USAA Bank Review 2024

Posted by Almeda Bohannan on Friday, May 3, 2024
Updated JUMP TO Section Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
  • Overall Rating
  • Pros and Cons
  • About USAA
  • FAQs
  • USAA Bank Account Reviews
  • How USAA Bank Compares
  • Why You Should Trust Us
  • Redeem now

    Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

    The bottom line: USAA has one of the best banks for the military. Most notably, it has a strong checking account with a large ATM network, and it will reimburse up to $10 per monthly statement cycle monthly in out-of-network ATM fees.

    Compare USAA products
    • USAA Savings Account
    • USAA Classic Checking
    • USAA Fixed Rate CD
    Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's Rating 4/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. 0.01% Minimum Deposit Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $25 Editor's Rating 4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. 0.01% on balances of $1,000 or more Variable APYs are current as of 12/28/2023. Rates are subject to change. Fees may reduce earnings. Show more Minimum Deposit Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $25 Editor's Rating 3.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY) Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. 0.05% to 5.25% Minimum Deposit Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $1,000 Start saving USAA, Member FDIC Start banking USAA Federal Savings Bank, Member FDIC. You must be or become a USAA member to apply. Start saving USAA, FDIC Insured

    USAA Bank Review: Overall Rating

    FeaturePersonal Finance Insider rating (out of 5)
    Savings4
    Checking4.25
    CD3.75
    Trustworthiness4
    Total4

    USAA Bank Pros and Cons

    ProsCons
    • Products and services geared toward military members and their immediate family (spouses and children)

    • Free checking account; may also be eligible for a checking account bonus

    • No monthly service fees

    • Variety of CD terms

    • Limited financial centers (CO, MD, NY and TX)
    • Limited customer service availability
    • Low savings account rates

    About USAA 

    USAA is a diversified financial services group that has insurance, mortgages, personal loans, auto loans, investing, banking, and retirement options. Bank products and services are provided by USAA Federal Savings Bank.

    Membership is open to active or past military members. You may also join if you are the spouse or child of a military member.

    USAA has financial centers in Colorado, Maryland, New York, and Texas. Financial centers are open from 9 a.m. to 5 p.m. CT on weekdays.

    USAA customer support is also available by phone. Hours may vary by department, with maximum hours from 6 a.m. to 10 p.m. CT on weekdays and 8 a.m. to 8 p.m. on Saturdays.

    The USAA mobile app received 4 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the Apple Store. 

    USAA bank accounts are federally insured by the FDIC for up to $250,000 for individual bank accounts, and an additional $250,000 per account owner.

    Is USAA Trustworthy?

    USAA has an NR (No Rating) grade from the Better Business Bureau because the company is in the process of responding to previously closed complaints. 

    USAA has been involved in a recent controversy. In 2022, the Financial Crimes Enforcement Network (FinCEN) required USAA Federal Savings Bank to pay a $140 million civil money penalty when accused of failing to report suspicious transactions to FinCEN in a timely or accurate manner.

    USAA Bank FAQs

    Is USAA Bank a real bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Yes, USAA Bank (also referred to as USAA Federal Savings Bank) is a legitimate financial institution. It's a Member FDIC bank so bank accounts are secure up to $250,000 per depositor, per category. FDIC insurance protects consumers in the event of a bank failure.

    How can I get into USAA Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    You must meet certain membership requirements to open an account with USAA. Membership is open to active or past military members. You may also join if you are the spouse or child of a military member.

    Do you need money to open a USAA bank account? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    You need at least $25 to open a savings or checking account. An initial deposit of $1,000 or more is required to open a CD. 

    Is USAA a good bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    If you or a family member are active or past military, USAA could be a good choice. USAA offers a wide range of products, including bank accounts, investment accounts, insurance, loans, and mortgages. USAA is also a better fit for people who want online and mobile access to their bank. It doesn't have many financial centers throughout the US. 

    Is USAA a bank or a credit union?  Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    Bank products and services are provided by USAA Federal Savings Bank, so it's a bank, not a credit union.

    USAA Bank Account Reviews

    USAA Savings Account

    USAA Savings Account Start saving USAA, Member FDIC USAA USAA Savings Account Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4/5 Fees

    no monthly service fee

    Annual Percentage Yield (APY)

    0.01%

    Minimum Deposit Amount

    $25

    Pros
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. $25 minimum opening deposit
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free ATM card upon request
    Cons
    • con icon Two crossed lines that form an 'X'. Low interest rate
    Insider’s Take

    The USAA Savings Account doesn't charge any monthly fees. You can also get a free ATM card even though it's a traditional savings account, which provides an easy way to access money in your account.

