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Compare USAA products
Editor’s Rating
Editor’s Rating
0.01% on balances of $1,000 or more
Editor’s Rating
Overall bank rating
Pros and cons
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$25
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$25
Details
Annual Percentage Yield (APY)
0.01%
Minimum Deposit Amount
$25
Pros & Cons
Highlights
Additional Reading
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. It pays a low interest rate, though.
Annual Percentage Yield (APY)
0.01% on balances of $1,000 or more
Minimum Deposit Amount
$25
Annual Percentage Yield (APY)
0.01% on balances of $1,000 or more
Minimum Deposit Amount
$25
Details
Annual Percentage Yield (APY)
0.01% on balances of $1,000 or more
Minimum Deposit Amount
$25
Pros & Cons
Highlights
Additional Reading
The USAA Classic Checking is USAA’s strongest bank product, and it’s especially a good choice if you want flexible ATM options.
USAA has 1,200 free ATMs and 100,000 USAA-preferred ATMs nationwide. You can make ten free withdrawals at USAA-preferred ATMs and get refunded up to $10 per month if you use an out-of-network ATM.
USAA Bank Certificate of Deposit (CD)
Annual Percentage Yield (APY)
0.01% to 3.71%
Minimum Deposit Amount
$1,000
USAA Bank Certificate of Deposit (CD)
Annual Percentage Yield (APY)
0.01% to 3.71%
Minimum Deposit Amount
$1,000
Details
Annual Percentage Yield (APY)
0.01% to 3.71%
Minimum Deposit Amount
$1,000
Pros & Cons
Highlights
Additional Reading
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 notably pays solid CD rates on 9-month, 18-month, 2-year, and 3-year terms. If you’re looking for short-term CDs under 1 year or long-term CDs over 3 years, other online banks will likely offer higher rates right now.
How USAA works
USAA is a diversified financial services group that has insurance, 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. As of September 2022, the locations in Texas, Colorado, and Maryland have reopened. However, the financial center in New York remains temporarily closed due to COVID.
To receive customer service, call from 8:00 a.m. to 5:00 p.m. CT on weekdays.
The USAA mobile app received 4.1 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the Apple Store.
USAA bank accounts are federally insured by the FDIC for up to $250,000.
Is USAA trustworthy?
USAA has a C- grade from the Better Business Bureau because it’s received 18 customer complaints on the BBB website that have not been resolved.
Keep in mind a good BBB rating doesn’t necessarily mean that your relationship with the company will be perfect. To get a better idea of whether a USAA is an ideal option, talk to friends or family about their experiences, or read online customer reviews.
USAA has been involved in a few recent controversies. In 2020, the Office of the Comptroller of the Currency said USAA broke the law by failing to establish and carry out an efficient compliance risk management program and IT risk governance program. In 2019, the Bureau of Consumer Financial Protection required USAA to pay $12 million in a settlement that stated USAA did not stop automatic payments when customers requested.
USAA vs. Navy Federal
Navy Federal Credit Union is also featured among our best banks and credit unions for military members and their families. 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 this credit union.
If you prioritize finding a bank with a large branch presence, you might prefer Navy Federal over USAA. Navy Federal has 247 branches around the world. USAA only has offices in a few US states, England, Germany, and Luxembourg.
Your choice between Navy Federal and USAA could also depend on which checking account is a better fit for your needs.
The Navy Federal Free Active Duty Checking™ Account waives the monthly service fee if you set up a direct deposit within the first 90 days. Otherwise, your account will be converted to Free EveryDay Checking Account which has minimum balance requirements. You’ll have access to 30,000 free ATMs and get refunded up to $20 per month in out-of-network ATM fees.
The USAA Classic Checking is a free checking account with a $25 minimum opening deposit. It has access to 1,200 USAA ATMs, 100,000 USAA-preferred ATMs, and refunds up to $10 per month in out-of-network ATM fees.
USAA vs. PenFed
Pentagon Federal Credit Union is another financial institution that offers services for military members and their families. You can be a member of the credit union if you are military, an employee of an eligible association or business, an employee of certain US government agencies, a worker or volunteer at the American Red Cross, a resident of certain areas, or a family member of anyone who falls into one of these groups.
Your decision between the two may boil down to which has a branch in your state. Pentagon Federal Credit Union has 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 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.
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.
Frequently asked questions
No, 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.
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.
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.
Bank products and services are provided by USAA Federal Savings Bank, so it’s a bank, not a credit union.
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