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.
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.
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
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.
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.
| Overall | |
|---|---|
| FDIC Certificate # | 32188 |
| Year Established | 1983 |
| Employees | 14667 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0% |
| Return on Equity - YTD | 0% |
| Annual Interest Income | $2.45B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $110B$114.5B |
| Loans | Q2 2023vs Q2 2022 | $41.84B$38.16B |
| Deposits | Q2 2023vs Q2 2022 | $98.69B$106.9B |
| Equity Capital | Q2 2023vs Q2 2022 | $2.94B$4.19B |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $1.43B$749.0MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $239.0MM$187.0MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $1,000.00K$2.0MM |
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.
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.01% | $1k | - | USAA Classic Checking |
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