    Product Details
    • Available to active military, veterans, and military families
    • Financial centers in Colorado, Maryland, New York, and Texas.
    • 1,200 USAA ATMs; 100,000 USAA-preferred ATMs nationwide
    • Interest compounded and deposited monthly
    • FDIC insured
    Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

    The USAA Savings Account doesn't charge any monthly fees. You can also get a free ATM card even though it's a traditional savings account, which provides an easy way to access money in your account. USAA savings rates are lower than the national average, though.

    USAA Classic Checking Account

    USAA Classic Checking Start banking USAA Federal Savings Bank, Member FDIC. You must be or become a USAA member to apply. USAA USAA Classic Checking Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25/5 Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks Info icon To qualify, open a new USAA Classic Checking account between Oct. 11, 2023 and March 14, 2024, and receive an electronic deposit of $100 or more within 180 calendar days after account opening. Primary account holder on the new account must not have had primary ownership of a checking account in the 12 months prior to new account opening. Certain fiduciary ownership types not eligible. Account has $25 minimum deposit. One bonus per member; one bonus per account. Account must be open and in good standing. Bonus deposited within 60 days of first qualifying direct deposit. Offer may be discontinued or changed at any time. See full terms and conditions at usaa.com/bonusoffer

    Get $200 when you apply and open your first USAA Classic Checking account with qualifying direct deposit of $100 or more within the first 180 days (offer ends 03/14/2024). See full terms and conditions at usaa.com/bonusoffer.

    Fees

    no monthly service fees

    Annual Percentage Yield (APY) Info icon Variable APYs are current as of 12/28/2023. Rates are subject to change. Fees may reduce earnings.

    0.01% on balances of $1,000 or more

    Minimum Deposit Amount

    $25

    Bonus Info icon To qualify, open a new USAA Classic Checking account between Oct. 11, 2023 and March 14, 2024, and receive an electronic deposit of $100 or more within 180 calendar days after account opening. Primary account holder on the new account must not have had primary ownership of a checking account in the 12 months prior to new account opening. Certain fiduciary ownership types not eligible. Account has $25 minimum deposit. One bonus per member; one bonus per account. Account must be open and in good standing. Bonus deposited within 60 days of first qualifying direct deposit. Offer may be discontinued or changed at any time. See full terms and conditions at usaa.com/bonusoffer

    $200

    Pros
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Reimburses up to $10 per monthly statement cycle in out-of-network ATM fees
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. No Non-Sufficient Funds fees
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection is available
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early pay day when you set up direct deposit (limitations apply)
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Access to over 100,000 no surcharge-fee ATMs
    Cons
    • con icon Two crossed lines that form an 'X'. Other banks may reimburse more in out-of-network ATM fees monthly
    Insider’s Take

    USAA has one of the best banks for the military. Most notably, it has a strong checking account with a large ATM network, and it will also reimburse up to $10 per monthly statement cycle in monthly out-of-network ATM fees.

    Product Details
    • Membership is open to active duty, National Guard, reserves, veterans who served honorably, Cadets or Midshipmen; and spouses and children of USAA members
    • Financial centers in Colorado, Maryland, New York, and Texas
    • 100,000 USAA-preferred ATMs nationwide
    • Interest compounded and credited monthly
    • Member FDIC
    Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

    The USAA Classic Checking is USAA's strongest bank product, and it's especially a good choice if you want flexible ATM options. New customers may be eligible for a cash bonus of $200 when you apply and open your first USAA Classic Checking account with qualifying direct deposit of $100 or more within the first 180 days (offer ends 03/14/2024).

    USAA has 1,200 free ATMs and 100,000 USAA-preferred ATMs nationwide. You can make 10 free withdrawals at USAA-preferred ATMs and get refunded up to $10 per month if you use an out-of-network ATM. 

