USAA is a members’ association, and many of its products — including USAA savings accounts — are only open to those with military ties.
Though known for its excellent customer service, USAA offers a modest APY on its savings account, and it’s much less than what you can find at top-yielding banks. The account doesn’t charge monthly fees or require a minimum balance, but its best rates require higher balances.
USAA earned a 3.8 out of 5 in Bankrate’s review, and its savings accounts earned 2.9 out of 5.
USAA savings rates
Here’s a breakdown of USAA’s savings account rates as of Feb. 14, 2022.
| Account name | APY | Minimum deposit |
| USAA Savings | 0.01% | $25 |
Here are the tiered savings account interest rates for USAA Performance First, an account that offers higher rates for balances of over $10,000.
| Account name | APY | Minimum daily deposit to earn APY |
| USAA Performance First | 0.05% | $10,000 – $24,999 |
| USAA Performance First | 0.05% | $25,000 – $49,999 |
| USAA Performance First | 0.05% | $50,000 – $99,999 |
| USAA Performance First | 0.06% | $100,000 – $249,999 |
| USAA Performance First | 0.08% | $250,000 – $499,999 |
| USAA Performance First | 0.15% | $500,000 – $999,999 |
| USAA Performance First | 0.15% | $1,000,000 or more |
How USAA compares to top-yielding banks
The USAA savings account is available only to members, limited to those who have a connection to the armed forces. The account requires just $25 to open but pays less interest than the national average. Savings account interest rates for USAA Performance First are tiered, but balances up to $99,999 will earn an APY of only 0.05 percent. The maximum rate you can expect is 0.15 percent for balances of $1 million or more. You’ll need at least $10,000 to open an account — a big requirement for a yield that isn’t top of market.
Compare APYs and other terms before choosing a savings product. Citibank, for example, offers a higher payout on its high-yield savings account with no minimum balance needed to earn the APY.
The USAA savings account comes with an ATM card (upon request) that can be used at more than 60,000 ATMs nationwide for free. USAA’s mobile banking app allows users to deposit checks and schedule automatic transfers.
Other savings options at USAA
USAA has a Youth Savings account option for children under 18. The account pays 0.01 percent APYs on all balances and has most of the same features as the other savings options, though parents can set up controls to choose features children can use.
USAA also offers a broad range of CDs with terms ranging from one month to seven years. Three types of fixed- and variable-rate CDs are offered — standard, jumbo and super jumbo — along with two terms of adjustable-rate CDs. Minimum-deposit amounts range from $250 to $1,000.
Rates for USAA CDs, however, are well below the national average, and savers can easily find much better rates elsewhere. Be sure to compare CD rates to ensure you’re earning a competitive APY.
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