USAA is a members’ association, and many of its products — including USAA savings accounts — are only open to those with military ties.

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 2.7 out of 5.

USAA savings rates

Here’s a breakdown of USAA’s savings account rates.

Account name APY Minimum deposit
USAA Savings 0.01% $25

These 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% Under $10,000
USAA Performance First 0.10% $10,000 – $24,999
USAA Performance First 0.10% $25,000 – $49,999
USAA Performance First 1.00% $50,000 – $99,999
USAA Performance First 1.10% $100,000 – $249,999
USAA Performance First 1.20% $250,000 – $499,999
USAA Performance First 1.60% $500,000 – $999,999
USAA Performance First 1.60% $1,000,000 or more

Note: The annual percentage yields (APYs) shown above are as of Nov. 20, 2023.

How USAA compares to top-yielding banks

The USAA savings account is available only to members, and requires having a connection to the armed forces. The USAA Savings account requires just $25 to open but pays a much lower interest rate than the national average. Savings account interest rates for USAA Performance First are tiered, and balances of more than $50,000 earn a higher APY than the national average.

Compare APYs and other terms before choosing a savings product. Many top-yielding banks have savings accounts that earn the same yield on all balances.

The USAA savings account comes with an ATM card (upon request) that can be used at more than 100,000 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 years old. The account pays 0.01 percent APY on all balances and has most of the same features as the other savings options, though parents can set up controls to choose features that children can use.

USAA also offers a broad range of CDs with terms ranging from one month to seven years.

Rates for USAA CDs vary widely and savers may find much better yields elsewhere depending on the term. Be sure to compare CD rates to ensure you’re earning a competitive APY.