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USAA Federal Savings Bank Review 2024

Updated April 5, 2024
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At a glance

4.1
Rating: 4.1 stars out of 5
Bankrate Score
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CDs

Rating: 4.7 stars out of 5

Checking

Rating: 4.7 stars out of 5

Savings

Rating: 2.6 stars out of 5

About Bankrate Score

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 100,000 ATMs without a fee.

Highlights

  • ATM Fee Refunds
  • Digital Leader
  • Low Fees
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/20/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 4/20/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.00
%
APY
APY
Info
As of 4/20/2024
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

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

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

Cons

  • USAA has just four brick-and-mortar locations.

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

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

USAA banking products

2.6
Rating: 2.6 stars out of 5
Bankrate Score
Invest Rate
0.01% APY
Info
Loan
$25 minimum deposit to open

USAA savings overview

USAA Performance First is the bank's top-yielding savings account, though its rates are still not competitive. 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. There’s no monthly fee.

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.

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.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    USAA
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 4/20/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
Promoted offer:

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

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. Though it’s a bank and insured by the FDIC, USAA is member-owned, similar to a credit union. 

USAA FSB offers checking and savings accounts, CDs, mortgages, credit cards and other loans.

Customer experience

Customer support

Customer service. Customers can reach USAA support via phone, email or mail. 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.

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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.”

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.