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USAA Bank Review: A Top Choice for Military Members, Veterans, and Their Families

Review Updated
Kailey Hagen
Author: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years. Articles she's written for The Motley Fool have been syndicated to USA Today, MSN, and Yahoo! Finance. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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Robin Hartill, CFP
Reviewer: Robin Hartill, CFP
Robin Hartill, CFP
Robin Hartill, CFP
Writer

Robin Hartill, CFP®, is Motley Fool Money’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including NerdWallet and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column. She is based in St. Petersburg, Florida.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

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.
Offer image for
Member FDIC.

USAA

Rating image, 4.00 out of 5 stars.
4.00/5 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.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

USAA Bank is worth considering if you're a military member, veteran, or an immediate family member of one of these. It's possible to score higher APYs elsewhere, but you'll be hard-pressed to find a match for USAA in terms of customer service

Pros
  • Outstanding customer support
  • Great variety of banking products
  • Low opening deposit requirements on most savings products
Cons
  • Only available to active military members, veterans, and their immediate family
  • Low APY on savings products

  • 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

Is USAA Bank right for you?

USAA Bank could be right for you if:

  • You're eligible to join USAA because you're a member of the military or a veteran, or someone in your family is a USAA member.
  • You don't need access to brick-and-mortar banking.
  • You prefer to handle many of your financial needs, like banking, loans, and insurance, all in one place.

Bank fees

USAA Bank fee Charge
Monthly service fee N/A
Non-bank ATM fee Fees charged by ATM network or operator may apply; USAA will reimburse up to $10/month for non-bank ATM fees
Overdraft fee $29 per item
Stop payment request $29 per item
Incoming wire transfer fee N/A
Outgoing wire transfer fee $20
Foreign transaction fee 1% fee may apply
Data source: USAA Bank.

Savings accounts

USAA Bank offers three savings accounts to its customers -- here's how they break down.

USAA Savings

The USAA Savings account has no monthly maintenance fee and it only requires $25 to open. But it may not be a great fit for those looking to grow their savings quickly. Its APY is on par with most brick-and-mortar banks, and even those with larger balances won't qualify for a higher rate.

That said, it offers flexible funding options, including mobile check deposit, so it could still be a convenient choice for those looking to do all their banking in one place.

Ratings Methodology
Rates as of Dec 20, 2024

USAA Savings

Member FDIC.
APY
0.01%
Min. To Earn APY
$0.01
  • No monthly fees
  • Low minimum opening deposit
  • Nearly nonexistent APY

The USAA Savings is a free savings account. It requires only $25 to open, but its APY is almost nonexistent.

  • The USAA Performance First® Savings account requires a $1,000 minimum deposit, which is pretty steep compared to most other savings accounts. But if you're able to maintain this minimum balance, it's definitely a better choice than the USAA Savings account.

    The base APY is higher and you can qualify for even higher APYs with larger balances. However, these rates still fall short of what you can find with the best online banks.

  • The USAA Youth Savings account is designed for children under 18. Parents can open an account on behalf of a child or grandchild and transfer money to this account as needed. It has the same minimum deposit requirement and APY as the USAA Savings account for adults.

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 28, 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

Certificates of deposit

USAA Bank offers three types of certificates of deposit (CDs). They're explained in detail below:

USAA Fixed-Rate CDs

USAA fixed-rate CDs come in terms ranging from 30 days to seven years. This is a wider variety than you see with most banks, so it's a good choice for those interested in building a CD ladder and those looking for unusual term lengths.

But its APYs aren't particularly impressive. They're similar to what you find with brick-and-mortar banks, though those with $175,000 or more can qualify for higher rates.

Rates as of Dec. 18, 2024

APY = Annual Percentage Yield

Offer image for USAA Standard CD
USAA Standard CD
Bottom Line

USAA offers competitive rates on several of its CD terms. Its Standard CDs come in terms ranging from 91 days all the way up to seven years. Check its website for the full lineup.

