USAA Federal Savings Bank is a members-only bank that requires membership through serving in the military or by having eligible family members who served.
The mobile app has positive reviews and popular features.
There's no minimum balance requirement or monthly fee for the savings account.
Generous free access to ATMs plus minimal out-of-network ATM fees and reimbursements available.
USAA has limited brick-and-mortar locations.
If you don’t have a link to the military — through your own experience or through family — you won’t be able to join.
You can find higher yields elsewhere.
USAA has long been regarded as a digital leader among financial institutions and its reputation remains so.
Its mobile app comes with standard features, like deposit checks and send money with Zelle. But the app also comes with edgier features, such as a digital assistant that you can conjure up within the app to answer your questions.
USAA also stands out for letting members pull in all of their financial accounts into one portal to customize their budget and track their spending. It also offers a Digit-like tool that moves $1 to $9 to someone’s savings every few days — based on how much funds you have in your checking account.
While you won’t be banking at a traditional branch, USAA also provides access to more than 60,000 ATMs that members can use for free.
The USAA Federal Savings Bank opened in 1983. Generally, active military, former military, and veterans with a discharge type of “Honorable” from the U.S. military — and their eligible family members — are eligible for USAA membership. USAA Federal Savings Bank is a wholly owned subsidiary of USAA. Eligible family members are spouses, widows, widowers and un-remarried former spouses of USAA members who joined USAA prior to or during their marriage. Individuals whose parents joined USAA are also considered an eligible family member. There are four USAA financial centers in the United States, in Colorado Springs, Colorado, Highland Falls, New York, Annapolis, Maryland and San Antonio, Texas. There is also a USAA Federal Savings Bank at West Point, New York.