The United Service Automobile Association (USAA) is comprised of multiple institutions that provide services primarily to current or former members of the US military and their families. One of these institutions is USAA Federal Savings Bank. Individuals that meet the organization’s membership criteria are eligible to take advantage of banking services, including two tiers of savings account options.

USAA Savings Accounts Rating

3.5-star brokerage rating

Selecting the Right USAA Savings Account for You

Like USAA's everyday checking services, their savings account options have been distilled from the multiple complicated products that most national banks offer in favor of a simple two-tiered system. The two savings accounts are called Savings and Performance First.

USAA Savings Account Rates, Fees and Benefits

  • $25 minimum opening deposit
  • 0.05% - -0.10% APY
  • Six fee-free withdrawals per month
  • No minimum daily balance requirements to earn interest
  • No monthly fees
  • USAA Bank refunds up to $15 in other United States domestic banks' ATM usage fees each month and does not charge a fee for the first 10 ATM withdrawals
USAA’s Savings account is incredibly straightforward. With a $25 minimum opening deposit and no monthly fees, account holders are able to establish a holding for their short- and long-term savings. Governed by standard account regulations, USAA savings accounts offer the industry standard minimum of six fee-free withdrawals per month. With an annual percentage yield (APY) of -0.10%, this account exceeds the national average; however, compared to other fully or primarily online banking centers, USAA’s interest rate does fall short. This account can also be linked with a USAA Secure Checking account to provide free overdraft protection.

With no monthly fees and an APY rate slightly higher than current interest offered by the largest banks in the U.S., for example Bank of America (0.01%), Citibank (0.01%), USAA Savings Account is a good option to consider. However, USAA savings accounts are only available to military members and their families. If you are not in one of these categories, you can consider opening one of the high interest savings accounts. Take a quick look below to compare USAA savings accounts against each other and other big name competitors.

USAA Savings Account USAA Performance First Bank Of America Savings Account Citibank Savings Account CIT Savings Account
APY 0.05%--0.10% 0.05%-0.00% 0.01%-0.06% 0.01% 1.25%
Monthly Fee $0 $0 $5 or $12 $4.50 $0
Minimum Balance Required to Waive Monthly Fee $0 $0 $300 $500 $0
Minimum Opening Deposit $25 $10,000 $25 $100 $100
Annual Interest Earned on $5,000 Balance $2.5 - $7.5 $2.5 - $15 $0.50 $0.50 $87.50
Open an Account USAA Savings Account USAA Performance First Bank Of America Savings Account Citibank Savings Account CIT Savings Account

USAA Performance First Account Rates, Fees and Benefits

The second savings accounts at the firm is called USAA Performance First. It serves the purpose of a common money market account. With a minimum initial deposit of $10,000, this account is designed to provide higher interest rates in exchange for a long-term saving strategy. With an APY of up to 0.30% (less than $10,000 earns 0.05% APY; $50,000+ gets 0.30% APY), this account may do exactly that compared to many brick-and-mortar banks. Once again, USAA’s interest rates fall short of the national average when compared to other financial institutions that do business primarily online. And of course, like its lower-tiered cousin, the Performance First Savings account can be linked to a Secure Checking or Secure Checking Plus account for free overdraft protection.

USAA Savings Account Service Charges

One of the best features that USAA Federal Savings Bank offers its customers, particularly those that are only seeking an option for savings, is a completely free account. With no monthly maintenance fee and no minimum balance or direct deposit to maintain the account, USAA customers have a unique opportunity to achieve their financial goals without the burden of costly account fees. Furthermore, as mentioned early, the company’s savings account products offer one free withdrawal above the regulated minimum, for a total of six (6) no-fee withdrawals per month. Beyond that, each additional withdrawal will incur a $5 transaction fee.

Additionally, savings account holders have access to another great USAA feature – free ATMs nationwide. USAA does not apply transaction fees for using “out of network” ATMs, up to ten transactions per month. Each additional transaction will incur a $2 fee. Beyond that, USAA reimburses up to $15 per month in ATM usage fees charged by other institutions.

USAA Savings Account Pros

  • Online, mobile, and EasyDeposit services make it easy to add money to your account
  • Online interface and mobile application provide a complete snapshot for holders of multiple accounts
  • No monthly maintenance or ATM fees
  • Reimbursement for out-of-network ATM fees
  • Interest rates are competitive with the largest banks

USAA Savings Account Cons

  • Interest rates are lower than at online banks
  • Lack of branches
  • Only available to current or former members of the US military and their families
Open an account: Open free USAA savings account.

USAA Savings Accounts Review Summary

In short, USAA offers a wide array of services to its target demographic of those who have served in the US armed forces. An intuitive online interface and powerful mobile application, in addition to great online and phone-based customer support, do a wonderful job of filling the service gap in online banking. Limited fees and service charges provide a great experience for account holders. The biggest disadvantage of choosing USAA for a long-term saver is the below average interest rate for an online banking provider.

About USAA Bank

Unlike other financial institutions, USAA is highly mission focused, offering quality services to individuals that have made great sacrifices for their country. USAA is also differentiated from other banks by their mix of low-retail, high-online services. With only one retail branch at the company’s headquarters in Texas, along with limited financial centers in and around military installations throughout the country, USAA account holders must oftentimes be willing to forego a face-to-face banking interaction. Instead, the company has chosen to invest its time and money into compelling direct marketing campaigns and alternative methods of providing service.

Some of these account features include online and mobile deposits, EasyDeposit services at select The UPS Store locations, and intuitive online and mobile interfaces for account management. And of course, true to their high quality service, USAA banking professionals are available by online live chat, e-mail and telephone.

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