Written by Sophia Acevedo, CEPF; edited by Laura Grace Tarpley; reviewed by Evelyn He
2024-03-29T19:15:13Z
- Overall Rating
- Pros and Cons
- About USAA
- FAQs
- USAA Bank Account Reviews
- How USAA Bank Compares
- Why You Should Trust Us
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate banking products to write unbiased product reviews.
Compare USAA products
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USAA Savings Account
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USAA Classic Checking
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USAA Fixed Rate CD
Editor's Rating
4/5
Annual Percentage Yield (APY)
0.01%
Minimum Deposit
$25
Editor's Rating
4.25/5
Annual Percentage Yield (APY)
0.01% on balances of $1,000 or more
Variable APYs are current as of 03/15/2024. Rates are subject to change. Fees may reduce earnings.
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Minimum Deposit
$25
Editor's Rating
3.75/5
Annual Percentage Yield (APY)
up to 5.05%
Rates effective as of 04/01/2024 and are subject to change. Fees may reduce earnings. Early withdrawal penalties apply.
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Minimum Deposit
$1,000
Minimum initial deposit and minimum balance is $1000 for Standard Fixed CD
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USAA, Member FDIC
USAA Bank Review: Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 4 |
| Checking | 4.25 |
| CD | 3.75 |
| Trustworthiness | 4 |
| Total | 4 |
USAA Bank Pros and Cons
| Pros | Cons |
|
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About USAA
USAA is a diversified financial services group that has insurance, mortgages, personal loans, auto loans, investing, banking, and retirement options. Bank products and services are provided by USAA Federal Savings Bank.
Membership is open to active or past military members. You may also join if you are the spouse or child of a military member.
USAA has financial centers in Colorado, Maryland, New York, and Texas. Financial centers are open from 9 a.m. to 5 p.m. CT on weekdays.
USAA customer support is also available by phone. Hours may vary by department, with maximum hours from 6 a.m. to 10 p.m. CT on weekdays and 8 a.m. to 8 p.m. on Saturdays.
The USAA mobile app received 4 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the Apple Store.
USAA Bank products are provided by USAA Federal Savings Bank, Member FDIC and are insuredfor up to $250,000 for individual bank accounts, and an additional $250,000 per account owner.
Is USAA Trustworthy?
USAA has an A+ rating from the Better Business Bureau.
USAA has been involved in a recent controversy. In 2022, the Financial Crimes Enforcement Network (FinCEN) required USAA Federal Savings Bank to pay a $140 million civil money penalty when accused of failing to report suspicious transactions to FinCEN in a timely or accurate manner.
USAA Bank FAQs
Is USAA Bank a real bank?
Yes, USAA Bank (also referred to as USAA Federal Savings Bank) is a legitimate financial institution. Bank products provided by USAA Federal Savings Bank, Member FDIC are secure up to $250,000 per depositor, per category. FDIC insurance protects consumers in the event of a bank failure.
How can I get into USAA Bank?
You must meet certain membership requirements to open an account with USAA. Membership is open to active or past military members. You may also join if you are the spouse or child of a military member.
Do you need money to open a USAA bank account?
You need at least $25 to open a savings or checking account. An initial deposit of $1,000 or more is required to open a CD.
Is USAA a good bank?
If you or a family member are active or past military, USAA could be a good choice. USAA offers a wide range of products, including bank accounts, investment accounts, insurance, loans, and mortgages. USAA is also a better fit for people who want online and mobile access to their bank. It doesn't have many financial centers throughout the US.
Is USAA a bank or a credit union?
Bank products and services are provided by USAA Federal Savings Bank, so it's a bank, not a credit union.
USAA Bank Account Reviews
USAA Savings Account
USAA Savings Account
USAA, Member FDIC
Insider’s Rating
4/5
Fees
no monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$25
Pros
- $25 minimum opening deposit
- No monthly service fees
- Free ATM card upon request
Cons
- Low interest rate
Insider’s Take
The USAA Savings Account doesn't charge any monthly fees. You can also get a free ATM card even though it's a traditional savings account, which provides an easy way to access money in your account.
Product Details
- Available to active military, veterans, and military families
- Financial centers in Colorado, Maryland, New York, and Texas.
- 1,200 USAA ATMs; 100,000 USAA-preferred ATMs nationwide
- Interest compounded and deposited monthly
- FDIC insured
The USAA Savings Account doesn't charge any monthly fees. You can also get a free ATM card even though it's a traditional savings account, which provides an easy way to access money in your account. USAA savings rates are lower than the national average, though.
USAA Classic Checking Account
USAA Classic Checking
Insider’s Rating
4.25/5
Fees
no monthly service fees
Annual Percentage Yield (APY)
Variable APYs are current as of 03/15/2024. Rates are subject to change. Fees may reduce earnings.
0.01% on balances of $1,000 or more
Minimum Opening Deposit
$25
Pros
- Reimburses up to $10 per monthly statement cycle in out-of-network ATM fees
- No Non-Sufficient Funds fees
- Overdraft protection is available
- Early pay day when you set up direct deposit (limitations apply)
- Access to over 100,000 no surcharge-fee ATMs
Cons
- Other banks may reimburse more in out-of-network ATM fees monthly
Insider’s Take
USAA has one of the best banks for the military. Most notably, it has a strong checking account with a large ATM network, and it will also reimburse up to $10 per monthly statement cycle in monthly out-of-network ATM fees.
