USAA Federal Savings Bank Review: A Wide Variety of Services for Members

4.2

GBR RATING

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From checking free of monthly maintenance fees to home and auto insurance, USAA Federal Savings Bank, or USAA Bank, may be the only financial institution you need. If you qualify for membership, you'll have access to everything the bank offers.

What started in 1922 as a way for 25 Army officers to ensure their vehicles is now a fully integrated bank with more than $14 million members. Headquartered in San Antonio, USAA Federal Savings Bank, or USAA Bank, has assets totaling over $221 billion.

USAA Bank membership is open to current and former military personnel as well as their spouses and children. This includes veterans and precommissioned officers. USAA provides a wide variety of products and services to its members, including interest-bearing checking accounts, savings accounts, CDs and loans.

USAA Federal Savings Bank Checking Accounts

USAA Federal Savings Bank offers two checking accounts, Classic Checking and USAA Youth Spending Account. 

Here’s a look at some key details about primary checking and youth checking: 

• Both checking accounts require a $25 deposit. 
• You have access to over 100,000 ATMS.
• Balances of $1,000 or more in a USAA Classic Checking account earn 0.01% APY.
• You must be a USAA Member to qualify for the checking account. 
• If you set up direct deposit, payday can come two days earlier.

USAA Federal Savings Bank Checking Accounts

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Best For

Low Minimum Deposit

No Fees

Earns Interest

Multiple Options

Earn interest with a low minimum deposit and no monthly maintenance fees

USAA Federal Bank offers two checking accounts that can address everyday banking needs for you and your children ages 13 – 19. 

Fees

$0

APY

0.01%

Min Opening

$25

Pros

• Low minimum deposit 
•  Can earn nominal interest 
•  No maintenance fees 

Cons

• Available only for military members and their families
• Interest earned is nominal
• Need $1,000 to earn interest 

Why We Like It

USAA Federal Classic Checking takes care of everyday needs and allows you to earn interest, too. 

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USAA Federal Savings Bank Youth Checking Account 

USAA Federal Savings Bank offers a USAA Youth Spending Account. 

Here’s a look at some key details: 

• Set up limited access for 13-year-olds.
• Parental controls over debit card limits.
• Balances of $1,000 or more in a USAA Youth Spending Account earn 0.01% APY.
• Children of USAA members are eligible for the account. 

USAA Federal Savings Bank Youth Checking Account

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Best For

Customer Service

National Banks

Online Banking

No Fees

Low Opening Deposit

You need just $25 to open a checking account, and it earns interest

USAA Federal Bank offers a youth checking account that features a dedicated debit card, earns interest and allows for parental controls. 

Fees

$0

APY

N/A

Min Opening

$25

Pros

• Low minimum deposit 
•  Can earn nominal interest 
•  No maintenance fees 

Cons

• Available only for military members and their families
• Account immediately turns into a Classic Checking account when the child turns 18
• Need $1,000 to earn interest 

Why We Like It

USAA Federal Bank offers a youth checking account that has a dedicated debit card, earns interest and allows parental controls. 

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USAA Federal Savings Bank Savings Account  

USAA Federal Savings Bank offers three savings accounts: USAA Performance Savings, USAA Savings and USAA Youth Savings. Here are the details: 

• USAA Savings and USAA Youth Savings require a $25 minimum deposit.
• USAA Performance First Savings requires a $1,000 minimum deposit. 
• No monthly maintenance fees on these savings accounts
• USAA Performance First Savings earns up to 0.5% APY.
• USAA Savings and Youth Savings earn up to 0.01% APY.

USAA Federal Savings Bank Savings Account

Start Banking

Best For

Customer Service

National Banks

Online Banking

No Fees

Interest Bearing Options

For those who want different options to save money

USAA Federal Savings Bank offers three different savings options with no monthly maintenance fee.

Fees

None

APY

Up to 0.5% APY

Min Opening

$25 or $1,000

Pros

• No monthly maintenance requirement  
• Interest bearing 
• Low minimum deposit for USAA Savings and USAA Youth Savings 

Cons

• Available only for members of USAA Federal Savings Bank
• Low interest rate
• To earn a higher APY, you have to fit into a certain savings tier.

Why We Like It

We like USAA Federal Savings accounts because of their simplicity, low minimum deposit for at least two of the savings accounts and no maintenance fees.

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USAA Federal Savings Bank CD Accounts  

USAA Federal Savings Bank offers an impressive variety of CDs, including fixed-, variable- and adjustable-rate CDs in standard, jumbo and super jumbo options. Here are the details: 

• Minimum deposit for variable CDs is $250, standard CDs minimum is $1,000, jumbo CDs is $95,000 and super jumbo CDs is $175,000.
• CDs are NCUA-insured.
• Terms are from 30 days to 7 years.
• Interest compounds daily.

