USAA Bank Review: Checking, Savings and CDs

USAA offers bank accounts with savings tools and no monthly fees, though its savings accounts have low rates.
Alice Holbrook
By Alice Holbrook 

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Overall bank rating

USAA Bank
  • Savings

  • Checking

  • CD rates

  • Banking experience

  • Overdraft fees

4.0

NerdWallet rating 

The bottom line:

USAA Bank offers accounts with savings tools and no monthly fees. Through online banking options, mobile tools and broad ATM access — including ATM reimbursements of up to $15 a month — USAA Bank ensures that members can access their money from nearly anywhere. You can bank with USAA only if you're a current member of the military, you’ve served in the military, are a spouse of someone who has, or are a child of a USAA member.

Best for: Those who want to avoid fees on basic bank accounts and are looking for automatic savings tools, but aren’t likely to need in-person services or the best interest rates.

Pros

  • First 10 withdrawals per month are free at thousands of ATMs.
  • No monthly fees or balance requirements for basic checking or savings accounts.
  • Offers an automatic savings tool.

Cons

  • Savings rates are low.
  • Only five branches in the U.S.

Full review

USAA Savings
USAA Savings

Savings

Member FDIC

4.0

/5
 NerdWallet rating 
APY
0.01%
With $0 min. balance for APY

The USAA savings account has no monthly fee, though you need $25 to open an account. The account has an innovative Savings Booster tool that analyzes your checking account to see if a few dollars can be automatically transferred to savings. These types of tools can make it easier to save money. However, the 0.01% interest rate is about as low as you can go; you can find much better rates elsewhere.

» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts

USAA Bank Classic Checking
USAA Bank Classic Checking

Checking

Member FDIC

4.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
0.01%
With $1,000 min. balance for APY

USAA’s Classic Checking Account has no monthly service fee. But it pays only 0.01%, and balances must be at least $1,000 to earn interest.

USAA owns about 160 ATMs that are free; some have the ability to take deposits. It also offers a $15 monthly reimbursement if the owner of a non-network ATM charges you a fee.

Customers can make withdrawals from more than 60,000 USAA-preferred ATMs at locations nationwide, but only the first 10 withdrawals per month are free. After that, USAA will charge a $2 ATM fee per withdrawal through the rest of the monthly statement cycle.

Payday is a day early with direct deposit.

USAA Bank CD
USAA Bank CD

CD

Member FDIC

3.0

/5
 NerdWallet rating 
1-year APY
0.03%
3-year APY
3.66%
5-year APY
2.02%
Minimum deposit
$1,000

USAA has broad CD options with fixed terms ranging from 30 days to seven years. Some other banks offer terms that go up to five years, but not seven. You can compare USAA’s CD rates with the best CD rates this month at other banks and credit unions.

Banking experience

4.0

NerdWallet rating 

USAA has only a few branches, so it's best for those who prefer to do their banking online. You can use the bank’s mobile app to pay bills, deposit checks, transfer money and monitor your balances. The bank’s website also offers budgeting tools and a financial advice section.

You can reach customer service representatives by phone Monday through Friday from 6 a.m. to 10 p.m. CT, Saturday from 8 a.m. to 8 p.m. CT and Sunday from 8 a.m. to 6 p.m. CT. Support is also available by Twitter, online message and regular mail.

Overdraft fees

3.5

NerdWallet rating 

Most fees at this bank are low, but nonsufficient fees can add up. Transactions that are returned for nonsufficient funds are charged $29 per transaction, up to three times a day. USAA offers free overdraft transfers from a USAA checking or savings account as a backup. It also offers overdraft protection via credit card cash advance, subject to card fees and interest rates.

USAA Savings
USAA Savings

Savings

Member FDIC

4.0

/5
 NerdWallet rating 
APY
0.01%
With $0 min. balance for APY

The USAA savings account has no monthly fee, though you need $25 to open an account. The account has an innovative Savings Booster tool that analyzes your checking account to see if a few dollars can be automatically transferred to savings. These types of tools can make it easier to save money. However, the 0.01% interest rate is about as low as you can go; you can find much better rates elsewhere.

» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts

How does USAA Bank compare?

NerdWallet rating 

4.5

/5
NerdWallet rating 

5.0

/5
NerdWallet rating 

5.0

/5

APY 

4.00%

With $0 min. balance for APY

APY 

3.75%

With $0 min. balance for APY

APY 

3.30%

With $0 min. balance for APY

Bonus 

N/A

Bonus 

$250

Earn up to $250 with direct deposit. Terms apply.

Bonus 

$200

Requirements to qualify

Methodology

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.