at USAA Federal Savings Bank,

Member, FDIC

Pros

Access to more than 65,000 ATMs
No monthly fees or balance requirements for basic accounts
Money Manager tool tracks spending

Cons

Top APY on basic savings account is 0.15%; better rates are available elsewhere
Only four locations in the U.S.
Membership limited to people with military ties

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Overall

4.0

Military families at home or on the move need a bank that stays with them. Through online banking options, mobile tools and a broad ATM network, USAA Bank ensures that members can access their money from anywhere.

 

If you’re eligible for membership, the bank’s no-fee checking account and Money Manager tool deserve a closer look.

 

Ratings methodology | Updated July 3, 2018

Checking

4.5

USAA’s Classic Checking account has no monthly fee and access to more than 65,000 USAA Preferred ATM machines nationwide. In addition, the account gives a $15 monthly reimbursement for non-network ATM fees. The interest rate of APY is barely better than zero, but similar checking accounts at some other banks don’t earn any interest.

 

USAA also has a Cashback Checking account that earns rewards on debit purchases, but it’s currently available in only a few states (Alabama, Arizona, Florida, Georgia, Texas and Washington).

USAA Savings
APY
0.09%
Min. balance for APY
$1

at USAA Federal Savings Bank,

Member, FDIC

Certificate of Deposit
APY
2.78%
Min. balance for APY
$1,000
Length of term
5 years

at USAA Federal Savings Bank,

Member, FDIC

Free USAA Classic Checking
APY
Monthly fee
$0
Balance to waive monthly fee
$0

at USAA Federal Savings Bank,

Member, FDIC

How does USAA Federal Savings Bank compare?

USAA Federal Savings Bank

USAA Savings

NerdWallet Rating

at USAA Federal Savings Bank,

Member, FDIC

APY

0.09%

Monthly Fees

$0

Bonus features

No Monthly Fee

Goldman Sachs Bank USA

Online Savings

NerdWallet Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

2.10%

Monthly Fees

$0

Bonus features

Competitive APY

Live help 24/7

No Monthly Fee

Not for you? Read more bank reviews
NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Does not work to keep members happy
I have been banking with USAA for years now. I have direct deposit that goes in like clock work. It is already a inconvenience that there is no branch near me to walk into, but still I continued banking with USAA thinking they would do all they could to satisfy their members. WRONG! I was told directly from USAA bankers that it would not be an issue for me to be able to deposit my cash into my account, that all I had to do was get a money order (which is a hassle in its self) and snap shot it like any other check and my funds would be available immediately. I did just that and USAA put a hold on my money order not giving me access to MY MONEY! Such a inconvience when they put holds on your money financial obligations can not be met. I have money in my account but because of their holds I have had to pay fines and fees. I will be pulling my account and going elsewhere
Overall
Customer service
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
Long Time USAA Member
Been a long time USAA member and cannot say enough about the amazing customer service, banking, insurance and mortgage loans.
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