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USAA vs. Chase: Which Bank Is Right for You?

Review Updated
Steven Porrello
Author: Steven Porrello
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Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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 vs. Chase: Account options

Checking accounts

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℠.

Chase Total Checking®
Open Account for Chase Total Checking®

On Chase's Secure Website.

Member FDIC.

Rates as of Dec 20, 2024

Chase Total Checking®

Open Account for Chase Total Checking®

On Chase's Secure Website.

Member FDIC.
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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.
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= Excellent
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Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. 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.
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= Excellent
= Good
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Open Account for Chase Total Checking®

On Chase's Secure Website.

APY
0%
Min. To Earn APY
N/A
  • Largest bank in the U.S. in terms of assets 
  • More than 15,000 ATMs and 4,700 physical locations
  • Wide range of financial products
  • User-friendly online and mobile banking tools
  • No minimum deposit to open
  • Chase Overdraft Assist
  • Low APYs on savings accounts and CDs
  • $12 monthly maintenance fee waived only with qualifying activity

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.

  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ – no overdraft fees 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 bring your account balance to overdrawn by $50 or less at the end of the next business day*


*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:

  • Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNowSM network, (iii) third party services that facilitate payments to your debit card using the Visa® or Mastercard® network,
  • OR a balance at the beginning of each day of $1,500 or more in this account,
  • OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings, and other balances.
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Savings accounts

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 1.50%) 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.

Rates as of Dec 20, 2024
Offer
 
 
 
Account
Rating
Rating image, 2.50 out of 5 stars.
2.50/5 Circle with letter I in it. 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.
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APY 0.01% 0.01% up to 1.50% Rate info Circle with letter I in it. 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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CDs

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.

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer
Logo for Chase Standard CD
Member FDIC.
Logo for USAA Standard CD
Member FDIC.
Account Chase Standard CD USAA Standard CD
3 Mo. up to 4.75% 0.05%
6 Mo. 3.00% 3.00%
9 Mo. up to 4.50% 2.75%
1 Yr. 2.00% 2.55%
1.5 Yr. 2.50% 2.40%
2 Yr. 2.50% 2.15%
3 Yr. 2.50% 2.05%
4 Yr. 2.50% 2.00%
5 Yr. 2.50% 2.00%
Min. Deposit $1,000 $1,000
Early Withdrawal Penalty Yes Yes
Next Steps
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Read Review

USAA vs. Chase: APYs

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.

USAA vs. Chase: Customer service

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.

USAA vs. Chase: Mobile apps

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.

USAA vs. Chase: Which is right for you?

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.

Compare savings rates

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
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 27, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. 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
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Our bank and credit union methodology

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.

FAQs

  • 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.