USAA vs. Chase: Which Bank Is Right for You?
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Bottom line: USAA has more free deposit accounts and higher CD rates, while Chase has a large branch network and more robust mobile app.
USAA offers a basic, free checking account, while Chase offers several types of accounts that might suit your needs better, though most charge a monthly service fee.
USAA's Classic Checking account has no monthly fee and a low $25 initial deposit (waived if you're newly enlisted in the military). The account also earns 0.01%, though account holders need to maintain a $1,000 daily balance to qualify for it. USAA gives you access to over 100,000 fee-free ATMs, plus $10 fee refunds per statement cycle for ATMs that fall outside its network.
The Chase Total Checking® account doesn't earn interest and has a monthly service fee of $12 (waivable). Account holders can bank at over 15,000 fee-free ATMs, but Chase won't reimburse any fees incurred on ATMs outside its network. The Chase Secure Banking℠ is similar but comes with a $4.95 monthly fee (waivable) and no overdraft fees. Finally, there's the Chase Premier Plus Checking℠, which has a $25 monthly fee (waivable), earns interest, and will reimburse four withdrawals per statement cycle at non-Chase ATMs.
Chase also offers student checking accounts and two accounts for premium clients -- the Chase Sapphire℠ Banking and Chase Private Client Checking℠.
On Chase's Secure Website.
Member FDIC.
Chase Total Checking®
On Chase's Secure Website.
Chase Total Checking® combines tons of features with superior customer service. It's a safe place to put your money. You can walk into any of thousands of branches and withdraw cash from more than 15,000 ATMs in Chase's network. You can access everything online, too. It's one of the best checking accounts for in-person and over-the-phone customer service.
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
**Monthly service fee is $12, or $0 with one of the following, each monthly statement period:
Chase and USAA both offer two personal savings accounts, though neither bank has rates comparable to top high-yield savings accounts.
The Chase Savings℠ account is a basic savings account with a $5 monthly fee (waivable) and a savings rate of just 0.01%. Meanwhile, Chase's Premier Savings earns a relationship rate of 0.02% when you link a Chase Premier Plus Checking℠ or Sapphire Checking and make at least five transactions in a monthly statement period. It also comes with a $25 monthly service fee, which is waived if you link the aforementioned accounts.
Likewise, USAA has a basic savings account, USAA Savings, and a premium account, USAA Performance First® Savings. The USAA Savings is free, pays out at a 0.01% APY, and requires a $25 initial deposit. The USAA Performance First® Savings is also free, but requires a $10,000 initial deposit to open. Its saving rate is slightly higher (up to 1.10%) but requires $500,000 or more to earn the upper portion of that range. Finally, USAA also has a Youth Savings account, which is free and has a 0.01% rate.
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| Account | |||
| Rating |
Rating image, 2.50 out of 5 stars.
2.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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| APY | 0.01% | 0.01% | up to 1.10% Rate info Balances less than $10,000 earn 0.05%, balances $10,000 to $49,999.99 earn 0.10%, balances $50,000 to $99,999.99 earn 0.90%, balances $100,000 to $249,999.99 earn 1.00%, balances $250,000 to $499,999.99 earn 1.10%, balances $500,000 to over $1,000,000 earn 1.50% |
| Min. to earn APY | — | $0.01 | $0.01 |
| Next Steps |
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USAA CDs have better APYs on most terms compared with Chase CDs.
USAA Standard CDs come in thirteen terms, ranging from 91 days to seven years, and have a $1,000 minimum deposit. While some of these CDs have really low APYs, others have competitive rates that are comparable with some of the best CDs.
Chase Standard CDs come in seventeen terms, ranging from one to 120 months. If you link a Chase checking account, you qualify for a CD relationship rate (otherwise your APY will be 0.01%, no matter the term). While Chase only requires a $1,000 minimum to open an account, you need at least $100,000 to earn its highest relationship APYs, which aren't even that great in comparison to other top-paying CDs.
APY = Annual Percentage Yield
| Offer |
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|---|---|---|
| Account | Chase Standard CD | USAA Standard CD |
| 3 Mo. | 2.25% | 0.05% |
| 6 Mo. | 1.50% | 2.25% |
| 9 Mo. | 2.00% | 2.00% |
| 1 Yr. | up to 3.25% | 1.80% |
| 1.5 Yr. | 2.00% | 1.65% |
| 2 Yr. | 2.00% | 1.40% |
| 3 Yr. | 2.00% | 1.30% |
| 4 Yr. | 2.00% | 1.25% |
| 5 Yr. | 2.00% | 1.25% |
| Min. Deposit | $1,000 | $1,000 |
| Early Withdrawal Penalty | Yes | Yes |
| Next Steps |
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USAA's annual percentage yields (APYs) generally trump Chase's. For one, USAA CDs have higher APYs across the board, and the bank doesn't even require a large deposit or linked checking account to score the best rates. Neither bank has exceptional rates on savings or checking accounts, at least not in comparison to high-yield saving accounts.
Both banks provide multiple ways to get in touch with them, including over the phone, through virtual chats on their websites, or in-person at a branch. Chase recently scored second in customer service satisfaction in the J.D. Power 2023 U.S. National Banking Satisfaction Study, beating every big national bank except Capital One. Both banks have a 1.3 out of 5 stars on Trustpilot and roughly 1 out of 5 stars on their BBB profiles.
Chase and USAA have robust banking apps that share many of the same features. Both apps let you deposit checks, pay bills, manage accounts, and transfer money. Chase's mobile app goes a step further in letting you link external non-Chase accounts to give you a full picture of your personal finances. Meanwhile, if you have USAA auto insurance, you can view your auto ID card and call for roadside assistance through the app.
If you want a free savings or checking account, USAA might be better suited for you. While Chase's deposit accounts could also be made free, you have to meet certain criteria to waive the service fees. Likewise, if you want a higher CD rate, you'll more than likely find it at USAA than Chase. That said, Chase has more branches and a slightly more powerful mobile app. Its services are also available to everyone, whereas USAA is only available to active and retired military members and their families.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
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Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
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Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 5, 2025. Terms apply.
Min. to earn: $0
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N/A
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Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
USAA is a good choice for active or retired military members and their families who want free, no-frills savings and checking accounts.
Chase is good for those who want a big national bank with branches in all 48 contiguous states. It might also be ideal if you already have accounts at Chase (like credit cards) and want to keep all your finances at one institution.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
