USAA Bank is known for serving the U.S. military community and their families. It offers a wide variety of financial products, including insurance, retirement, banking and investing accounts. In the realm of personal banking, USAA is best known for its no-fee checking and savings accounts, extensive ATM network and easy-to-use mobile banking platform.
In this article, we at the MarketWatch Guides team will delve into USAA Bank’s products, pros and cons, reputation and how it compares to other top banks.
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USAA Review
We give USAA Bank 4.2 out of 5 stars after looking into different categories such as its branch availability, account fees, interest rates and customer support. Here’s how the company scores in each of these factors:
Flip Card USAA
USAA Rating 4.2 / out of 5 stars
Rating breakdown
Banking Experience and Access 3.5 / 5
Checking 4.5 / 5
Savings 4.0 / 5
CDs 4.5 / 5
*Ratings are determined by our editorial review team. Learn more about our scoring methodology.
USAA vs. Other Top Banks
When compared to other top banks, USAA stands out for its extensive, free ATM network and no-fee account offerings. But considering that USAA operates mostly online, it falls short on its number of branch locations, offering only four locations whereas its competitors offer thousands.
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|---|---|---|---|---|
| Our Rating | 4.2 | 4.0 | 3.8 | 4.0 |
| Savings APY | 0.05% | 0.01% | 0.05% | 0.01% |
| 1-Year CD APY | 4.25% | 0.01% | 1.50% | 0.03% |
| Number of Branch Locations | 4 | 4,700 | 4,600 | 3,800 |
| Number of ATM Locations | 100,000 | 15,000 | 11,000 | 15,000 |
| Available Deposit Products | Checking, Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs |
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| |
|---|---|---|---|---|
| Our Rating | 4.2 | 4.0 | 3.8 | 4.0 |
| Savings APY | 0.05% | 0.01% | 0.05% | 0.01% |
| 1-Year CD APY | 4.25% | 0.01% | 1.50% | 0.03% |
| Number of Branch Locations | 4 | 4,700 | 4,600 | 3,800 |
| Number of ATM Locations | 100,000 | 15,000 | 11,000 | 15,000 |
| Available Deposit Products | Checking, Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs | Checking, Savings, CDs |
Pros and Cons of USAA Bank
Pros
Wide product variety: USAA Bank offers insurance, personal banking, retirement and insurance products, making it a good choice for anyone looking to do most (or all) of their banking in one place.
Free accounts: USAA offers no monthly service fees on most accounts, including checking and savings accounts.
Easy-to-use mobile app: USAA ensures banking accessibility for its customers with a highly-rated banking app.
Rewards program: The bank provides exclusive perks and discounts on travel, shopping and more through its USAA Perks program.
Cons
Few branches: USAA only has four branches across the U.S., so it’s mostly an online-only bank.
Limited customer base: Eligibility for membership is limited as it only applies to military members, veterans, precommissioned officers, spouses and children.
Low savings rates: The interest rates on savings accounts are lower than competing banks.
USAA BBB Rating
USAA Bank has an A+ rating with the Better Business Bureau (BBB), but it’s not BBB accredited. It holds an average customer review score of 1.18 out of 5 stars, based on 196 customer reviews. Many customer reviews tend to revolve around USAA’s insurance and loan products rather than its banking products.
With Bauer Financial, USAA has a star rating of 3 out of 5 stars, which is defined as an “adequate” rating. As for its mobile app, USAA has a higher rating of 4.8 out of 5 stars in the Apple App Store, but a slightly lower rating of 4 out of 5 stars in the Google Play store.
Overview of USAA Bank
Although USAA Bank is a bank, it’s similar to a credit union in that it’s owned and operated by its members. Headquartered in San Antonio, USAA Bank caters to more than 13 million members of the U.S. military community, including active duty members, veterans and their families.
It has a limited physical presence with only four branch locations, but it has a strong digital banking setup and a highly-rated mobile app.
“Being a financial institution that’s centered on the military community, we focus on our digital offerings and the strength of our member service so that members can have all their banking needs met wherever they are,” a USAA representative told MarketWatch Guides in a statement.
USAA Bank: Who It’s Best For
USAA Bank’s offerings are specifically tailored to members of the U.S. military community and their families. This includes:
USAA is ideal for active duty, reserve and retired military personnel as all of the bank’s products are designed with military members in mind.
