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

2.15%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

HSBC

Online Savings Account

NerdWallet Rating

at HSBC,

Member, FDIC

APY

2.30%

Monthly Fees

$0

Bonus features

Competitive APY

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
Excellent
Website / app
Excellent
Rates
Good
Fees
Low
By Far the best banking experience
In full disclosure I am military so I have been with USAA since 2003. I was with another bank that I will not name which made my life a nightmare with unwanted credit checks etc.. I switched to USAA with a sign of a form and today I have my home , automobile insurance, flood, earthquake, along with investment accounts and checking and savings. Never have I had any service that takes care of customers the way this team does. Sure there are things I'd love to see happen at USAA but for what they offer I am quiet pleased. I know I can find cheaper alternatives to USAA but just not worth compromising the level of service I get here. I invited other memebrs of the family to USAA back when it was invite only and while they dont have all the perks that I get as a Veteran today, they still love it. For those that dont understand the value they provide for the military and the families... please go to your local credit union or any of the silly bank where you're nothing more than a deposit or a account #.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Bad overall experience
The worst banking experience with car insurance and cds!! I have to say is read the fine print before doing business with them or you will pay for it later!! I wouldn’t recommend them to everyone!!!!
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