Written by Ali Cybulski | Published on 12/13/2024
USAA Federal Savings Bank provides banking products and services exclusively to current and former military members and their families. You must meet eligibility requirements to join USAA (United Services Automobile Association) and open an account at the bank.
If eligible, membership is free, and you can access USAA’s array of banking products, including checking, savings and youth accounts, as well as certificates of deposit (CDs).
The USAA Classic Checking account requires a $25 minimum opening deposit, but new recruits are exempt. Access over 100,000 fee-free ATMs or get up to $10 in ATM fees refunded each statement cycle for out-of-network transactions. There are no monthly service fees, and you’ll get early access to your paycheck with direct deposit.
If your daily balance in the USAA Classic Checking account is at least $1,000, you’ll earn an annual percentage yield (APY) of 0.01%; the rate is variable, meaning it can change anytime. The same applies to Youth Spending, USAA’s checking account for users under 18. A parent or legal guardian needs to open the account with a $25 minimum deposit.
This checking account has no monthly service or overdraft fees, and it includes debit card and ATM access for kids. Handy features include parental controls to transfer money, check balances and receive account alerts for low balances or large withdrawals. When your child turns 13, you can customize their access to online services and the USAA mobile app.
USAA offers three savings account options, including a youth account. The USAA Savings account requires a $25 minimum opening deposit and pays a 0.01% APY. The USAA Performance First Savings account requires a much higher $1,000 initial deposit and offers a tiered APY ranging from 0.01% to 1.10% as your balance grows.
Both accounts have no monthly service fees and include free savings and budgeting tools. You can request an ATM card to withdraw cash from your savings account.
The USAA Youth Savings account requires a $25 minimum opening deposit and pays a variable APY of 0.01%. The account charges no monthly service fee and offers the same parental controls and online access limits as the youth checking account.
For higher fixed rates, explore USAA’s selection of CDs available in standard, jumbo and super jumbo types with terms ranging from 30 days to 7 years.
Current promotions include three fixed-rate CDs: a 270-day term with a 2.25% APY; a 1-year term with a 2.05% APY; and a 15-month term with a 1.95% APY.
Other APYs for standard fixed-rate CDs range from 0.05% to 2.50%, depending on the term. The minimum deposit for a standard fixed-rate CD is $1,000.
To manage your accounts on the go, use the well-rated USAA mobile app to transfer money, pay bills and send funds via Zelle.
For banking-related questions, ask virtual agents — artificial intelligence-powered agents similar to chatbots — for help anytime or contact USAA at 800-531-8722. If you have a branch nearby, you can visit one, but USAA has only four locations.
USAA pros and cons
Pros:
• No monthly service fees on checking and savings accounts
• Large, free nationwide network of ATMs
• Wide range of CD terms
Cons:
• Low rates on savings accounts and CDs
• Limited access to branches
• Military ties required for USAA membership
Related Posts
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
6/15/11 - USAA Bank Offers Direct Check Deposits At UPS Stores
6/11/11 - Banking From Your Phone: 5 Cool Banking Apps for Your Smart Phone
3/10/11 - Do Not Have To Be In Military To Open CD
1/27/11 - Top Jumbo Mid-Term CD Rates at USAA Bank - Available Nationwide
1/13/11 - Best Checking Accounts with Focus on Features Rather Than Rates
8/6/10 - USAA Bank Increases 7-Year CD Rates - Best 7-Year CD Rates in the Nation
7/23/10 - Top Jumbo Long-Term CDs at USAA Bank - Available Nationwide
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
The Best Bank There Is!
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
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
Say No To USAA
Dont go there. Payroll check with 2 years of deposit history from same bank and being a member for 15 years, was held for a 10 day hold. Account wasnt negative either. Called 3 days after deposited on Veterans Day and was told check cleared, but they won't release the fund till the 10 days hold is up... this was the second call i made too. The first was 3 days prior when i cashed the check, which i was promised a call back that NEVER CAME. I Had obligations and this has set me back considerably. Even after telling me the check cleared and its veteran's day, they wouldnt let me have access to my funds. Ty usaa, for scewing us vets again. They really need to change some policies around.
NAVY FED said they would never hold it that long... just a heads up on the differences
UPDATE: Called me right after this review and called me a liar about them saying my check cleared yesterday even though I recorded the conversation due to memory problems from my tbi. Its on the recording you liars...
CUSTOMER SERVICE HAS IMPROVED
After a period of poor customer service, things have gotten better... with the exception of the security department. Security didn't like one of my transactions and locked my account without notifying me. Customer service was unable to tell me what caused the shut-down. I didn't have access to my checking account for nearly two weeks. No one even bothered to notify me when the account was unlocked. When I called for the 5th, or so time, the rep noticed that it had been unlocked.
Data as of Q3 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 32188 |
| Year Established | 1983 |
| Employees | 14205 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.08% |
| Return on Equity - YTD | 2.05% |
| Annual Interest Income | $4.17B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $110.3B$109.4B |
| Loans | Q3 2024vs Q3 2023 | $42.98B$42.52B |
| Deposits | Q3 2024vs Q3 2023 | $95.41B$97.16B |
| Equity Capital | Q3 2024vs Q3 2023 | $4.37B$3.1B |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $1.66B$1.49B |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $334MM$263MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $0$1,000K |