USAA extends its banking services to the spouses and children of military members, making this bank a fitting option for families.
With a strong emphasis on online and mobile banking tools, USAA is well-suited for customers who prefer managing their finances digitally. This is particularly beneficial for those who move frequently or are stationed in locations without easy access to physical bank branches.
USAA has no monthly fees on most accounts, making it an excellent choice for eligible individuals seeking to minimize banking costs. It also offers free overdraft protection with an eligible linked account and it doesn’t charge non-sufficient funds fees.
USAA Bank Products
USAA Bank offers a suite of products designed to meet the needs of the military community and their families. For personal banking products, USAA offers checking accounts, savings accounts, CDs, credit cards, mortgages, personal loans and auto loans. Outside of banking, USAA members also have the option of insurance, retirement and investing products.
| USAA Bank Account | APY* | Minimum Opening Deposit |
|---|---|---|
| USAA Classic Checking | 0.01% | $25 |
| USAA Youth Spending | 0.01% | $25 |
| USAA Savings | 0.01% | $25 |
| USAA Performance First | 0.05% to 1.50% depending on the balance tier | $10,000 |
| USAA Youth Savings | 0.01% | $25 |
| Fixed Rate CDs (Standard, Jumbo and Super Jumbo) | 0.05% to 4.55% | $1,000 for a standard CD, $95,000 for a jumbo CD and $175,000 for a super jumbo CD |
| Adjustable Rate CDs (Standard, Jumbo and Super Jumbo) | 0.01% | $1,000 for a standard CD, $95,000 for a jumbo CD and $175,000 for a super jumbo CD |
| Variable Rate CDs (Standard) | 0.01% | $250 |
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USAA Bank Checking Accounts
USAA earns 4.5 stars for its checking account offerings. It has two accounts: a USAA Classic Checking account, which is a basic checking account; and a Youth Spending account, which is a checking account for children under the age of 18. Both offer no monthly service fees and come with a debit card.
USAA Classic Checking
The USAA Classic Checking account earns a low APY and requires a minimal initial deposit of $25.
| USAA Classic Checking Daily Balance | APY* |
|---|---|
| $1,000 or more | 0.01% |
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You’ll get free overdraft protection when you link your checking account to an eligible USAA savings account or credit card. However, an overdraft fee of $29 may apply if USAA pays an item but the account balance is insufficient.
Other account perks include “Early Payday” – which gives you access to your paycheck two days before it posts – and access to Zelle, which lets you send peer-to-peer payments instantly. Plus, USAA also offers access to over 100,000 ATMs across the U.S., all of which come with no ATM fees. The bank also offers up to $10 in out-of-network ATM fee reimbursem*nts per statement cycle.
USAA Youth Spending
USAA’s Youth Spending account mirrors many of the features of the Classic Checking account, including a $25 minimum deposit and the same APY on balances exceeding $1,000.
| USAA Youth Spending Daily Balance | APY* |
|---|---|
| $1,000 or more | 0.01% |
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This is a joint checking account where parents can establish customized parental controls, such as granting limited access to the mobile app and online banking. The account also comes with account alerts, no overdraft fees and mobile check deposit.
Once a child reaches 18, the Youth Spending account automatically transitions into a Classic Checking account.
USAA Bank Savings Accounts
USAA Bank’s savings accounts earn 4 stars. There are three savings account options to choose from, including USAA Savings, USAA Performance First and USAA Youth Savings. All of these accounts come with no monthly service fees and earn variable interest, though rates tend to be lower than the national average.
USAA Savings
The USAA Savings account can be opened with a minimum deposit of $25. This account is a basic savings account that comes with mobile check deposit, an ATM card and the ability to set up overdraft protection.
| USAA Savings Daily Balance | APY* |
|---|---|
| Less than $1,000 | 0.01% |
| $1,000 to $4,999.99 | 0.01% |
| $5,000 to $9,999.99 | 0.01% |
| $10,000 or more | 0.01% |
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USAA Performance First
USAA’s Performance First savings account is a high-yield savings account. It requires an initial deposit of $10,000, and the APY you’ll earn will depend on your balance tier. This account supports mobile check deposit and an ATM card, and you can link this account to another eligible USAA account for overdraft protection.
