USAA vs. Chase: Which Bank Is Right for You?

Bottom line: USAA has more free deposit accounts and higher CD rates, while Chase has a large branch network and more robust mobile app.

Checking accounts

USAA offers a basic, free checking account, while Chase offers several types of accounts that might suit your needs better, though most charge a monthly service fee.

USAA's Classic Checking account has no monthly fee and a low $25 initial deposit (waived if you're newly enlisted in the military). The account also earns 0.01%, though account holders need to maintain a $1,000 daily balance to qualify for it. USAA gives you access to over 100,000 fee-free ATMs, plus $10 fee refunds per statement cycle for ATMs that fall outside its network.

The Chase Total Checking® account doesn't earn interest and has a monthly service fee of $12 (waivable). Account holders can bank at over 15,000 fee-free ATMs, but Chase won't reimburse any fees incurred on ATMs outside its network. The Chase Secure Banking℠ is similar but comes with a $4.95 monthly fee (waivable) and no overdraft fees. Finally, there's the Chase Premier Plus Checking℠, which has a $25 monthly fee (waivable), earns interest, and will reimburse four withdrawals per statement cycle at non-Chase ATMs.

Chase also offers student checking accounts and two accounts for premium clients -- the Chase Sapphire℠ Banking and Chase Private Client Checking℠.

Savings accounts

Chase and USAA both offer two personal savings accounts, though neither bank has rates comparable to top high-yield savings accounts.

The Chase Savings℠ account is a basic savings account with a $5 monthly fee (waivable) and a savings rate of just 0.01%. Meanwhile, Chase's Premier Savings earns a relationship rate of 0.02% when you link a Chase Premier Plus Checking℠ or Sapphire Checking and make at least five transactions in a monthly statement period. It also comes with a $25 monthly service fee, which is waived if you link the aforementioned accounts.

Likewise, USAA has a basic savings account, USAA Savings, and a premium account, USAA Performance First® Savings. The USAA Savings is free, pays out at a 0.01% APY, and requires a $25 initial deposit. The USAA Performance First® Savings is also free, but requires a $10,000 initial deposit to open. Its saving rate is slightly higher (up to 1.60%) but requires $500,000 or more to earn the upper portion of that range. Finally, USAA also has a Youth Savings account, which is free and has a 0.01% rate.

CDs

USAA CDs have better APYs on most terms compared with Chase CDs.

USAA Standard CDs come in thirteen terms, ranging from 91 days to seven years, and have a $1,000 minimum deposit. While some of these CDs have really low APYs, others have competitive rates that are comparable with some of the best CDs.

Chase Standard CDs come in seventeen terms, ranging from one to 120 months. If you link a Chase checking account, you qualify for a CD relationship rate (otherwise your APY will be 0.01%, no matter the term). While Chase only requires a $1,000 minimum to open an account, you need at least $100,000 to earn its highest relationship APYs, which aren't even that great in comparison to other top-paying CDs.

USAA's annual percentage yields (APYs) generally trump Chase's. For one, USAA CDs have higher APYs across the board, and the bank doesn't even require a large deposit or linked checking account to score the best rates. Neither bank has exceptional rates on savings or checking accounts, at least not in comparison to high-yield saving accounts.

Both banks provide multiple ways to get in touch with them, including over the phone, through virtual chats on their websites, or in-person at a branch. Chase recently scored second in customer service satisfaction in the J.D. Power 2023 U.S. National Banking Satisfaction Study, beating every big national bank except Capital One. Both banks have a 1.3 out of 5 stars on Trustpilot and roughly 1 out of 5 stars on their BBB profiles.

Chase and USAA have robust banking apps that share many of the same features. Both apps let you deposit checks, pay bills, manage accounts, and transfer money. Chase's mobile app goes a step further in letting you link external non-Chase accounts to give you a full picture of your personal finances. Meanwhile, if you have USAA auto insurance, you can view your auto ID card and call for roadside assistance through the app.

If you want a free savings or checking account, USAA might be better suited for you. While Chase's deposit accounts could also be made free, you have to meet certain criteria to waive the service fees. Likewise, if you want a higher CD rate, you'll more than likely find it at USAA than Chase. That said, Chase has more branches and a slightly more powerful mobile app. Its services are also available to everyone, whereas USAA is only available to active and retired military members and their families.

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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.

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