• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcast
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • Best Student Loans And Rates In January 2023
        • 10 Best Private Student Loans Of January 2023
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Student Loan Refinance Companies In January 2023
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers Of January 2023
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers Of 2023
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2023
        • M1 Finance Review
        • TD Ameritrade Review 2023
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review 2023
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 20 Best Side Hustles You Can Start Earning With In 2023
        • 53 Side Hustle Ideas To Make Money Fast
        • 100 Ways To Make Money In College
        • 80 Ways To Make Money From Home In 2023
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 40 Passive Income Ideas You Can Use To Build Wealth In 2023
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • 10 Best High Yield Savings Accounts Of January 2023
        • 10 Best Money Market Accounts Of January 2023
        • 10 Best Free Checking Accounts In January 2023
        • Best Bank CD Rates Of January 2023
        • 10 Best Business Checking Accounts In February 2023
        • Best Online Banks Of January 2023
        • Best Credit Unions Nationwide Of January 2023
        • Best College Student Checking Accounts Of January 2023
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • Best Credit Monitoring Services For 2023
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Forum
  • Search
Home » Banking » Bank Reviews » USAA Federal Savings Bank Review

USAA Federal Savings Bank Review

Updated: November 29, 2022 By Robert Farrington

Tweet
Share
Share
Pin
Email
Print

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

USAA Bank Review

Members of the military have unique financial needs. They are on the move, both across the United States and around the World.

To meet their unique needs, USAA promises to provide best-in-class financial products and customer service to their members. Does USAA Federal Savings Bank deliver?

We think so, because USAA offers one of the best free checking account products out there - but you do have to be in the military or a qualifying dependent. 

We also list USAA as one of the best checking accounts for military members.

Read more in our USAA Federal Savings Bank review below.


USAA Banking

Quick Summary

  • Free checking, savings, and CD accounts
  • Open to military members and their families
  • Sub-par yields on savings products
OPEN AN ACCOUNT

USAA Details

Product Name

USAA Classic Checking

Min Opening Deposit

$25

Monthly Fee

$0

ATM Access

Nationwide via Reimbursement

Promotions

None

Table of Contents
Who Is USAA?
What Does USAA Federal Savings Bank Offer?
Are There Any Fees?
How Does USAA Federal Saving Bank Compare?
How Do I Join?
Is My Money Safe?
How Do I Contact USAA?
Is It Worth It?
USAA Federal Savings Bank FAQs
USAA Federal Savings Bank Features

Who Is USAA?

USAA is a membership association designed to meet the needs of military members and their families. You can check here to see if you qualify to join USAA.

USAA has one of the best track records for keeping customers over the long haul. Their best-in-class customer service, leading edge security, and ability to meet all their customer’s financial needs makes it an obvious choice for military members.

What Does USAA Federal Savings Bank Offer?

When you look objectively at the financial products that USAA offers, you’ll see that they aren’t necessarily the best at anything. But it’s the package as a whole that keeps customer satisfied. Below, we break down their various account options.

Checking Accounts

One of USAA’s standout financial products are their checking accounts. All of them have no monthly maintenance fees and no minimum balance. You need just $25 to open up the account. Here's a quick look at their three checking account options.

  • Classic Checking: Get up to $15 in fees charged by third-party ATM providers refunded each month and earn 0.01% APY on balances above $1,000.
  • Rewards Checking: Earn 10¢ for each qualified debit card purchase. This account does not reimburse ATM fees that are charged by providers that are outside of their preferred network and it doesn't earn interest.
  • Youth Spending: Teach your kids (under age 18) about money by giving them access to a debit card with spending limits that are set by you, the parent.

USAA helps you get access to your money for free. You can withdraw your money from one of USAA’s network of 60,000 Nationwide ATMs. Members get 10 free withdrawals per month.  After that, USAA charges $2 per withdrawal, even for ATMs that are part of its preferred network.

