair shop told me that many vehicles waiting in his shop were insured by USAA. The price of my insurance is a lot lower than other competitors, so I decided to stay with USAA despite this poor experience. The other area where USAA may not be "the best" is for savings accounts, their interest rates are not competitive. I have a savings account at USAA for the purposes of overdraft protection and instant transfer, but in terms of high-yield savings I have an account elsewhere (BMO Alto).

Overall, I’ve heard various horror stories about banks from friends and family members. I’m grateful to have never experienced any significant or ongoing difficulties in the 10+ years I have been utilizing USAA. I don’t plan on switching ever and I highly recommend them.

Banking And Insurance

Posted by: |

I love USAA for car insurance and checking account. However, they are not competitive with their savings and certificate of deposits. I have been with them for over thirty years and will remain loyal, I recently have transferred a vast majority of my liquid assets to higher yielding accounts at other more competitive institutions. USAA’s website and App are wonderful.

Brian Pettenger

USAA Fake Deposit Limits

Posted by: |

I've been using USAA banking for years and use ACH deposits from my brick & motor bank to fund the account and pay my bills from USAA. Everything was fine until 2 weeks ago, without notice USAA started to limit my ACH deposits from $5000 to $500 per day, and anything above $500 gets a 5 business day hold. I called customer service and was told there is nothing they can do, but I can wire transfer money without a hold. I'm not going to pay $25 wire transfer fees, so that ends my relationship with USAA banking.

Beware Of USAA

Posted by: |

Very disappointed with USAA’s service after being a member for over 24 years. We are in the process of canceling all our products with USAA and pulling out our money. BEWARE…USAA will not do what’s needed to get your money back after your checking or savings account gets hacked. You will have to fight for yourself which is very unfortunate. USAA will freeze your accounts after the fraud happens which compounds the problem; We can not make transactions to pay bills all because of hackers.

A Fraudulent external account was created in my name, without my knowledge, and transfers were made into that account totaling $10k all within a matter of days. USAA is holding me liable for the transfers even though I made a police report and reported the crime to the FTC and the CFPB.

USAA, in the past, has been able to resolve my concerns in a matter of days. Now, after being victim of identity theft and getting my account hacked due to a breach of USAA’s online security, USAA is not providing the excellent service they attest to by not providing me with any information pertinent to my case after several weeks of requesting on the phone; they keep giving me the run around by keeping me on hold only to hear that no one is authorized to help me, it’s always another department. I need my case reconciled as soon as possible.

The culture of USAA has changed so please beware. Let this be a lesson to all.

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Health
C+
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. USAA Bank has a negative return on equity.

Health Grade Components

Overall
FDIC Certificate #32188
Year Established1983
Employees14967
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-0.28%
Return on Equity - YTD-10.04%
Annual Interest Income$5.06B
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$110.4B$110.9B
LoansQ4 2023vs Q4 2022$43.21B$40.19B
DepositsQ4 2023vs Q4 2022$97.38B$102.1B
Equity CapitalQ4 2023vs Q4 2022$3.68B$2.96B
Loan Loss AllowanceQ4 2023vs Q4 2022$1.55B$760MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$300MM$215MM
Real Estate OwnedQ4 2023vs Q4 2022$1,000K$1,000K
Rates
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Always verify rates and promotions with the bank or credit union. We are not USAA Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

USAA Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.60%*$500k*- USAA Performance First Savings
OTHER TIERS: 0.05% Up to $10k | 0.10% $10k - $50k | 1.00% $50k - $100k | 1.10% $100k - $250k | 1.20% $250k - $500k
0.01%-- USAA Savings
0.01%--Youth Savings

USAA Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.01%$1k-USAA Classic Checking

USAA Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.90%$1k$95k182 Day CD - Standard
4.90%$95k$175k182 Day CD - Jumbo
4.90%$175k-182 Day CD - Super Jumbo
4.75%$1k$95k270 Day CD - Standard
4.75%$95k$175k270 Day CD - Jumbo
4.75%$175k-270 Day CD - Super Jumbo
4.65%$1k$95k1 Year CD - Standard
4.65%$95k$175k1 Year CD - Jumbo
4.65%$175k-1 Year CD - Super Jumbo
4.55%$1k$95k15 Month CD - Standard
4.55%$95k$175k15 Month CD - Jumbo
4.55%$175k-15 Month CD - Super Jumbo
4.45%$1k$95k18 Month CD - Standard
4.45%$95k$175k18 Month CD - Jumbo
4.45%$175k-18 Month CD - Super Jumbo
4.25%$1k$95k2 Year CD - Standard
4.25%$95k$175k2 Year CD - Jumbo
4.25%$175k-2 Year CD - Super Jumbo
2.75%$1k$95k30 Month CD - Standard
2.75%$1k$95k3 Year CD - Standard
2.75%$95k$175k30 Month CD - Jumbo
2.75%$95k$175k3 Year CD - Jumbo
2.75%$175k-30 Month CD - Super Jumbo
2.75%$175k-3 Year CD - Super Jumbo
2.50%$1k$95k4 Year CD - Standard
2.50%$1k$95k5 Year CD - Standard
2.50%$95k$175k4 Year CD - Jumbo
2.50%$95k$175k5 Year CD - Jumbo
2.50%$175k-4 Year CD - Super Jumbo
2.50%$175k-5 Year CD - Super Jumbo
2.02%$1k$95k7 Year CD - Standard
2.02%$95k$175k7 Year CD - Jumbo
2.02%$175k-7 Year CD - Super Jumbo
0.05%$1k$95k91 Day CD - Standard
0.05%$1k$95k7 Month CD - Standard
0.05%$95k$175k30 Day CD - Jumbo
0.05%$95k$175k91 Day CD - Jumbo
0.05%$95k$175k120 Day CD - Jumbo
0.05%$95k$175k150 Day CD - Jumbo
0.05%$95k$175k7 Month CD - Jumbo
0.05%$175k-30 Day CD - Super Jumbo
0.05%$175k-91 Day CD - Super Jumbo
0.05%$175k-120 Day CD - Super Jumbo
0.05%$175k-150 Day CD - Super Jumbo
0.05%$175k-7 Month CD - Super Jumbo
0.01%$95k$175k3 Year CD - Jumbo Adjustable Rate
0.01%$1k$95k3 Year CD - Standard Adjustable Rate
0.01%$175k-3 Year CD - Super Jumbo Adjustable Rate
0.01%$95k$175k4 Year CD - Jumbo Adjustable Rate
0.01%$1k$95k4 Year CD - Standard Adjustable Rate
0.01%$175k-4 Year CD - Super Jumbo Adjustable Rate
0.01%$95k$175k5 Year CD - Jumbo Adjustable Rate
0.01%$1k$95k5 Year CD - Standard Adjustable Rate
0.01%$175k-5 Year CD - Super Jumbo Adjustable Rate
0.01%$95k$175k7 Year CD - Jumbo Adjustable Rate
0.01%$1k$95k7 Year CD - Standard Adjustable Rate
0.01%$175k-7 Year CD - Super Jumbo Adjustable Rate
0.01%$250-182 Day CD - Variable Rate
0.01%$250-1 Year CD - Variable Rate
Locations

USAA Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 10750 McDermott Freeway - San Antonio, TX 78288-0544

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.