5.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

USAA Federal Savings Bank CD Accounts

Start Banking

Best For

Customer Service

National Banks

Online Banking

No Fees

Multiple CD Options

For those individuals who are looking to invest in different types of CDs

USAA Federal Savings Bank has CD options of various types and terms. These choices make it flexible for a variety of savers. 

Fees

No monthly maintenance fees

APY

Up to 2.25% APY

Min Opening

$250, $1,000, $95,000 and $175,000

Pros

• Multiple CD options 
• CD rates can earn up to 2.25% APY
• Low minimum deposit on variable rate CDs

Cons

• CDs are available only for members 
• Limited liquidity 
• Early withdrawal penalty 

Why We Like It

USAA Federal Savings offers various CD terms at different minimum deposit amounts. USAA Federal Savings Bank has CD options of various types and terms. These choices make it flexible for a variety of savers. 

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Banking Experience  

The best way to contact USAA Federal Savings Bank customer service representatives is by phone. Members can contact the main customer service line at 1-800-531-8722 and ask for a specific department, or call individual departments directly. The bank’s shortcut mobile number is #USAA (8722). You can also send USAA a secure email message or use its virtual agent.

USAA Federal Savings Bank on Google Play is rated as 4.7, while in the Apple Store the rating is 4.8.

How Does USAA Federal Savings Bank Compare?

Even if you qualify for membership at USAA, it’s helpful to compare it with other banks before opening an account. Here’s a look at how it stacks up against a few rivals:

Checking

Savings

CDs

SELECTED BANK

USAA Federal Savings Bank Checking Accounts

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MOST COMPARABLE

4.5

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chase Checking Accounts

Read Review

MOST COMPARABLE

4.6

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Bank of America, Member FDIC, Checking Account

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Fees

Fees

Fees

$0

$0 or $15, with options to waive

$4.95 waivable monthly maintenance fee for Advantage Safe Banking accounts, $12 waivable monthly maintenance fee for Advantage Plus Banking accounts, $25 waivable monthly maintenance fee for Advantage Relationship Banking accounts

APY

APY

APY

0.01%

N/A

to

Min Opening

Min Opening

Min Opening

$25

$0

$25 to $100

SELECTED BANK

USAA Federal Savings Bank Savings Account

Start Banking

MOST COMPARABLE

Chase Savings Accounts

Read Review

MOST COMPARABLE

Bank of America Savings Account

Read Review

Fees

Fees

Fees

None

$5 monthly, waivable

$8 waivable monthly maintenance fee per statement cycle

APY

APY

APY

Up to 0.5% APY

to for most accounts, 5% to 20% booster for Preferred Rewards members

Min Opening

Min Opening

Min Opening

$25 or $1,000

$0

$100

SELECTED BANK

5.0

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

USAA Federal Savings Bank CD Accounts

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MOST COMPARABLE

3.3

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Chase CD Accounts

Read Review

MOST COMPARABLE

3.2

GBR RatingGOBankingRates scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks. Read our full Editorial Guidelines here.

Bank of America CD Account

Read Review

Fees

Fees

Fees

No monthly maintenance fees

No monthly service fee

Early withdrawal fees apply

APY

APY

APY

Up to 2.25% APY

Up to

to

Min Opening

Min Opening

Min Opening

$250, $1,000, $95,000 and $175,000

$1,000

$1,000

USAA Bank vs. Navy Federal Credit Union

Both USAA Bank and Navy Federal Credit Union offer products and services to military personnel and their families. USAA Bank offers a greater variety of products, including insurance. Navy Federal Credit Union has more branches available in the U.S. and a bigger presence around the world.

USAA Bank vs. Bank of America

USAA offers higher APYs on its standard CD accounts, but these rates are only available to those who meet the membership requirements. Bank of America, Member FDIC, is a better choice for folks who don’t qualify for USAA membership and prefer having access to a larger number of branches.

USAA Bank vs. Chase

Like Bank of America, Chase has more physical branches than USAA across the country. It also runs promotions that give new customers free money for opening an account. However, members of USAA have access to a broad range of nonbanking products and services unavailable at Chase, including health insurance, shopping discounts and travel deals.

Final Take to GO

If you meet the membership requirements at USAA Bank, it’s worth a look. You get free checking and savings accounts and an array of other financial products and services at competitive prices. Find out if you qualify for membership and open an account to access everything the bank has to offer.

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