Savings Accounts

The USAA savings accounts aren’t exciting. Here's what their three options are earning right now:

  • USAA Savings: 0.01% APY on all balances
  • USAA Performance First Savings: 
    • Below $10,000: 0.01% APY
    • $10,000 to $49,9999: 0.05% APY
    • $50,000 to $99,999.99: 0.06 APY
    • $100,000 to $249,999.99: 0.08% APY
    • $250,000 to $499,999.99: 0.11% APY
    • 500,000 and above: 0.20% APY
  • USAA Youth Savings: 0.01% APY on all balances

Whie the rates are low to mediocre, the savings accounts do have a few helpful features. Most obviously, USAA members can keep their checking and savings account at the same bank.

USAA also has a cool technology that helps members create savings goals and track their progress towards the goal. Not seeing the type of traction you want? USAA’s online platform will also help you analyze and set your budget.

If you struggle to stay motivated with a savings goal, the goals feature could help you move in the right direction.

See our list of the best online savings accounts here to find the best places to park your cash.

CDs

CD ladders can help you prepare for ongoing cash flow needs. Unfortunately, the CDs at USAA offer lame interest rates as well that top out a measly 0.04% APY. USAA also offers adjustable rate and variable rate CDs with even lower interest rates.

Right now, other banks offer CDs with rates up to 0.55% APY. It doesn’t make sense to settle for USAA’s extremely low interest rates.

Check out the best bank CD rates here.

Other Services

In addition to Checking, Savings and CDs, USAA offers a bevy other financial services for their members. USAA is known for having some of the best Auto and term life insurance rates in the business.

On top of that, USAA members can expect reasonable interest rates on mortgages, auto loans, personal loans and credit cards.

If you’re a military investor, you can also choose to house your investments at USAA. Their expense ratios tend to run higher than the industry standard though, so investing through USAA isn’t always the right choice.

Still, anyone who values having all their financial services under one roof can rest easy that USAA will bend over backwards to offer them what they need. Since it’s a membership association, most of the fees are reasonable, even if they aren’t world-class.

Are There Any Fees?

This is one of USAA's strength. The bank doesn't charge monthly maintenance fees on any of its accounts. It also doesn't charge any fees for overdrafts, although it will charge a $29 non-sufficient funds (NSF) if it declines a transaction or it is returned unpaid.

The one area where USAA checking accounts fall short is in their capabilities abroad, which is a bit surprising for a bank that caters to the military community. USAA charges a 1% foreign transaction fee and they don’t have ATMs abroad. That said, for Classic Checking customer, USAA will still refund up to $15 in ATM fees if you use an ATM in a foreign country.

How Does USAA Federal Saving Bank Compare?

USAA is really best for members of the military community who want the simplicity and convenience of having all of their financial accounts under the same roof. It could also be solid youth banking option.

But if you're looking for the highest yield on your savings or the best rewards on your debit card transactions, you'll want to look at one of the best online banks instead. Here's a quick look at how USAA's banking compares.

Header
USAA Comparison
USAA Comparison: Axos Bank
USAA Comparison: Discover Bank

Rating

Top Non-CD APY

0.20%

0.61%

0.40%

Account Eligibility

Military members and their families

Open to anyone

Open to anyone

Interest-Earning Checking

Cashback Checking

Youth Banking

FDIC Insured

Cell
OPEN ACCOUNT
READ THE REVIEW
READ THE REVIEW

How Do I Join?

USAA membership is generally only open to active and retired military veterans. However, certain family members are eligible to open an account as well, including spouses, kids, widows, widowers and un-remarried former spouses of USAA members.

To join as the child of a military member, your parent must be living. Siblings of military members are not eligible for membership, however. If you meet these requirements, you join USAA online in minutes by starting here.

Is My Money Safe?

Yes, USAA Federal Savings Bank is a member FDIC bank which means that all of its accounts receive up to $250,00 of FDIC insurance per depositor. The bank's site is encrypted and customers can further protect their accounts by setting up multi-factor authentication. 

How Do I Contact USAA?

Customers can access USAA support at 210-531-USAA (8722). Operating hours are Monday through Friday from 8 AM to 5 PM (CT) . 

USAA's customer service has historically enjoyed a good reputation. However, the bank has recently received a rash of bad reviews on Trustpilot and is currently rated just 1.3/5. It still has an A+ rating on Better Business Bureau (BBB) though.

