USAA Federal Savings Bank Review
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At a glance
Overview
USAA Federal Savings Bank is a good fit for military personnel, veterans and their families and prefer online and mobile banking, and want access to over 100,000 ATMs without a fee.
Highlights:
ATM Fee Refunds Digital Leader Low FeesHighlights:
CDs
Checking
Savings
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.6/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
USAA Federal Savings Bank is a federally-insured, members-only online bank that offers checking and savings accounts, CDs, credit cards, mortgages and other loans. The bank provides a large network of free ATMs as well as ATM fee rebates, yet account yields are low, and minimum balance requirements are often high.
Pros
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USAA FSB offers a full range of deposit and loan products.
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The mobile app has useful features and positive reviews from iOS and Android users.
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USAA Bank offers generous free access to ATMs and minimal out-of-network ATM fees. ATM fee reimbursements are also available.
Cons
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USAA has just four brick-and-mortar locations.
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If you don’t have a link to the military, you won’t qualify for membership.
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Yields on deposits are not impressive, and it's easier to find higher yields elsewhere.
USAA banking products
USAA savings overview
Pros
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There are no monthly service fees on USAA savings accounts.
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Performance First account holders can earn more with bigger balances.
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USAA offers the option to get an ATM card with its savings accounts.
Cons
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There’s a $1,000 minimum opening deposit requirement for the Performance First account.
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You can find higher APYs elsewhere, especially at other online banks.
Rate history for USAA's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
USAA CD overview
Pros
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USAA offers a wide range of CD terms, ideal for many types of saving goals or to build a CD ladder.
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Opening deposit requirements are reasonable.
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Some terms pay competitive yields.
Cons
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There are no penalty-free CD products available.
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You can find more competitive rates elsewhere.
Rate history for USAA's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
USAA checking overview
Pros
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Classic Checking account holders can earn interest on balances of $1,000 or more.
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There are no monthly service fees.
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Checking customers have access to a large ATM network.
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You can get up to $10 a month in fee reimbursements for using out-of-network ATMs.
Cons
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The APY on the Classic Checking account is below average.
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There’s a $29 overdraft fee.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | $29 |
| Non-sufficient funds fee | None |
| Account maintenance fees | None |
| Out-of-network ATM fee | None |
| Stop payment fee | $29 |
Customer experience
Customer support
Customer service. Customers can reach USAA support via phone, mail or virtual assistant. And though USAA only has one branch in Texas, it also maintains several “financial centers” where you can get help. Lobby hours are 9 a.m. to 5 p.m. CT, Monday through Friday. They are closed Saturday and Sunday.
“USAA has fantastic customer service representatives,” said a Bankrate staff member with a USAA account. “There are relatively short wait times and longer service operating hours, which is very helpful compared to other banks where you have to call between 8 a.m. to 5 p.m.”
Special perks. USAA members get access to special perks, including deals on cruises, resorts, rental cars, Turbo Tax and more. “I have taken advantage of these perks on multiple occasions, which has saved me hundreds of dollars,” said a Bankrate staff member.
Digital experience
Highly rated app. USAA’s mobile app, highly rated on both Apple and Google Play, lets you take care of everyday transactions, such as depositing checks, paying bills and using digital wallets like Google Pay. You can send money person to person with Zelle.
The app also features a digital assistant that can answer questions or put you in touch with a USAA bank representative. And there’s an Advice Center where you can explore articles by topic and get advice on your finances.
Outdated UI. Although USAA’s app is highly rated and easy to use, the user interface looks a bit outdated compared to other banks’ mobile apps and websites, according to a Bankrate staff member. Moreover, finding some documents and account statements can be a challenge, as they are hidden within the setting.
“I’ve also had issues setting up automatic payments online,” said a Bankrate staff member. “I have to call customer service in order to modify or cancel my automatic payment schedule. And you can’t change your password or pin within the app — you must go on USAA’s website.”
Centralized digital banking. USAA also stands out for letting members pull in all of their USAA and non-USAA financial accounts into one portal to customize their budget and track their spending.
Wide ATM network. You likely won’t be banking at a traditional branch, but USAA does provide access to more than 100,000 ATMs that members can use for free.
Bankrate staff insights
“My banking experience with USAA has been seamless,” said a Bankrate staff member. “For more complex questions or certain changes to your account, you do have to call customer service, which may be inconvenient for some people. However, USAA is the one service phone call I don’t dread making because their representatives are so personable, and they are open after normal business hours, so I am able to resolve my issues in a timely manner.”
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
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Review methodology
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