    USAA Bank CD

    USAA Fixed Rate CD Start saving USAA, FDIC Insured USAA Bank USAA Fixed Rate CD Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 3.75/5 Annual Percentage Yield (APY)

    0.05% to 5.25%

    Minimum Deposit Amount

    $1,000

    Pros
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Variety of term lengths
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Standard early withdrawal penalties
    Cons
    • con icon Two crossed lines that form an 'X'. Low interest rate
    • con icon Two crossed lines that form an 'X'. $1,000 minimum opening deposit
    Insider’s Take

    You may like USAA's CDs if you're looking to explore a variety of term lengths — terms range from 30 days to 7 years.

    USAA Fixed Rate CD review External link Arrow An arrow icon, indicating this redirects the user." Product Details
    • Available to active military, veterans, and military families
    • Financial centers in Colorado, Maryland, New York, and Texas.
    • 1,200 USAA ATMs; 100,000 USAA-preferred ATMs nationwide
    • Terms range from 30 days to 7 years
    • Interest compounded and deposited monthly
    • Early withdrawal penalties: 30 days of interest on 30-day terms; 90 days of interest on terms between 30 days and 1 year; 180 days of interest on terms between 1 year and 5 years; 1 year of interest on terms 5 years or longer
    • FDIC insured
    Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

    You may like USAA's CDs if you're looking to explore a variety of term lengths — terms range from 30 days to 7 years. 

    USAA CD rates are competitive on terms between 9 months and 2 years. If you're looking for shorter or longer terms, other online banks will likely offer higher rates right now. 

    How USAA Bank Compares

    USAA vs. Navy Federal

    Active military, veterans, employees or retirees of the Department of Defense, and family members of any of the aforementioned groups are eligible to open accounts at Navy Federal.

    If you prioritize finding a bank with a large branch presence, you might prefer Navy Federal over USAA. Navy Federal has 355 branches around the world. USAA only has offices in a few US states.

    Both financial institutions offer strong checking accounts. Choosing between Navy Federal and USAA could depend on minor preferences between checking account features.

    The Navy Federal Free Active Duty Checking™ Account has no monthly service fee and a $0 minimum opening deposit. The account offers access to 30,000 free ATMs and gets refunded up to $20 per month in out-of-network ATM fees.

    In comparison, the USAA Classic Checking is a free checking account with a $25 minimum opening deposit. It has access to 1,200 USAA ATMs, 100,000 USAA-preferred ATMs, and refunds up to $10 per month in out-of-network ATM fees. New customers may also be eligible for a $200 cash bonus. 

    Navy Federal Credit Union Review

    USAA vs. PenFed

    Pentagon Federal Credit Union is another financial institution that offers services for military members and their families. The credit union also permits anyone in the US to become a member by opening a savings account.

    Your decision between the two may boil down to which has a branch in your state. Pentagon Federal Credit Union has about 50 branch locations in 13 states, mainly on the East and West Coast. Meanwhile, USAA only has offices in a few financial centers in Colorado, Maryland, New York, and Texas.

    Each financial institution offers a distinct checking account. Deciding between these two might hinge on which account features stand out the most to you.

    Pentagon Federal Credit Union charges a $10 monthly service fee on the Pentagon Federal Credit Union Access America Checking Account unless you meet certain requirements each month. The USAA Classic Checking doesn't charge any monthly service fees and offers a $200 cash bonus to new customers. 

    If you meet the monthly requirements though, the Pentagon Federal Credit Union Access America Checking Account pays 0.15% APY on daily balances of less than $20,000 and 0.35% APY on daily balances of $20,000 up to $50,000. 

    Pentagon Federal Credit Union Review

    Why You Should Trust Us: How We Reviewed USAA Bank 

    For our USAA Bank review, we rated bank products and services using our bank account methodology and CD methodology. At Personal Finance Insider, we rate products on a scale from zero to five stars.  We also compare and contrast the features and fine print of various products to help determine if the account may be right for you.

    For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options.

    Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:Read more Read less Compliance Associate Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries.   Evelyn obtained her M.S. degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber. Read more Read less Top Offers From Our Partners Betterment Cash Reserve Account New Customer Offer: Earn 5.50% APY when you open your first cash account with $10 deposit. Terms apply. A tooltip *Current promotional rate; annual percentage yield (variable) is 4.75% as of 7/31/23, plus a .75% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you'll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank, and cash transfers to program banks are conducted through clients’ brokerage accounts at Betterment Securities. **The national average savings account interest rate is reported by the FDIC (7/17/23) as the average annual percentage yield (APY) for savings accounts with deposits under $100,000. Start Saving

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