USAA Bank has two main savings accounts. The most basic is the USAA Savings Account, and its premium option is the USAA Performance First Savings Account.
These two accounts pay different savings rates, so the best option will likely depend on your account balance.
Overview of USAA Savings Accounts
USAA Savings Account
The USAA Savings Account is the bank's everyday savings option. This account is a decent choice since it has a low minimum opening deposit and no monthly service fee.
You'll prefer a different savings account if you want to get a competitive interest rate.
USAA Performance First Savings Account
The USAA Performance First Savings Account pays a higher interest rate than the USAA Savings Account, but you'll need to open the account with a high minimum opening deposit.
Furthermore, this account is most suitable for people who maintain high account balances. You'll earn the highest APY with an account balance of $500,000 or more.
USAA Savings Rates
The USAA Savings Account pays 0.01% APY, regardless of what your balance is.
The USAA Performance First Savings Account has a tiered interest rate system. You don't start to earn a decent rate until you have tens of thousands of dollars in your account, though. Here's how the tiered interest rate works:
| Balance | APY |
| Under $10,000 | 0.05% |
| $10,000 to $24,999.99 | 0.10% |
| $25,000 to $49,999.99 | 0.10% |
| $50,000 to $99,999.99 | 1.00% |
| $100,000 to $249,999.99 | 1.10% |
| $250,000 to $499,999.99 | 1.20% |
| $500,000+ | 1.60% |
USAA also has a kid's savings account. The USAA Youth Savings Account is an option for children under 18, with access and tools for parents. It pays 0.01% APY.
USAA Savings Account Key Features and Benefits
Current USAA Savings Account Rate and How It Compares
USAA is one of the best banks for the military, but savings rates aren't its strong suit.
The USAA Savings Account offers a less competitive APY than the average savings account. Meanwhile, the USAA Performance First Savings Account offers better rates, you'll need to maintain $50,000 or more to start earning more than the average savings rate of 0.41% APY.
Ultimately, you could earn a much higher interest rate with an online bank that allows a smaller opening deposit.
USAA Savings Account Monthly Service Fees
USAA is a good option if your primary concern is opening a free savings account. The bank doesn't charge monthly bank maintenance fees on its savings accounts.
USAA Online and Mobile Banking Access
The bank's mobile app is rated 3.9 out of 5 stars in the Google Play Store with over 190,000 reviews and 4.8 out of 5 stars in the Apple Store with over 1.7 million ratings.
USAA Customer Service and Support
USAA has locations in Colorado, Maryland, New York, and Texas. Financial centers are open from 9 a.m. to 5 p.m. CT on weekdays.
Customer support is also available by phone. You can call the bank from 6 a.m. to 10 p.m. CT on weekdays, or 8 a.m. to 8 p.m. CT on Saturdays.
We use Better Business Bureau ratings to help understand how bank's deal with customer issues. USAA received an A+ rating from the BBB.
USAA has been involved in a recent controversy. In 2022, the Financial Crimes Enforcement Network (FinCEN) required USAA Federal Savings Bank to pay a $140 million civil money penalty when accused of failing to report suspicious transactions to FinCEN in a timely or accurate manner.
Opening a USAA Savings Account
USAA Eligibility Requirements
USAA serves military members. To qualify as a bank member, you must be an active or former military member. Spouses and children of military members are also eligible for membership.
Step-By-Step Guide to Opening a USAA Savings Account
USAA savings account can be opened online. Existing customers must log into online banking to get a new savings account. If you're a new customer, you'll have to qualify for USAA first.
To determine if you're eligible for membership, you must provide your date of birth, Social Security number, and details about your or your family member's military service. You'll also need documents that verify your identity, like a passport or driver's license.
To open a savings account online, you must also be at least 18 years old.
USAA Savings Account Initial Deposit Requirements
The USAA Savings Account requires a minimum of $25 to open an account.
With the USAA Performance First Savings Account, you'll need at least $10,000 to get started.
Managing Your USAA Savings Account
Tips for Maximizing Savings
To maximize your savings, carefully review each USAA savings account or CD to see which one fits your savings goals best.
