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USAA Federal Savings Bank Review 2022

Published March 2022 by Libby Wells

AT A GLANCE
4.1

Bankrate Score

bank-logo

ATM fee refunds

Digital Leader

Low Fees

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.

  • Checking
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    4.7
  • Savings
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    4.7
  • CDs
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    2.5
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    My Banking Direct, a service of NY Community Bank

    Member FDIC

    Savings account

    1.25 % APY

    $ 1

    Min. balance for APY

    CIT Bank

    Member FDIC

    Savings account

    1.20 % APY

    $ 0

    Min. balance for APY

    Overall

    4.1

    Bankrate Score

    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.

    What we like

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

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

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

    What we don't

    • 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.

    Checking accounts

    4.7

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    USAA FSB customers can earn interest with the bank's Classic Checking account on balances of $1,000 or more. There’s no monthly fee for the account, which is the basis for Bankrate’s score. USAA reimburses up to $15 each statement cycle if you incur ATM fees from other banks.

    Another option is Cashback Rewards Checking, which pays no interest. The opening deposit is $25 and the account has no monthly minimum balance requirement or service charge. It offers members in certain states 10 cents back on every debit card purchase.

    There are over 60,000 ATMs available nationwide that USAA checking account customers can use for free. There’s a $2 fee for using out-of-network ATMs.

    What we like

    • Classic Checking account holders can earn interest on balances of $1,000 or more.

    • The account can be managed online or with the bank's favorably reviewed mobile app.

    • There are no monthly service fees or minimum balance requirements.

    • Checking customers have access to a large ATM network.

    • You can get up to $15 a month in fee reimbursements for using out-of-network ATMs.

    What we don't

    • The APY on the Classic Checking account is not competitive with top-paying banks.

    • The Cashback Rewards Checking account does not earn interest.

    Savings accounts

    4.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    1.26 % APY

    $ 0

    Min. balance for APY

    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.

    What we like

    • There are no monthly service fees on USAA savings accounts.

    • Performance First account holders can earn more with bigger balances.

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

    • USAA offers several savings accounts, including one for youths.

    • Savings account customers have access to a large ATM network.

    What we don't

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

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

    CD rates

    2.5

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    CD

    2.50 % APY

    18mo

    Term

    $ 0

    Min. deposit

    USAA FSB offers fixed-term CDs ranging from 30 days to seven years. It also offers CDs with adjustable and variable rates, giving savers the chance to get a higher APY should rates rise. Minimum opening deposits are $250 to $1,000. CDs can be opened online or through the mobile app. Yields are easy to beat, however. Even the jumbo CDs pay unimpressive APYs.

    Penalty fees are charged for early withdrawals and range from 30 days to 365 days of interest, depending on the term length.

    What we like

    • USAA offers a wide range of CD terms, which helps consumers with short- or long-term savings goals or who want to build a CD ladder.

    • Opening deposit requirements are reasonable.

    What we don't

    • There are no penalty-free CD products available.

    • You can find more competitive rates elsewhere.

    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.

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.