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USAA Bank is one of the most popular banks among veterans, active military members, and their families. It offers a variety of competitive banking and loan products backed by always-outstanding customer support. Read our full USAA Bank review to learn more about all it has to offer.
USAA Bank is worth considering if you're a military member, veteran, or an immediate family member of one of these. It's possible to score higher APYs elsewhere, but you'll be hard-pressed to find a match for USAA in terms of customer service
USAA Bank offers three savings accounts to its customers:
The USAA Savings account has no monthly maintenance fee and it only requires $25 to open. But it may not be a great fit for those looking to grow their savings quickly. Its APY is on par with most brick-and-mortar banks, and even those with larger balances won't qualify for a higher rate. That said, it offers flexible funding options, including mobile check deposit, so it could still be a convenient choice for those looking to do all their banking in one place.
The USAA Performance First savings account requires a $10,000 minimum deposit, which is pretty steep compared to most other savings accounts. But if you're able to maintain this minimum balance, it's definitely a better choice than the USAA Savings account. The base APY is higher and you can qualify for even higher APYs with larger balances. However, these rates still fall short of what you can find with the best online banks.
The USAA Youth Savings account is designed for children under 18. Parents can open an account on behalf of a child or grandchild and transfer money to this account as needed. It has the same minimum deposit requirement and APY as the USAA Savings account for adults.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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up to 4.50%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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5.15%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
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N/A
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Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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4.25%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
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N/A
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
USAA Bank offers three types of certificates of deposit (CDs). They're explained in detail below:
USAA fixed-rate CDs come in terms ranging from 30 days to seven years. This is a wider variety than you see with most banks, so it's a good choice for those interested in building a CD ladder and those looking for unusual term lengths. But its APYs aren't particularly impressive. They're similar to what you find with brick-and-mortar banks, though those with $175,000 or more can qualify for higher rates.
USAA's adjustable-rate CDs come in three-, four-, five-, and seven-year terms. Unlike the fixed-rate CDs described above, these rates aren't locked in for the full term. This makes it more difficult to predict how much interest you'll earn, though it's not likely to be much, judging by the APYs.
The USAA variable-rate CDs are similar to the adjustable-rate CDs, but they have lower minimum balance requirements, so they're more accessible to the average person. They also have shorter term lengths. There's a 182-day and a one-year option, but unfortunately, there aren't any longer-term choices. APYs are comparable to those found with the adjustable-rate CDs.
You can find much more competitive CD rates with some of the top online banks. Here are a few worth taking a look at.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
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Member FDIC.
| APY: 4.60% | Term: 1 Year | Min. Deposit: $2,500 |
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $2,500 |
Open Account for
On Secure Website. |
Member FDIC.
| APY: 5.10% | Term: 6 Months | Min. Deposit: $500 |
Open Account for
On Secure Website. |
USAA Bank offers three checking accounts to its customers:
This checking account is a great fit for those who don't want to be limited by an ATM network. In addition to the free USAA Bank ATMs, customers can receive monthly ATM fee reimbursements for using out-of-network ATMs. It also offers interest to customers who maintain a $1,000 minimum daily balance. It's not much, but few checking accounts offer interest, so it's still a plus.
Those who use their debit cards frequently should look into the USAA Cash Back Rewards Checking account instead. This comes with a fee-free, nationwide ATM network and unlimited cash back rewards on all debit card purchases.
The USAA Youth Spending account goes hand in hand with the USAA Youth Savings account. It's meant for children under 18 and it enables parents to oversee their children's spending. They can even set limits on spending to encourage their children to save. The account also earns a modest rate of interest if the balance is $1,000 or more.
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
Account | APY | Promotion | Next Steps |
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Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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0%
Min. to earn: N/A
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Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
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Open Account for Discover® Cashback Debit
On Discover Bank's Secure Website. |
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Open Account for Quontic High Interest Checking
On Quontic's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
up to 1.10%
Min. to earn: $1
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High APY when you complete 10 or more qualifying debit card purchases each month
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Open Account for Quontic High Interest Checking
On Quontic's Secure Website. |
USAA Bank is an industry leader in terms of customer satisfaction. In every J.D. Power survey it's been featured in, it's been among the best, and it's likely this emphasis on customer service carries over to its banking experience as well. The bank also maintains an A rating with the Better Business Bureau (BBB).
USAA doesn't offer much in terms of relationship benefits to its customers, but it's possible to score higher rates on some savings products by keeping more money in the bank. There aren't any special perks for those who open multiple bank accounts with USAA, though. USAA relies upon its reputation for great customer service to draw customers in.
If USAA Bank doesn't appeal to you, here are some other options to consider:
Navy Federal Credit Union is also targeted at the military community. It's not as well-known as USAA, but its rates are more competitive on its savings products. It also offers a variety of other banking products, including mortgages, credit cards, and auto loans.
Chase is a great option for those who don't qualify for USAA Bank. It's also known for its great customer service and its wide variety of banking products. It doesn't have the highest APYs, but those who have multiple accounts with Chase and keep a lot of money there may qualify for better rates and other relationship benefits.
USAA Bank could be the right fit for you if:
In addition to the bank accounts discussed above, USAA Bank also offers the following products:
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.