| USAA Performance First Daily Balance | APY* |
|---|---|
| Less than $10,000 | 0.05% |
| $10,000 to $24,999.99 | 0.10% |
| $25,000 to $49,999.99 | 0.10% |
| $50,000 to $99,999.99 | 0.90% |
| $100,000 to $249,999.99 | 1.00% |
| $250,000 to $499,999.99 | 1.10% |
| $500,000 to $999,999.99 | 1.50% |
| $1,000,000 or more | 1.50% |
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USAA Youth Savings
The USAA Youth Savings account comes with no monthly service fee, savings tools, an ATM card (upon request) and a $25 minimum opening deposit.
| USAA Youth Savings Daily Balance | APY* |
|---|---|
| Less than $1,000 | 0.01% |
| $1,000 to $4,999.99 | 0.01% |
| $5,000 to $9,999.99 | 0.01% |
| $10,000 or more | 0.01% |
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USAA Bank CDs
USAA’s CDs earn 4.5 stars for their variety and competitive CD rates. These CD options are designed to cater to a range of investment strategies and timeframes, ensuring that there’s a suitable choice for different financial goals.
Fixed Rate CDs
USAA’s fixed-rate CDs are available as standard CDs, jumbo CDs and super jumbo CDs. The APYs for fixed-rate CDs range from modest rates for shorter durations to more competitive rates for longer terms.
USAA also has promotional fixed-rate CDs that are significantly higher than the FDIC’s national averages for CDs, making these an attractive option for those looking to maximize their returns.
| Fixed Rate CD Term | Standard CD APY* | Jumbo CD APY* | Super Jumbo CD APY* |
|---|---|---|---|
| 30 days or one month | N/A | 0.05% | 0.05% |
| 91 days | 0.05% | 0.05% | 0.05% |
| 120 days or four months | N/A | 0.05% | 0.05% |
| 150 days or five months | N/A | 0.05% | 0.05% |
| 182 days | 4.55% | 0.00% | 0.00% |
| Seven months | 0.05% | 0.05% | 0.05% |
| 270 days or nine months | 4.40% | 4.40% | 4.40% |
| 1 year | 4.25% | 4.25% | 4.25% |
| 15 months | 4.15% | 4.15% | 4.15% |
| 18 months | 4.05% | 4.05% | 4.05% |
| Two years | 3.85% | 3.85% | 3.85% |
| 30 months | 2.75% | 2.75% | 2.75% |
| 3 years | 2.75% | 2.75% | 2.75% |
| 4 years | 2.50% | 2.50% | 2.50% |
| 5 years | 2.50% | 2.50% | 2.50% |
| 7 years | 2.02% | 2.02% | 2.02% |
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Adjustable Rate CDs
The bank’s Adjustable Rate CDs are offered in standard, jumbo and super jumbo versions. All of these CDs feature a longer term commitment and lower APYs.
| Adjustable Rate CD Term | APY* |
|---|---|
| 3 years | 0.01% |
| 4 years | 0.01% |
| Five years | 0.01% |
| Seven years | 0.01% |
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Variable Rate CDs
USAA offers standard CDs with a variable rate. These CDs are available in fewer types and terms, and they come with a lower APY and a lower minimum opening deposit of $250.
| Variable Rate CD Term | APY* |
|---|---|
| 182 days | 0.01% |
| One year | 0.01% |
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The Bottom Line: USAA Bank Review
If you’re a part of the military community and comfortable with handling most of your banking online, USAA Bank could be the right fit for you. Its free checking and savings accounts come with no monthly fees and its mobile app is great for managing your money on the go. But if you’re interested in high APYs for savings or CDs, you might want to shop around as USAA’s rates are lower than much of the competition.
FAQ: USAA Bank Reviews
Yes, USAA is considered to be a trustworthy bank since its deposit products are FDIC-insured. That means deposits are insured up to the standard limit of $250,000.
USAA may be a better choice than other banks if you’re a member of the military community who is looking for a no-fee checking or savings account, or if you’re looking to do most or all of your banking with one bank.
Yes, USAA could be worth joining if you qualify for membership, which is limited to military members and their immediate family members.
Learn More About USAA Bank
See how USAA stands out in our roundups of the best financial institutions and deposit products available today:
- #5 on Best CD Rates
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
- Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
- Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
- Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
- Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
*Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
