At a glance

4.0

Bankrate Score

CDs

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

USAA FSB is a good fit for military personnel, veterans and their families who prefer online and mobile banking and want access to over 100,000 ATMs without a fee.

Highlights

ATM Fee Refunds
Digital Leader
Low Fees

Overall

USAA Federal Savings Bank is a federally insured, members-only online bank that offers checking and savings accounts, CDs, credit cards, mortgages and other loans. The bank provides a large network of free ATMs as well as ATM fee rebates, yet account yields are low, and minimum balance requirements are often high.

Pros

USAA FSB offers a full range of deposit and loan products.
The mobile app has useful features and positive reviews from iOS and Android users.
USAA Bank offers generous free access to ATMs and minimal out-of-network ATM fees. ATM fee reimbursements are also available.

Cons

USAA has just four brick-and-mortar locations.
If you don’t have a link to the military, you won’t qualify for membership.
Yields on deposits are not impressive, and it's easier to find higher yields elsewhere.

We want to know what you think about USAA

Do you have experience with USAA Federal Savings Bank? Let us know your thoughts.

USAA banking products

3.0

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

0.01%

1/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$25.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

0.01% APY

APY last updated between 11/14 and 11/20.

$25 minimum balance for APY

$25 minimum deposit to open

USAA savings overview

USAA Performance First is the bank's top-yielding savings account, though its rates are still not competitive. It allows you to earn higher rates on higher balances. However, you will need at least $10,000 to open the account and a balance of $500,000 to earn the top yield. There’s no monthly fee.

USAA also offers a standard savings account and a Youth Savings account, both of which require $25 to open. APYs on these accounts don’t compete with the best rates available.

Pros

There are no monthly service fees on USAA savings accounts.
Performance First account holders can earn more with bigger balances.
USAA offers the option to get an ATM card with its savings accounts.

Cons

The $10,000 opening deposit requirement for the Performance First account is steep.
You can find higher APYs elsewhere, especially at other online banks.

Rate history for USAA's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

USAA

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

USAA

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

3.6

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

2.75%

3/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$1,000.00

4/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

1 mo – 5 yrs

5/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Average

3/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

No

0/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

No

0/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

FEATURES

0.05% – 3.00% APY

APY last updated between 11/14 and 11/20.

$1,000 minimum balance for APY

$1,000 minimum deposit to open

1 month – 5 years

USAA CD overview

USAA Bank offers fixed-term CDs ranging from 30 days to seven years. It also offers CDs with adjustable and variable rates, giving savers the chance to get a higher APY should rates rise. Standard and adjustable CDs require $1,000 to open, while the two variable rate CD terms only require $250 each. CDs can be opened online or through the mobile app.

Yields are competitive on several terms, particularly 182-day and nine-month terms, while others offer a bare minimum APY. The jumbo CDs pay the same rate as the standard CDs as of this review.

Penalty fees are charged for early withdrawals and range from 30 days to 365 days of interest, depending on the term length.

Pros

USAA offers a wide range of CD terms, which helps consumers with short- or long-term savings goals or who want to build a CD ladder.
Opening deposit requirements are reasonable.
Some terms pay competitive yields.

Cons

There are no penalty-free CD products available.
You can find more competitive rates for certain terms elsewhere.

Rate history for USAA's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

USAA

APY

APY last updated between 11/14 and 11/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

USAA

APY

APY last updated between 11/14 and 11/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

4.7

Bankrate Score

Compare top checking rates

USAA checking overview

USAA FSB customers can earn interest with the bank's Classic Checking account on balances of $1,000 or more. There’s no monthly fee for the account, which requires a manageable opening deposit of $25. The overdraft fee is $29. But USAA doesn’t charge an non-sufficient funds fee.

The bank also offers a youth checking account to members under the age of 18. The account pays a small amount of interest on balances of $1,000 or more, and it doesn’t charge a monthly service fee or overdraft fees.

There are over 100,000 ATMs available nationwide that USAA checking account customers can use for free. USAA reimburses up to $10 each statement cycle if you incur ATM fees from other banks.

Pros

Classic Checking account holders can earn interest on balances of $1,000 or more.
There are no monthly service fees.
Checking customers have access to a large ATM network.
You can get up to $10 a month in fee reimbursements for using out-of-network ATMs.