Product Details
- Membership is open to active duty, National Guard, reserves, veterans who served honorably, Cadets or Midshipmen; and spouses and children of USAA members
- Financial centers in Colorado, Maryland, New York, and Texas
- 100,000 USAA-preferred ATMs nationwide
- Interest compounded and credited monthly
- Member FDIC
The USAA Classic Checking is USAA's strongest bank product, and it's especially a good choice if you want flexible ATM options. New customers may be eligible for a cash bonus of .
USAA has 100,000+ USAA-preferred ATMs nationwide.
USAA Bank CD
USAA Fixed Rate CD
Insider’s Rating
3.75/5
Perks
USAA Federal Savings Bank is one of the best banks for the military, veterans, and their eligible family members.
Annual Percentage Yield (APY)
Rates effective as of 04/01/2024 and are subject to change. Fees may reduce earnings. Early withdrawal penalties apply.
up to 5.05%
Minimum Opening Deposit
Minimum initial deposit and minimum balance is $1000 for Standard Fixed CD
$1,000
Pros
- Variety of term lengths to choose from
Cons
- Minimum initial deposit and minimum balance is $1,000 for Standard Fixed CD
Insider’s Take
You may like USAA Federal Savings Bank Standard Fixed Rate CDs if you're looking to explore a variety of term lengths — terms range from 91 days to 7 years.
Product Details
- 5.05% APY is available for 182-days Standard Fixed Rate CD.
- USAA Federal Savings Bank is one of the best banks for the military, veterans, and their eligible family members.
- Rate depends on initial term of the CD. Interest rate is fixed until the maturity date.
- Terms range from 91 days to 7 years
- Interest paid monthly, compounded if credited to CD balance
- Early withdrawal penalties: 30 days of interest on 30-day terms; 90 days of interest on terms between 31 days and 1 year; 180 days of interest on terms more than 1 year but fewer than 5 years; 365 days of interest on terms 5 years or more.
You may like USAA's CDs if you're looking to explore a variety of term lengths — terms range from 30 days to 7 years.
USAA CD rates are competitive on terms between 9 months and 2 years. If you're looking for shorter or longer terms, other online banks will likely offer higher rates right now.
How USAA Bank Compares
USAA vs. Navy Federal
Active military, veterans, employees or retirees of the Department of Defense, and family members of any of the aforementioned groups are eligible to open accounts at Navy Federal.
If you prioritize finding a bank with a large branch presence, you might prefer Navy Federal over USAA. Navy Federal has 355 branches around the world. USAA only has offices in a few US states.
Both financial institutions offer strong checking accounts. Choosing between Navy Federal and USAA could depend on minor preferences between checking account features.
The Navy Federal Free Active Duty Checking™ Account has no monthly service fee and a $0 minimum opening deposit. The account offersaccess to 30,000 free ATMs and gets refunded up to $20 per month in out-of-network ATM fees.
In comparison, the USAA Classic Checking is a free checking account with a $25 minimum opening deposit. It has access 100,000 USAA-preferred ATMs, and refunds up to $10 per month in out-of-network ATM fees. New customers may also be eligible for a cash bonus.
Navy Federal Credit Union Review
USAA vs. PenFed
Pentagon Federal Credit Union is another financial institution that offers services for military members and their families. The credit union also permits anyone in the US to become a member by opening a savings account.
Your decision between the two may boil down to which has a branch in your state. Pentagon Federal Credit Union has about 50 branch locations in 13 states, mainly on the East and West Coast. Meanwhile, USAA only has offices in a few financial centers in Colorado, Maryland, New York, and Texas.
Each financial institution offers a distinct checking account. Deciding between these two might hinge on which account features stand out the most to you.
Pentagon Federal Credit Union charges a $10 monthly service fee on the Pentagon Federal Credit Union Access America Checking Account unless you meet certain requirements each month. The USAA Classic Checking doesn't charge any monthly service fees and offers a cash bonus to new customers.
If you meet the monthly requirements though, the Pentagon Federal Credit Union Access America Checking Account pays 0.15% APY on daily balances of less than $20,000 and 0.35% APY on daily balances of $20,000 up to $50,000.
Pentagon Federal Credit Union Review
Why You Should Trust Us: How We Reviewed USAA Bank
For our USAA Bank review, we rated bank products and services using our bank account methodology and CD methodology. At Personal Finance Insider, we rate products on a scale from zero to five stars. We also compare and contrast the features and fine print of various products to help determine if the account may be right for you.
For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options.
Sophia Acevedo, CEPF
Banking Editor
Sophia Acevedo is a banking editor at Business Insider. She edits and writes bank reviews, banking guides, and banking and savings articles for the Personal Finance Insider team. She is also a Certified Educator in Personal Finance (CEPF).Sophia joined Business Insider in July 2021. Sophia is an alumna of California State University Fullerton, where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
Evelyn He
Compliance and Operations Associate
Evelyn He is a compliance and operations associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst.Outside of work, she enjoys spending time with her 15-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
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