USAA Bank Review: A Top Choice for Military Members, Veterans, and Their Families
Review
Updated
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USAA Bank is worth considering if you're a military member, veteran, or an immediate family member of one of these. It's possible to score higher APYs elsewhere, but you'll be hard-pressed to find a match for USAA in terms of customer service
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
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USAA Bank could be right for you if:
| USAA Bank fee | Charge |
|---|---|
| Monthly service fee | N/A |
| Non-bank ATM fee | Fees charged by ATM network or operator may apply; USAA will reimburse up to $10/month for non-bank ATM fees |
| Overdraft fee | $29 per item |
| Stop payment request | $29 per item |
| Incoming wire transfer fee | N/A |
| Outgoing wire transfer fee | $20 |
| Foreign transaction fee | 1% fee may apply |
USAA Bank offers three savings accounts to its customers -- here's how they break down.
The USAA Savings account has no monthly maintenance fee and it only requires $25 to open. But it may not be a great fit for those looking to grow their savings quickly. Its APY is on par with most brick-and-mortar banks, and even those with larger balances won't qualify for a higher rate.
That said, it offers flexible funding options, including mobile check deposit, so it could still be a convenient choice for those looking to do all their banking in one place.
USAA Savings
The USAA Savings is a free savings account. It requires only $25 to open, but its APY is almost nonexistent.
The USAA Performance First® Savings account requires a $1,000 minimum deposit, which is pretty steep compared to most other savings accounts. But if you're able to maintain this minimum balance, it's definitely a better choice than the USAA Savings account.
The base APY is higher and you can qualify for even higher APYs with larger balances. However, these rates still fall short of what you can find with the best online banks.
The USAA Youth Savings account is designed for children under 18. Parents can open an account on behalf of a child or grandchild and transfer money to this account as needed. It has the same minimum deposit requirement and APY as the USAA Savings account for adults.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.30%
Rate info
The annual percentage yield (APY) is accurate as of May 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
|
N/A
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Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
USAA Bank offers three types of certificates of deposit (CDs). They're explained in detail below:
USAA fixed-rate CDs come in terms ranging from 30 days to seven years. This is a wider variety than you see with most banks, so it's a good choice for those interested in building a CD ladder and those looking for unusual term lengths.
But its APYs aren't particularly impressive. They're similar to what you find with brick-and-mortar banks, though those with $175,000 or more can qualify for higher rates.
APY = Annual Percentage Yield
USAA offers competitive rates on several of its CD terms. Its Standard CDs come in terms ranging from 91 days all the way up to seven years. Check its website for the full lineup.
| 3 Mo. APY | 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|---|---|
| 0.05% | 2.25% | 2.00% | 1.80% | 1.65% | 1.40% | 1.30% | 1.25% | 1.25% |
USAA's adjustable-rate CDs come in three-, four-, five-, and seven-year terms. Unlike the fixed-rate CDs described above, these rates aren't locked in for the full term. This makes it more difficult to predict how much interest you'll earn, though it's not likely to be much, judging by the APYs.
The USAA variable-rate CDs are similar to the adjustable-rate CDs, but they have lower minimum balance requirements, so they're more accessible to the average person. They also have shorter term lengths. There's a 182-day and a one-year option, but unfortunately, there aren't any longer-term choices. APYs are comparable to those found with the adjustable-rate CDs.
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
|
APY:
4.25%
|
Term:
14 Months
|
Min. Deposit:
$500
|
Open Account for
On LendingClub's Secure Website. |
|
|
APY:
4.00%
|
Term:
1 Year
|
Min. Deposit:
$0
|
Open Account for
On Discover Bank's Secure Website. |
|
|
APY:
4.00%
|
Term:
6 Months
|
Min. Deposit:
$1
|
Open Account for
On Raisin's Secure Website. |
USAA Bank offers two checking accounts to its customers:
This checking account is a great fit for those who don't want to be limited by an ATM network. In addition to the free USAA Bank ATMs, customers can receive monthly ATM fee reimbursements for using out-of-network ATMs. It also offers interest to customers who maintain a $1,000 minimum daily balance. It's not much, but few checking accounts offer interest, so it's still a plus.
The USAA Youth Spending account goes hand in hand with the USAA Youth Savings account. It's meant for children under 18 and it enables parents to oversee their children's spending. They can even set limits on spending to encourage their children to save. The account also earns a modest rate of interest if the balance is $1,000 or more.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
0%
Min. to earn: N/A
|
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 1.10%
Min. to earn: $1
|
High APY when you complete 10 or more qualifying debit card purchases each month
|
Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
10 debit card point of sale transactions of $10 or more per statement cycle required to earn the maximum APY. If the qualifying activity requirement is not fulfilled, the interest rate paid on the entire balance will be 0.01% APY.
USAA gets mixed reviews from customers, which is pretty common for financial institutions.
USAA maintains an A+ rating with the Better Business Bureau (BBB). However, BBB ratings aren't a measure of customer satisfaction; instead, they show how likely an organization is to interact with its customers.
Many online customer reviews about USAA are negative, as you can see by the average ratings listed below:
Many reviewers complain that USAA's customer service has declined in recent years, but a lot of those complaints are specific to insurance, rather than banking. Some banking customers criticize USAA's savings account rates, along with its APYs for other banking products, given that it's primarily an online financial institution. Online banks often pay more competitive APYs than brick-and-mortar institutions since they have lower overhead.
USAA's mobile app generally gets high ratings from users. Its ratings break down as follows:
The app allows you to pay bills, view account activity, send money to others, and make deposits. However, some users report they've experienced glitches when they log into the app or attempt to use mobile check deposit. If you have insurance through USAA, you can also use the app to file a claim, request roadside assistance, and more.
USAA has financial centers in Colorado, Maryland, New York, and Texas, but it's primarily an online institution. However, USAA has a network of over 100,000 preferred ATMs nationwide.
It's important to compare USAA against your other banking options to see if it's the right place for your money. Here's a breakdown of how USAA stacks up against two competitors.
Navy Federal Credit Union is also geared toward the military community. Like USAA, it also offers a variety of other banking products, including mortgages, credit cards, and auto loans. Both USAA and Navy Federal aren't known for paying high APYs on checking and savings accounts. However, Navy Federal generally scores better on customer satisfaction, with an average Trustpilot rating of 4.5 out of 5 stars.
Chase is a great option for those who don't qualify to join USAA Bank. It's also known for its great customer service and its wide variety of banking products. It doesn't have the highest APYs, but those who have multiple accounts with Chase and keep a lot of money there may qualify for better rates and other relationship benefits.
Yes, USAA is designed primarily for members of the military, veterans, and their family members To join the credit union, you'll need to be a military member or veteran, or you'll need to be related to someone who's a member.
Some benefits of USAA banking include a broad network of ATMs, a variety of budgeting tools, and early access to direct deposit.
USAA membership is limited to active-duty military, veterans, and their family, so it won't be an option unless you or a family member has a military background. For banking products, you can often get higher APYs through online banks that offer high-yield savings accounts.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