Cons

The APY on the Classic Checking account is not competitive with top-paying banks.
There’s a $29 overdraft fee.

Compare Offer

Bank fees

Fee	Charged?
Overdraft fee	$29
Non-sufficient funds fee	None
Account maintenance fees	None
Out-of-network ATM fee	None
Stop payment fee	$29

About USAA

USAA, a financial services organization, opened the USAA Federal Savings Bank in 1983. USAA generally serves active U.S. military personnel, honorably discharged military veterans, precommissioned officers and spouses and children of members. Though it’s a bank and insured by the FDIC, USAA is member-owned, similar to a credit union.

USAA FSB offers checking and savings accounts, CDs, mortgages, credit cards and other loans.

Customer experience

Customer support

Customer service. Customers can reach USAA support via phone, email or mail. And though USAA only has one branch in Texas, it also maintains several “financial centers” where you can get help. Lobby hours are 9 a.m. to 5 p.m. CT, Monday through Friday. They are closed Saturday and Sunday.

“USAA has fantastic customer service representatives,” said a Bankrate staff member with a USAA account. “There are relatively short wait times and longer service operating hours, which is very helpful compared to other banks where you have to call between 8 a.m. to 5 p.m.”

Special perks. USAA members get access to special perks, including deals on cruises, resorts, rental cars, Turbo Tax and more. “I have taken advantage of these perks on multiple occasions, which has saved me hundreds of dollars,” said a Bankrate staff member.

Digital experience

Highly rated app. USAA’s mobile app, highly rated on both Apple and Google Play, lets you take care of everyday transactions, such as depositing checks, paying bills and using digital wallets like Google Pay. You can send money person to person with Zelle.

The app also features a digital assistant that can answer questions or put you in touch with a USAA bank representative. And there’s an Advice Center where you can explore articles by topic and get advice on your finances.

Outdated UI. Although USAA’s app is highly rated and easy to use, the user interface looks a bit outdated compared to other banks’ mobile apps and websites, according to a Bankrate staff member. Moreover, finding some documents and account statements can be a challenge, as they are hidden within the setting.

“I’ve also had issues setting up automatic payments online,” said a Bankrate staff member. “I have to call customer service in order to modify or cancel my automatic payment schedule. And you can’t change your password or pin within the app — you must go on USAA’s website.”

Centralized digital banking. USAA also stands out for letting members pull in all of their USAA and non-USAA financial accounts into one portal to customize their budget and track their spending.

Wide ATM network. You likely won’t be banking at a traditional branch, but USAA does provide access to more than 100,000 ATMs that members can use for free.

Bankrate staff insights

“My banking experience with USAA has been seamless,” said a Bankrate staff member. “For more complex questions or certain changes to your account, you do have to call customer service, which may be inconvenient for some people. However, USAA is the one service phone call I don’t dread making because their representatives are so personable, and they are open after normal business hours, so I am able to resolve my issues in a timely manner.”

Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	USAA APY APY last updated between 11/14 and 11/20. APY last updated between 11/14 and 11/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
11/05/2024	0.01%	0.56%
10/01/2024	0.01%	0.57%
09/03/2024	0.01%	0.61%
05/07/2024	0.01%	0.59%
04/02/2024	0.01%	0.58%
03/05/2024	0.01%	0.57%
01/02/2024	0.01%	0.58%
12/05/2023	0.01%	0.57%
11/21/2023	0.01%	0.61%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	USAA APY APY last updated between 11/14 and 11/20. APY last updated between 11/14 and 11/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
11/12/2024	2.00%	1.42%
10/29/2024	2.25%	1.42%
10/01/2024	2.50%	1.42%
09/03/2024	2.50%	1.43%
08/06/2024	2.50%	1.44%
07/02/2024	2.50%	1.42%
06/04/2024	2.50%	1.43%
04/02/2024	2.50%	1.42%
03/12/2024	2.50%	1.43%
02/06/2024	2.50%	1.42%
12/05/2023	2.50%	1.43%
11/21/2023	2.50%	1.45%

USAA Federal Savings Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about USAA

USAA banking products

USAA savings overview

Pros

Cons

Rate history for USAA's Savings account

USAA CD overview

Pros

Cons

Rate history for USAA's CD accounts

USAA checking overview

Pros

Cons

Bank fees

About USAA

Customer experience

Customer support

Digital experience

Bankrate staff insights

Review methodology

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