Features

USAA was founded in 1922 by 25 army officers as a way to insure each other’s vehicles when nobody else would. Today USAA is still an auto insurance company—the sixth largest in the United States—but it’s also a bank with $25 billion in assets and 10.3 million members. It has great rates and no monthly fees, but it only takes on customers who are linked to the armed forces.

What Are USAA’s Checking And Savings Accounts Like?

USAA offers service members a truly free checking account with:

- No monthly service fees
- No minimum balance. New recruits don’t even have to make an initial deposit to open an account.
- Provides a complete, printable 1199A form.
- Free transfers and bill payments.
- 60,000 surcharge-free ATMs.
- USAA refunds up to $15 of out-of-network ATM fees.
- Free direct deposits.

USAA’s savings account has the following features:

- No minimum balances.
- Only requires $25 to open.
- USAA Savings offers an APY of 0.05% to 0.15% for balances under $25,000.
- No monthly fees, regardless of your balance.
- Goal-planning tools.
- Customers can deposit money online or at over 2,000 UPS store locations.

USAA Performance First is USAA’s premier savings account. Requires $10,000 to open but offers rates of 0.05% to 0.30% depending on the balance.

What Are The Advantages And Disadvantages of USAA’s Checking And Savings Accounts?

There isn’t much to dislike about USAA, apart from the fact it is not available to everyone. To join you have to be an active or retired military service member, a cadet, or related to someone who were USAA members. USAA offers great checking and savings accounts with no monthly service fees and no minimum balance. Its rates are not particularly high but higher than most banks. There are no service fees and users can access their money from 60,000 ATMs. If they can’t find a surcharge-free ATM, USAA will pay up to $15 a month in ATM fees. Customers can even transfer their money to any bank in the United States without paying a fee up to six times a month.

  • Branch
  • Online
  • CDs
  • Checking
  • IRAs
  • Savings
  • Mobile App
  • Savings Interest Rate
    0.05%
  • Checking Interest Rate
    0.01%
  • Bauer Financial A+/A Rating
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0 votes

I became a USAA member when I was in the service. They offer alot of products, and their banking is among the great things that they have. You can go to ATM's and they'll reimburse you, and their customer service is fabulous!


0 votes

Pretty good bank, but I am always thrown off when it's time to make a deposit. I know that I can, but I also know that my son as been doing it for awhile. Try catching a 20-year-old to tell you how to make your deposit remotely for the fourth time!


0 votes

Best in the world! From my work in many states and 20 countries, USAA Bank is the best I ever saw. It is very friendly and efficient, less fees and common sense operation.


0 votes

These folks are so good, I do not even consider using anyone else. They are patient when you have questions. I have never paid an ATM fee..... ever. Like I said they are awesome ever.


0 votes

this bank has the best customer service in the world. they care about you first not thier money. they are so helpful and try to make you more money and educate you. By far the best bank accounts I have.


0 votes

The financial advisors on staff at USAA have helped me turn my life around. I have gone through a divorce, moved twice, been unemployed, started a new job and many more things all in the last 2 years. They have been helping me every step of the way.


0 votes

I have only ever used one bank, because USAA was what was suggested by my recruiter when I first joined the Army. They have done a good job of making sure any questions i had were answered, and they helped me a lot.


0 votes

I have been a USAA member for more than 10 years and have always been happy with their products and service. But lately it just seems like everything about them is going downhill. I never thought I would have to look for someone else, but it's getting to that point.


0 votes

You get your check a full day ealier than anyone else, te customer service is AMAZING they are just all around the best bank. You get back what you give. People will do a lot more for you if you treat them respectfully.


0 votes

My only complaint is the fact that their bank accounts don't earn much interest, but I have my car insurance and renters insurance through them too and I love the convenience of having everything in one spot.


0 votes

If you use the insurance services of this company already, you'll want to look into banking with them. They make it so easy, and it's pretty much free to bank with them. You even get reimbursed for any ATM fees that you spend, which I think is absolutely awesome!!


0 votes

I never had a problem with USAA not having actual banks you can walk into until recently. My purse was stolen out of my car, with my ATM card and checkbook inside it. I called and cancelled the card and requested a new one, but it took almost two weeks to get to me. Now I have tons of past due bills and late fees to pay too.


0 votes

I was never really all that responsible with my money or my bank accounts and ran into some credit issues because of that. USAA helped me turn my bad money habits around.


0 votes

When it comes to your money, you really want to put it somewhere will it will be safe and sound. I feel that USAA provides such a location.They are so helpful and kind and nice, I can't tell you how many times I've pinched myself thinking I might be dreaming.


0 votes

I'm retired army and really proud of that. I'm also really proud to be a member of USAA and also very proud that they do such a good job of treating their customers. It's perks like what you get from USAA that make you want to keep going back.


0 votes

Never having to pay ATM fees makes this company so worthwhile! But of course there are more good things. Like the fact that I can just take a picture of my check and deposit directly into my account without ever setting foot in a bank.


