2024 USAA Bank Review: Is It the Right Choice for Your Finances?
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The bottom line: If you’re serving in the military or are a veteran, USAA stands out as one of the top banks for military personnel. Their checking account shines with a vast ATM network and a unique perk: they reimburse up to $10 in out-of-network ATM fees every month!
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Editor’s Rating
Editor’s Rating
Editor’s Rating
Bank products provided by USAA Federal Savings Bank, Member FDIC
USAA Bank Review: Overall Rating
USAA Bank Pros and Cons
About USAA
USAA is a multifaceted financial services group, offering everything from insurance to mortgages, personal loans, auto loans, investing, and banking options. They provide their services through USAA Federal Savings Bank.
Membership is open to active or former military personnel, their spouses, and children.
USAA maintains financial centers in Colorado, Maryland, New York, and Texas, operating weekdays from 9 a.m. to 5 p.m. CT.
For customer support, USAA provides phone assistance with hours that may vary by department, generally from 6 a.m. to 10 p.m. CT on weekdays and from 8 a.m. to 8 p.m. on Saturdays.
Users have rated the USAA mobile app 4 out of 5 stars in the Google Play Store and 4.8 out of 5 in the Apple Store.
USAA Bank products are insured up to $250,000 for individual bank accounts by the FDIC, plus an additional $250,000 per account owner.
Is USAA Trustworthy?
USAA boasts an A+ rating from the Better Business Bureau.
However, they faced scrutiny in 2022 when the Financial Crimes Enforcement Network (FinCEN) imposed a $140 million civil money penalty for delays in reporting suspicious transactions.
USAA Bank FAQs
Absolutely! USAA Bank (aka USAA Federal Savings Bank) is a legitimate financial institution. Their products are secured up to $250,000 per depositor, thanks to FDIC insurance.
To open an account, you need to meet certain membership criteria. Membership is available to active or former military members, as well as their spouses and children.
You’ll need at least $25 to kickstart a savings or checking account. For a CD, you’ll need an initial deposit of $1,000 or more.
If you or a family member have ties to the military, USAA could be an excellent choice. They offer a variety of banking, investing, insurance, and loan options. It’s particularly suitable for those who prefer online banking since they have limited physical centers across the U.S.
USAA Federal Savings Bank is indeed a bank, not a credit union. They provide various banking products and services.
USAA Bank Account Reviews
USAA Savings Account
USAA Savings Account
Fees
No monthly service fee
Annual Percentage Yield (APY)
0.01%
Minimum Opening Deposit
$25
- $25 minimum opening deposit
- No monthly service fees
- Free ATM card upon request
- Low interest rate
- Available to active military, veterans, and military families
- Financial centers in Colorado, Maryland, New York, and Texas.
- 1,200 USAA ATMs; 100,000 USAA-preferred ATMs nationwide
- Interest compounded and deposited monthly
- FDIC insured
The USAA Savings Account doesn’t hit you with any monthly fees. Plus, you can snag a free ATM card, making it simple to access your money. However, the USAA savings rates trail behind the national average.
USAA Classic Checking Account
USAA Classic Checking
Fees
No monthly service fees
Annual Percentage Yield (APY)
0.01% on balances of $1,000 or more
Minimum Opening Deposit
$25
- Reimburses up to $10 per monthly statement cycle in out-of-network ATM fees
- No Non-Sufficient Funds fees
- Overdraft protection available
- Early pay day with direct deposit (limitations apply)
- Access to over 100,000 no surcharge-fee ATMs
- Other banks may reimburse more in out-of-network ATM fees monthly
USAA is a fantastic banking choice for military personnel. Their checking account shines with extensive ATM access and a reimbursement policy for out-of-network fees up to $10 each month.
- Membership is open to active duty, National Guard, reserves, veterans who served honorably, and their families
- Financial centers in Colorado, Maryland, New York, and Texas
- 100,000 USAA-preferred ATMs nationwide
- Interest compounded and credited monthly
- Member FDIC
The USAA Classic Checking account is a top product, especially if you value flexible ATM options. New customers may even qualify for a cash bonus!
There are over 100,000 USAA-preferred ATMs available across the nation.
USAA Bank CD
USAA Fixed Rate CD
Annual Percentage Yield (APY)
up to 2.50%
- Variety of term lengths to choose from
- Minimum initial deposit and balance of $1,000 for Standard Fixed CD
- USAA Federal Savings Bank is one of the best banks for the military, veterans, and their eligible family members.
- Rate depends on the initial term of the CD. Interest rate is fixed until the maturity date.
- Terms range from 91 days to 7 years
- Interest paid monthly, compounded if credited to CD balance
- Early withdrawal penalties apply based on the term length.
If you’re looking for a variety of term lengths, consider USAA’s CDs, which range from 30 days to 7 years. Their rates are particularly competitive for terms between 9 months and 2 years, although other online banks may offer higher rates for shorter or longer terms.
How USAA Bank Compares
USAA vs. Navy Federal
Navy Federal offers accounts to active military, veterans, DOD employees, and their families, with more than 355 branches worldwide compared to USAA’s limited financial centers. Both banks provide excellent checking account options, but your choice may depend on your preference for branch access.
The Navy Federal Free Active Duty Checking™ Account has no monthly service fee and requires no initial deposit, with access to 30,000 free ATMs and refunds of up to $20 on out-of-network ATM fees.
In contrast, the USAA Classic Checking account requires a $25 minimum opening deposit and offers access to 100,000 USAA-preferred ATMs along with a $10 monthly reimbursement for out-of-network ATM fees. New customers may also qualify for a cash bonus.
USAA vs. PenFed
Pentagon Federal Credit Union also serves military members and their families but allows anyone in the U.S. to join by opening a savings account. Your decision may hinge on branch locations, as PenFed boasts around 50 branches in 13 states, whereas USAA has limited financial centers.
PenFed’s Access America Checking Account carries a $10 monthly service fee unless certain requirements are met. USAA’s Classic Checking has no such fees and offers a cash bonus for new customers. PenFed accounts can earn interest based on your balance, but you’ll need to meet monthly requirements
Why You Should Trust Us: How We Reviewed USAA Bank
Our review of USAA Bank involved rigorous evaluation using our bank account methodology and CD methodology. We aim to provide a fair rating from zero to five stars, taking into account features, fees, and overall customer experience.
We consider factors like early withdrawal penalties for CDs or the size of the ATM network and overdraft protection for checking accounts.
