USAA Bank review 2024

USAA Bank

Blueprint Rating

Products

Checking, savings, CDs, credit cards, mortgages, personal loans, auto loans, retirement savings, insurance and investing

Fees

Overdraft fee

ATM network

100,000

What you should know

USAA is a full-service financial institution for members of the military and their families, and boasts more than 13 million customers. Some CD terms offer high yields, while its checking accounts come with access to roughly 100,000 ATMs and charge few fees. However, you can generally find accounts offering higher yields elsewhere.

Pros

• Large fee-free ATM network.
• Competitive CD rates.
• No monthly fees.

Cons

• Only available to active and retired military and immediate family members.
• Limited local branches.

USAA basics

• Checking accounts: USAA Classic Checking and USAA Youth Spending Account.
• Savings accounts: USAA Savings, USAA Performance First® and USAA Youth Savings. 
• Money market: N/A.
• Certificate of deposit (CD): Standard CD, Jumbo CD and Super Jumbo CD.
• Other accounts: Credit cards, auto loans, personal loans and home mortgages.
• Bank branches or online only: Primarily online; only five branches nationwide.

Annual percentage yields (APYs) and account details are accurate as of April 4, 2024.

USAA Checking

USAA offers two types of checking accounts: Classic Checking and Youth Spending.

USAA Classic Checking has a $25 minimum opening deposit, unless you are a new recruit. New recruits can open the account without any minimum opening deposit. And, there aren’t any minimum daily balance requirements or monthly fees. 

USAA has a large ATM network of 100,000 locations, which are fee-free. Should you incur any ATM fees throughout the month, USAA will refund you up to $10 each cycle. 

It also can earn a bit of interest: 0.01% APY on balances of $1,000 or more. 

USAA’s Youth Spending is for members under 18 years old, a guardian is required to be a joint account holder with the child. If the child is at least 13 years old they can receive limited access to the account via the USAA app. 

There is an initial deposit requirement of $25, but doesn’t have any monthly service fees or overdraft fees. Text alerts can be set up for when the account balance goes below a certain threshold. 

The account also earns a little bit of interest: 0.01% APY on balances over $1,000. 

USAA Savings

USAA offers three savings accounts: USAA Savings, USAA Performance First and Youth Savings. You can make deposits by transferring funds from your checking account, via mobile deposit, direct deposit or at select USAA ATMs. 

USAA’s Savings Account requires an $25 initial deposit, and all balances earn 0.01% APY. 

The Performance First Account, on the other hand, requires a $10,000 minimum deposit to open. Its rates are as follows:

THE PERFORMANCE FIRST ACCOUNT RATES
Less than $10,000	0.05% APY
$10,000 to $24,999.99	0.10% APY
$25,000 to $49,999.99	0.10% APY
$50,000 to $99,999.99	1.00% APY
$100,000 to $249,999.99	1.10% APY
$250,000 to $499,999.99	1.20% APY
$500,000 to $999,999.99	1.60% APY
$1,000,000 and over	1.60% APY

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The Youth Savings requires a deposit of $25 to open, and, regardless of the balance, earns 0.01% APY.

Certificates of Deposit (CDs)

The USAA Standard Fixed certificates of deposit last from 91 days to seven years. You need $1,000 to open an account. There’s also an adjustable rate CD option, but all terms only earn 0.01% APY.

CD TERM	APY
91 days	0.05%
182 days	4.90%
7 months	0.05%
9 months	4.75%
1 year	4.65%
15 months	4.55%
18 months	4.45%
2 years	4.25%
30 months	2.75%
3 years	2.75%
4 years	2.50%
5 years	2.50%
7 years	2.02%

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Other products

• Credit cards. USAA offers eight types of credit cards to its members, some of which come with some pretty good cash back rewards. Only the USAA Eagle Navigator™ Visa Signature® Credit Card * The information for the USAA Eagle Navigator™ Visa Signature® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. charges an annual fee, which is $95. 
• Auto loans. USAA offers auto loans with terms up to 84 months. The type of auto loan you get depends on the type of car you choose: New car, used car, older, car. Once approved, your USAA auto loan approval is good for 45 days. 
• Personal loans. USAA offers loans between $1,000 and $100,000. Loan terms go up to 84 months. 
• Home mortgage. USAA offers VA and conventional loans for both purchasing and refinancing. They do not offer home equity loans.
• Insurance. USAA is probably best known for its insurance products. They offer home, life, renters and auto insurance. 

How USAA stacks up

USAA vs. Navy Federal Credit Union

Navy Federal Credit Union has higher APYs on its checking accounts. It also offers money market accounts, which USAA does not. Navy’s ATM network is only 30,000 however, and its CD rates are on par with USAA’s. 

Which one you should choose boils down to which variables are the most important to you.

USAA vs. State Department Federal Credit Union

State Department Federal Credit Union offers higher APYs on two of its checking accounts than USAA, but those accounts have high minimum balance requirements. While it offers money market accounts, its rates on CDs are slightly less than USAA’s. However, it only requires a $500 deposit, whereas USAA requires a $1,000 deposit. 

USAA vs. PenFed

As with USAA’s other two competitors, PenFed also offers money market accounts. Its regular savings interest rate is on par with USAA’s, but its premium savings account APY is significantly higher than USAA’s. Its CDs are about the same as USAA’s, but USAA’s ATM network is bigger than PenFed’s. 

About USAA

USAA was founded in 1922, USAA began as a way for 25 army officers to help insure each other’s vehicles. By 1931 there were 30,000 members, and today USAA serves more than 13 million members. While it offers a variety of services, it still caters solely to military personnel and their immediate family members. 

Frequently asked questions (FAQs)