0 votes

I'm really liking my experience with banking with USAA. They treat me like a person, not like a customer/number, which is amazing considering that they do all of this virtually! I am a big proponent of online banking nowadays and they are really convincing me that this is the way to go.


0 votes

Good experience with USAA. They seem to be very accurate, and they don't have fees--even for checking. I find that to be excellent, since I'm definitely on a fixed income. I have also started dablling in the online bill payments system. It also seems to be first class.


0 votes

I love how you can put your check in remotely with USAA. I know other places are starting to do that as well, but I think that USAA was one of the first.They tend to be very forward thinking, and I'm glad that they are my bank.


0 votes

I really don't know what has happened to USAA. I have always thought they were the greatest company, both for insurance and banking. But recently I had a problem with one of my accounts and called multiple times but they never resolved the issue and were so rude when I called. It looks like I need to find a new company to do business with.


0 votes

One thing I can say is don't ever have more than one account or any other bank accounts linked to one of theirs. I have had money go missing, checks get deposited in one account but credited to another, and all kinds of other problems lately.


0 votes

These are real people, not big bank thinking that tries to see how much they can get from you. These guys honestly care about their members and the little things they do to go the extra mile proves that.


0 votes

If you want a bank that makes banking easy and even fun sometimes, I would suggest USAA bank. They will help get you where you want to go financially and make your life easier than you might think possible. I am glad that I have them as my banker and for insurance.


0 votes

I'm a long time USAA customer who has just recently started banking with them. Like their insurance products, this experience runs smoothly and well and I wouldn't want to go anywhere else now. That is what happened when I started using their insurance years ago. I'm hooked!


0 votes

If you look at the track record of USAA, you realize that this company knows what they are doing, and the same is true with their checking account. I love having them do my personal banking as well as my insurance. I would recommend checking out an account with them.


0 votes

I have been a USAA member for over 12 years and feel like they always go above and beyond in everything they do! They have made themselves one of the best parts about joining the military – getting to deal with them.


0 votes

The whole USAA setup is pretty good. They are one of the few online banks that know what they're doing and it shows. I think they were one of the first to have the capability to scan your checks on your mobile phone. I have been really impressed with them.


0 votes

Except for the one time that I called and a customer service person wasn't all that helpful, this experience has been great. They are accurate, and I have never had a problem with any of my accounts. I'm glad that I decided to switch awhile back. The experience has been great.


0 votes

I'm only surprised that I didn't try online banking a long, long time ago. It is so easy and so much less time consuming. Now I just scan my check or have direct deposit, which means that I save several hours a week not going to the bank. I can use that time for things I really enjoy.


0 votes

Love USAA! Like many customers, I have had their insurance for decades. Then one day they offered a bonus if I opened a checking account and I took advantage of it. I am so happy I did. The account has been a breeze to use.


0 votes

I really like USAA bank. Super easy to deposit checks with your smartphone and to set up for payments to people when necessary. They are also very helpful whenever you call for anything. I've had them for insurance for a long time and just started banking with them in the last few months. Glad I did.


0 votes

Several members of my family have had personal accounts with USAA Bank for years. We also have a business account with them. We have had years of consistently excellent service from them. Patti Jones is simply exceptional, as is Ruth, and frankly - they are all great!


0 votes

I'm actually shocked that I am now doing online banking. Now that I have found how convenient and no hassle this is, I will never set foot in another bank again--at least not out of choice. I find it so simple just to scan checks or have direct deposit. They are also a stellar company every which way.


0 votes

I've had USAA with my insurance for years and it wasn't until recently that I found out that they also have banking services. I figured that the services would be impeccable like everything else about USAA, and they are. I really can't think of much else to say, except for that it is now my only personal banking account.


0 votes

Simplicity is a beautiful thing when it comes to your finances, and I have to say that USAA has mastered simplicity. There are really no good reasons not to bank with them. They are always on top of things and there is customer service whenever you want it.


0 votes

I've been with USAA for about 3 or 4 years now. Their website was confusing at first, but now it is easier to navigate through. Their agents are always extremely helpful and very pleasant, and they have a great range of products that they offer.


0 votes

I like USAA, but I don't like the fact that there isn't a brick and mortar store to visit. It kind of throws me off when I can't just go in when I want to talk things throught. That being said, the customer service phone support is good.


0 votes

Love USAA! They have been my insurance company for many years, so when I heard about their banking, I thought, let's do this! I am so happy I did. Now all my finances are in one place, and I've found that I'm saving time and money. They don't have maintenance fees, which I love.


0 votes

I have been dealing with USAA Bank for many years now and do all of my personal and business banking there. I have always found them to be friendly and helpful. I recommend them highly!!


0 votes

I have spent my entire career working in the banking industry, and in all of my experiences over the past 35 years, in many different countries across the globe, I have never found another bank that is as good as USAA.

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