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

HSBC

Online Savings Account

NerdWallet Rating

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
Poor
Website / app
Poor
Rates
Poor
Fees
High
Horrible
Do not allow anyone to write you a check from this institution. I could not find an actual location. The customer service deserves negative ratings one is to good
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Absolutely ridiculous in fees
I never had a problem with USAA until recently I guess there’s a change in management or different ownership or something I’ve been a member for 18 years with USAA. Lost my job in May. Been trying to keep a roof over my head. Robbing Peter to pay Paul Scenario. The NSF fees are Absolutely ridiculous. So far in 2 months I have 22 NSF at 29.99. How can someone who’s now in training class afford to pay that in 30 days?!?! I’ve tried customer service many times they’re only solution is for me to get a loan to get into more debt to pay this balance off. I tried to talk to a supervisor and was on hold for 20 minutes and I had to hang up bc I was in class. I have 2 checking accounts with USAA. I was able to borrow a few hundred dollars from a friend to take care of electric and water so it wouldn’t be cut off. That money that was in my other account they took out $180 in 2 days back to back and put it toward my NSF fees without me knowing. Great. Now my electric and my water got turned off. They really know how to STOMP somebody when people are down on their luck. I called USAA in tears Trying to explain my situation. Customer service didn’t care. I have no problem paying the NSF fees but taking money from someone’s account to pay for the NSF fees Is really unethical. They told me I had until the 28th of June to pay the NSF fees in my account. So why take funds out of the other account?! I will never recommend USAA to anybody. As soon as I get my 2nd check from my new job I’m opening up a new account at a different bank. DONT BANK WITH USAA.
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