USAA Bank Review: A Worthy Choice for Military Members, Veterans, and Their Families

USAA Bank is one of the most popular banks among veterans, active military members, and their families. It offers a variety of competitive banking and loan products backed by always-outstanding customer support. Read our full USAA Bank review to learn more about all it has to offer.

USAA Bank offers three savings accounts to its customers:

USAA Savings account

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 Performance First account

The USAA Performance First savings account requires a $10,000 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.

USAA Youth Savings account

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.

USAA Bank offers three types of certificates of deposit (CDs). They're explained in detail below:

USAA Fixed-Rate CDs

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.

USAA Adjustable-Rate CDs

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.

USAA Variable-Rate CDs

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.

You can find much more competitive CD rates with some of the top online banks. Here are a few worth taking a look at.

USAA Bank offers three checking accounts to its customers:

USAA Classic Checking account

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.

USAA Cash Back Rewards Checking account

Those who use their debit cards frequently should look into the USAA Cash Back Rewards Checking account instead. This comes with a fee-free, nationwide ATM network and unlimited cash back rewards on all debit card purchases.

USAA Youth Spending account

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.

USAA Bank is an industry leader in terms of customer satisfaction. In every J.D. Power survey it's been featured in, it's been among the best, and it's likely this emphasis on customer service carries over to its banking experience as well. The bank also maintains an A rating with the Better Business Bureau (BBB).

USAA doesn't offer much in terms of relationship benefits to its customers, but it's possible to score higher rates on some savings products by keeping more money in the bank. There aren't any special perks for those who open multiple bank accounts with USAA, though. USAA relies upon its reputation for great customer service to draw customers in.

If USAA Bank doesn't appeal to you, here are some other options to consider:

Navy Federal Credit Union

Navy Federal Credit Union is also targeted at the military community. It's not as well-known as USAA, but its rates are more competitive on its savings products. It also offers a variety of other banking products, including mortgages, credit cards, and auto loans.

Chase Bank

Chase is a great option for those who don't qualify for 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.

USAA Bank could be the right fit for you if:

• You're an active-duty military member, a veteran, or an immediate family member of a military member or veteran.
• You're looking for some unusual CD terms.
• You put a high value on customer service.

In addition to the bank accounts discussed above, USAA Bank also offers the following products:

USAA Bank credit cards

• USAA Rewards™ American Express® Card
• USAA Rewards™ Visa Signature® Card
• Cash Back Rewards Plus American Express® Card
• Preferred Cash Rewards Visa Signature® Card
• USAA Rate Advantage Visa Platinum® Card

USAA Bank mortgages and loans

• USAA Mortgages
• USAA VA loans
• USAA Auto loans
• USAA Personal loans
• USAA RV loans
• USAA Boat loans
• USAA Motorcycle loans
• USAA Leisure vehicle loans

USAA insurance

• USAA Auto insurance
• USAA Home insurance
• USAA Life insurance