MINIMUM DEPOSIT $1,000
3 Mo. APY 6 Mo. APY 9 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
0.05% 3.00% 2.75% 2.55% 2.40% 2.15% 2.05% 2.00% 2.00%

  • USAA's adjustable-rate CDs come in three-, four-, five-, and seven-year terms. Unlike the fixed-rate CDs described above, these rates aren't locked in for the full term. This makes it more difficult to predict how much interest you'll earn, though it's not likely to be much, judging by the APYs.

  • The USAA variable-rate CDs are similar to the adjustable-rate CDs, but they have lower minimum balance requirements, so they're more accessible to the average person. They also have shorter term lengths. There's a 182-day and a one-year option, but unfortunately, there aren't any longer-term choices. APYs are comparable to those found with the adjustable-rate CDs.

Compare CD rates

Rates as of Dec. 18, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.25% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

USAA Bank offers two checking accounts to its customers:

USAA Classic Checking account

This checking account is a great fit for those who don't want to be limited by an ATM network. In addition to the free USAA Bank ATMs, customers can receive monthly ATM fee reimbursements for using out-of-network ATMs. It also offers interest to customers who maintain a $1,000 minimum daily balance. It's not much, but few checking accounts offer interest, so it's still a plus.

  • The USAA Youth Spending account goes hand in hand with the USAA Youth Savings account. It's meant for children under 18 and it enables parents to oversee their children's spending. They can even set limits on spending to encourage their children to save. The account also earns a modest rate of interest if the balance is $1,000 or more.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Customer experience

USAA gets mixed reviews from customers, which is pretty common for financial institutions.

Customer reviews

USAA maintains an A+ rating with the Better Business Bureau (BBB). However, BBB ratings aren't a measure of customer satisfaction; instead, they show how likely an organization is to interact with its customers.

Many online customer reviews about USAA are negative, as you can see by the average ratings listed below:

  • BBB customer reviews: 1.16 out of 5 stars
  • Trustpilot reviews: 1.2 out of 5 stars

Many reviewers complain that USAA's customer service has declined in recent years, but a lot of those complaints are specific to insurance, rather than banking. Some banking customers criticize USAA's savings account rates, along with its APYs for other banking products, given that it's primarily an online financial institution. Online banks often pay more competitive APYs than brick-and-mortar institutions since they have lower overhead.

Mobile app

USAA's mobile app generally gets high ratings from users. Its ratings break down as follows:

  • App store rating: 4.8 out of 5 stars
  • Google Play store rating: 4.7 out of 5 stars

The app allows you to pay bills, view account activity, send money to others, and make deposits. However, some users report they've experienced glitches when they log into the app or attempt to use mobile check deposit. If you have insurance through USAA, you can also use the app to file a claim, request roadside assistance, and more.

Physical locations

USAA has financial centers in Colorado, Maryland, New York, and Texas, but it's primarily an online institution. However, USAA has a network of over 100,000 preferred ATMs nationwide.

How does USAA Bank compare?

It's important to compare USAA against your other banking options to see if it's the right place for your money. Here's a breakdown of how USAA stacks up against two competitors.

USAA vs. Navy Federal Credit Union

Navy Federal Credit Union is also geared toward the military community. Like USAA, it also offers a variety of other banking products, including mortgages, credit cards, and auto loans. Both USAA and Navy Federal aren't known for paying high APYs on checking and savings accounts. However, Navy Federal generally scores better on customer satisfaction, with an average Trustpilot rating of 4.5 out of 5 stars.

USAA vs. Chase

Chase is a great option for those who don't qualify to join USAA Bank. It's also known for its great customer service and its wide variety of banking products. It doesn't have the highest APYs, but those who have multiple accounts with Chase and keep a lot of money there may qualify for better rates and other relationship benefits.

FAQs

  • Yes, USAA is designed primarily for members of the military, veterans, and their family members To join the credit union, you'll need to be a military member or veteran, or you'll need to be related to someone who's a member.

  • Some benefits of USAA banking include a broad network of ATMs, a variety of budgeting tools, and early access to direct deposit.

  • USAA membership is limited to active-duty military, veterans, and their family, so it won't be an option unless you or a family member has a military background. For banking products, you can often get higher APYs through online banks that offer high-yield savings accounts.