Skip to Main Content

USAA Federal Savings Bank Review 2022

Updated December 2, 2022
Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.5 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 4.7 stars out of 5

About Bankrate Score

Hover for more

Overview

USAA FSB is a good fit for military personnel, veterans and their families who prefer online and mobile banking and want access to over 60,000 ATMs.

Highlights

  • ATM Fee Refunds
  • Digital Leader
  • Low Fees
Compare offers
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 4.1 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

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.

Pros

  • Checkmark

    USAA FSB offers a full range of deposit and loan products.

  • Checkmark

    The mobile app has useful features and positive reviews from iOS and Android users.

  • Checkmark

    USAA FSB offers generous free access to ATMs and minimal out-of-network ATM fees. ATM fee reimbursements also are available.

Cons

  • USAA has limited brick-and-mortar locations.

  • If you don’t have a link to the military, you likely won’t qualify for membership.

  • Yields on deposits are not impressive, and it's easier to find higher yields elsewhere.

USAA bank products

4.7
Rating: 4.7 stars out of 5
Bankrate Score

USAA savings overview

USAA Performance First is the bank's top-yielding savings account. It allows you to earn higher rates on higher balances. However, you will need at least $10,000 to open the account and a balance of $500,000 to earn the top yield.

USAA also offers a standard savings account and a Youth Savings account, both of which require $25 to open. APYs on these accounts don’t compete with the best rates available.

Pros

  • Checkmark

    There are no monthly service fees on USAA savings accounts.

  • Checkmark

    Performance First account holders can earn more with bigger balances.

  • Checkmark

    USAA offers the option to get an ATM card with its savings accounts.

  • Checkmark

    USAA offers several savings accounts, including one for youths.

  • Checkmark

    Savings account customers have access to a large ATM network.

Cons

  • The $10,000 opening deposit requirement for the Performance First account is steep.

  • You can find higher APYs elsewhere, especially at other online banks.

Compare Offer
Bank logo
Member FDIC
Savings Account
3.25
%
APY
Rating: 4.1 stars out of 5
InfoHover for more
$0
Min balance for APY

Bank experience

USAA has long been regarded as a digital leader among financial institutions. Its mobile app 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.

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.

You won’t be banking at a traditional branch, but USAA does provide access to more than 60,000 ATMs that members can use for free.

About USAA

USAA, a financial services organization, opened the USAA Federal Savings Bank in 1983. USAA generally serves active U.S. military personnel, honorably discharged military veterans, precommissioned officers and spouses and children of members. USAA FSB offers checking and savings accounts, CDs, mortgages, credit cards and other loans.

It has a highly rated mobile app that allows customers to deposit checks, pay bills, transfer funds and do other transactions. Customers also have access to online banking and over 60,000 ATMs through the AllPoint and MoneyPass networks and PNC Bank ATMs. USAA has a branch in San Antonio.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.