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
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
What Happened To USAA Bank
I have banked with USAA for 37 years - I know because every time I call the friendly staff reminds me of it. For 36 years I have been extremely pleased with USAA and all its services. However, something happened recently and I can hardly recognize my bank anymore. Recently USAA unilaterally decided to lock my debit card after I had called to increase my daily limits. This unilateral action not only impacted my debit card my my wife's as well. To compound the situation, USAA froze my account and I could not even access it via the app or online. Unbeknown to me, the "frozen account" also affected my USAA Bill Pay and I had scheduled payments returned (this I found out later via email from the bank). Numerous calls revealed that "there was an ongoing investigation" and that it would take 72 to resolve it. My pleas for a quick solution went nowhere and I had to "bite the bullet" for over 24 hours. Not waiting for the "72 hours" I called again and talked to a "no-nonsense" employee who listened to my problem and incredibly fixed everything in less than 10 minutes. I am thoroughly disappointed with how USAA has appeared to grow away from its core principles - to take care of the customers - is being overshadowed by a "security effort" that goes beyond protection and has become an impediment. While stopping doing business with USAA is not a good idea (three different direct deposits) I am going to move my money to another bank for regular checking/ATM and regular purchases.
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 Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 32188 |
| Year Established | 1983 |
| Employees | 14007 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.15% |
| Return on Equity - YTD | 3.88% |
| Annual Interest Income | $1.38B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $110.8B$114B |
| Loans | Q1 2025vs Q1 2024 | $41.96B$42.44B |
| Deposits | Q1 2025vs Q1 2024 | $97.29B$100.6B |
| Equity Capital | Q1 2025vs Q1 2024 | $4.32B$3.62B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $1.78B$1.59B |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $368MM$312MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$1,000K |