USAA Savings Account Interest Rates for May 2023

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USAA Federal Savings Bank, or USAA Bank, serves members of the military, veterans and their families. If you qualify and are considering opening a savings account at USAA, you’ll need to understand the interest rates you could get to make sure you maximize your money.

USAA Savings Account Overview

USAA offers three savings account options in total. One is a Youth Savings account for younger children of military personnel. The other two savings options are intended for adults who are current or former military personnel, as well as their spouses — this includes veterans and pre-commissioned officers.

Here are the two main savings account options from USAA Bank.

USAA Savings

USAA Savings is a straightforward account for new customers. It requires an opening minimum deposit of only $25 and has no monthly service fees or minimum deposit requirements.

It has an annual percentage yield, or APY, of on all balance tiers.

USAA Performance First

USAA offers a tiered APY for this savings account, and you must have at least $10,000 to open this account. It also has no monthly service fees or minimum balance requirements, but what it pays in APY depends on the balance you keep.

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To receive a higher APY than , your balance must exceed $10,000.

USAA Savings Account Interest Rates

Though neither savings option from USAA Bank is a high-yield savings account, for the USAA Performance First account, there is the offering of a tiered APY, which ranges between and . For this account, there is a minimum balance of $10,000, and your APY will increase the more you deposit. 

USSA Federal Savings Account Rates Breakdown

Account APY
USAA Savings
USAA Performance First (Less than $10,000)
USAA Performance First ($10,000 to $24,999.99)
USAA Performance First ($25,000 to $49,999.99)
USAA Performance First ($50,000 to $99,999.99)
USAA Performance First ($100,000 to $249,999.99)
USAA Performance First ($250,000 to $499,999.999)
USAA Performance First ($500,000 to $999,999.999)
USAA Performance First ($1,000,000+)

Is the USSA Savings Account Right For You?

USSA Bank’s savings accounts are right for you if you have served or are currently serving in the military or armed forces or are married to military personnel. There is also a Youth Savings account available for the children of military personnel.

Though the standard savings rate is below the national average, USAA does offer a tiered APY option that could work for you, depending on how much money you are able to keep in your savings account.

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USAA Savings Rates Pros

  • Wide variety of products and services
  • No minimum balance requirements standard savings account

USAA Savings Rates Cons

  • No high-interest savings accounts
  • Low APYs below the national average

USAA Federal Savings Bank: Other Savings Options

If neither of the savings account options seem to suit your needs, USAA also offers three certificate of deposit, or CD, options. Here is a breakdown of what interest rates you can earn on the varying CD term lengths.

Term APY
6-month CD
1-year CD
2-year CD

Final Take To GO

If you have served, let a bank that specializes in serving you help you with all of your financial and savings goals. USSA Federal Savings Bank is a military bank specifically designed for military personnel and their families.

Be sure to research which savings account options best meet your monetary needs as well as keep your best interest in mind. 


Here are answers to frequently asked questions about USAA savings account interest rates.
  • What is the savings interest rate for USAA?
    • The savings interest rate for USAA Banks' savings account is 0.01% APY. However, USAA Bank's Performance First savings account offers higher tiered rates.
  • Does USAA have a high-interest savings account?
    • No, USAA does not offer a high-interest savings account, but it does have two saving account options to choose from, as well as a variety of CD term options if you want to broaden your savings profile.
  • Which U.S. bank gives 7% interest on a savings account?
    • No bank in the U.S. is currently offering a 7% interest rate on a savings account.
  • How much interest will I get on $10,000 a year in a savings account?
    • If you were to put $10,000 in the USSA Savings account, which boasts an APY of 0.01%, after one year you would only have $10,001.
    • However, if you were to put that $10,000 in the USAA Performance First savings account earning the lowest tier APY, you would have $10,005.
    • These estimations are based on just a $10,000 deposit, with no money being added through the year.
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Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 5, 2023.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

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About the Author

Caitlyn Moorhead has written content for a variety of businesses and publications. After graduating from Central Michigan University cum laude, she moved to New York City where she wrote columns, articles and plays for several years before relocating to Austin, Texas in the fall of 2020.
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