Is It Worth It?

For military members and their families, USAA offers a quality financial experience. Their members can expect great customer service and fair pricing on all their products. For young military members, the checking account and easy access to a savings account make a lot of sense.

If you’ve got a straightforward financial life, it can make sense to buy all your financial products through USAA. Once you start getting into investing and buying more insurance products, it pays to shop around. When it comes to banking, loyalty only makes sense for so long. Eventually, you need to find the best deals.

USAA Federal Savings Bank FAQs

Here are some of the most common questions that people ask about USAA Federal Savings Bank:

Are USAA Bank's financial centers open?

No, USAA's financial centers have been closed since March 16, 2020 to protect employees and customers during the COVID-19 pandemic. However, customers who live near USAA's San Antonio location can still access drive-thru teller services.

Is USAA a credit union?

No, USAA is a group of financial service companies that can only be utilized by its members. It's banking products are provided through USAA Savings Bank or USAA Federal Savings Bank, both of which are FDIC-insured.

What does USAA stand for?

"USAA" is an acronym for United Services Automobile Association. The association began in the 1920s as a mutual self-insurance alliance for military members who often struggled to obtain auto insurance from traditional insurers.

Does USAA have business bank accounts?

No, USAA doesn't currently have any business checking or savings account options for its members.

USAA Federal Savings Bank Features

Account Types

  • Checking
  • Savings
  • CDs
  • Teen Banking

Minimum Deposit

$25

APY

  • Checking: Up to 0.01%
  • Savings: Up to 0.20%
  • CDs: Up to 0.04%

Maintenance Fees

$0

Overdraft Fee

$0

Non-Sufficient Funds (NSF) Fee

$29

Foreign Transaction Fee

1%

Branches

Four branches in four states

Mobile Check Deposits

Yes

Cash Deposits

Yes

Checkbook Support

Yes

Early Direct Deposit

Yes, at least one business day before payday

ATM Availability

60,000+ fee-free ATMs that are part of the PNC Bank, MoneyPass® and Allpoint® networks

Customer Service Number

210-531-USAA (8722)

Customer Service Hours

Mon-Fri, 8 AM to 5 PM (CT)

Mobile App Availability

iOS and Android

Web/Desktop Account Access

Yes

Bill Pay

Yes

FDIC Certificate

34168

Promotions

None

USAA Federal Savings Bank Review
  • USAA Free Checking
  • USAA Savings
  • USAA CDs
  • USAA Insurance
Overall
4.8

Summary

USAA Federal Savings Bank offers truly free bank accounts for military members and their families. The also offer a variety of products, including checking, savings, CDs, and even insurance.

Pros

  • No monthly maintenance fees
  • Offers rewards checking and youth banking
  • Has been known for great customer service

Cons

  • Savings APY is not competitive
  • Only open to the military community
  • Open an Account
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

USAA Federal Savings Bank Review

Editor: Clint Proctor

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of

I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree

1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Primary Sidebar

Featured Bank Reviews

>  CIT Bank (recommended)
>  Discover  (recommended)
>  Barclays
>  Chime
>  Chase Bank
>  American Express Savings
>  Axos Bank
>  Quontic Bank

Checking Accounts

  • Best Free Checking Accounts
  • Best High-Yield Checking Accounts
  • Best College Student Checking Accounts
  • Best Starter Checking Accounts For Kids
  • Best Teen Checking Accounts
  • Best Checking Accounts for Military Members
  • Second-Chance Checking Accounts

Savings Accounts

  • Best High Yield Savings Accounts
  • Best Money Market Accounts
  • Best Student Savings Accounts

Certificates Of Deposit

  • Best No-Penalty CDs Rates
  • Best 12 Month CD Rates
  • Best Jumbo CD Rates
  • Best Overall Bank CD Rates

Business Banking

  • Best Business Checking Accounts
  • Best Business Savings Accounts

More On Banking

  • Best Bank Bonus Offers
  • Best Free Online Banks
  • Best Credit Unions
  • Best Banks For Students
  • Best Bank Accounts To Get Your Tax Refund Or Direct Deposit Early

Footer

Who We Are

The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2023 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz