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
Terrible
Used to be good. Has gradually lost sight of their intital claim of being "military friendly." They have lost all sight of morals and only want to make money off of you and at your expense. It's really sad. I have been with them since 2012. I am fed up and closing my account with them. I will be going primarily through Navy Federal who does not have as many hidden fees.I've also made it my mission to spread my experience with others to stop them from going through the frustration I have.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
used to love them now i don't
30 year member, loyal to the core, because they used to be focused on customers and doing the right thing. it was one less worry to not have to deal with a sleazy business. over the past 5 years i noticed a gradually erosion of their morals until finally my most recent interactions have confirmed they have become just another big business. i was willing to overlook their inferior products (credit card programs, interest rates) to not have to hassle with a bad business. i can say their customer services is literally the worse i have ever dealt with. they have a "chat" option that i have tried to use and their employees are so awful they literally give one response every 10 minutes! that's not a chat! trying to get through on a phone call is as bad (20 people in front of you everytime). one issue i spoke with their Executive customer service rep--she was worse than their front line, raising her voice within one minute of the conversation. Bizarre, obviously need new leadership to right the ship.
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