USAA has several types of savings options. In terms of savings accounts, you can apply for one that has a set interest rate for all balances or one that offers a tiered interest rate that benefits customers with high account balances. For CDs, you can choose between fixed-rate, jumbo, super jumbo, variable-rate, and adjustable-rate CDs.
All USAA interest-earning bank accounts compound interest monthly. You can use a compound interest calculator to estimate how much interest you'll make over time.
Keep in mind that some USAA accounts have variable interest rates, and others have fixed interest rates. The difference between the two rates is that the former can fluctuate at any time while the latter pays a set interest rate as long as you keep all your money in the account for the full term.
Understanding USAA Fees and Charges
USAA Bank does not charge monthly service fees, non-sufficient funds fees, incoming wire transfer fees, or overdraft protection transfer fees. The bank does charge overdraft fees, stop payment fees, and outgoing wire transfer fees.
USAA Savings Account Pros and Cons
USAA Savings Rates Pros
- Decent rates on USAA Performance First Savings Account if you maintain $50,000 or more in your account
- Low minimum opening deposit to open the USAA Savings Account
- No monthly service fees
USAA Savings Rates Cons
- USAA Savings Account pays a lower interest rate than the average savings account
- Low interest rates than online banks
- High minimum deposit required to open USAA Performance First Savings Account
Is a USAA Savings Account Right For You?
USAA, which is known for strong VA mortgages and personal loans for military families, pays low interest rates on savings accounts. You might like USAA if you're using its other products and want to keep things simple.
However, if your priority is getting a competitive savings rate, the best high-yield savings accounts will likely be more appealing — you can find high-yield savings accounts paying up to 6.17% APY right now.
USAA Savings Account Alternatives
USAA Savings vs. Navy Federal Savings
Navy Federal Credit Union is the more appealing option for savings accounts. The Navy Federal Credit Union Share Savings Account pays 0.25% APY, which is higher than USAA's standard savings account.
Furthermore, Navy Federal Credit Union's money market account has a lower minimum opening deposit than the USAA Performance First Savings Account, and pays 0.00% to 1.50% APY depending on your account balance.
Navy Federal Credit Union Review
USAA Savings vs. PenFed Savings
If you're looking for a competitive savings account, Pentagon Federal Credit Union is a better option than USAA. The Pentagon Federal Credit Union Premium Online Savings Account pays 2.90% APY, which is much higher than USAA's savings accounts.
However, keep in mind PenFed is a credit union while USAA is a bank. This means all members need to open a savings account with $5 first, before opening another type of bank account.
Pentagon Federal Credit Union Review
Why You Should Trust Us: How We Reviewed USAA Savings Accounts
We rate bank accounts on a scale from one to five stars. For our USAA saving rates review, we used our bank account methodology, which looks at interest rates, minimum opening deposits, monthly service fees, miscellaneous features, customer support availability, mobile app ratings, and the ethics and security of the company to rate savings accounts.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
USAA Savings Account FAQs
USAA has a traditional savings account, a premium savings account, traditional CDs, jumbo CDs, super jumbo CDs, variable-rate CDs, and adjustable-rate CDs.
There are a few fees associated with USAA savings accounts, but it will depend on how you use the account. The bank doesn't charge most common bank fees, like monthly service fees, NSF fees, overdraft protection transfer fees, or incoming wire transfer fees. There are fees for overdraft fees and outgoing wire transfers, though.
USAA savings rates aren't as competitive as the best online banks. The USAA Savings Account pays a low interest rate overall, and the USAA Performance First Savings Account pays a decent rate if you maintain $50,000 or more in your account, but its still not as high as most high-yield savings accounts.
You can open a USAA savings account if you're at least 18 years old and qualify for membership at USAA. USAA is specifically for active military, veterans. and immediate family members of active military or veterans.
To maximize your savings with a USAA account, think about how much money you'd like to deposit upfront and how you'd like to use your account. That can help you decide between all of USAA's savings options.
