Overall bank rating
The bottom line:
Through online banking options, mobile tools and decent ATM fee reimbursements, USAA Bank ensures that members can access their money from anywhere. The bank offers free access to a large network of ATMs, plus refunds of some out-of-network ATM fees. If you’re eligible for membership, the bank’s no-fee checking account and online budgeting tool deserve a closer look.
Best for: Those who want to avoid fees on basic bank accounts and need access to a large ATM network but aren’t likely to need in-person services or the best interest rates.
- First 10 withdrawals per month are free at over 60,000 ATMs; 5,800 USAA-branded ATMs are always free.
- No monthly fees or balance requirements for basic checking or savings accounts.
- Online budgeting tool tracks spending.
- Top APY on basic savings account is on the lower side; better rates are available elsewhere.
- Only five locations in the U.S.
3.5/5 NerdWallet rating
The USAA savings account has no monthly fee or minimum balance requirement; you need $25 to open an account. At 0.01%, the interest rate is lower than average; you can find better rates elsewhere.
» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts
4.5/5 NerdWallet rating
USAA’s Classic Checking Account pays 0.01% for balances of at least $1,000, has no monthly fee and a $15 monthly reimbursement for non-network ATM fees. USAA’s 5,800 branded ATMs are free and take deposits.
Customers can access more than 60,000 USAA-preferred ATMs at various locations nationwide, but only the first 10 withdrawals per month are free. A $2 ATM fee applies after the 10th withdrawal per month. The interest rate is very low.
Military payday is a day early with direct deposit. USAA also has a Cashback Rewards Checking Account that earns rewards on debit purchases, but it’s only available in a limited number of states in the U.S.
1.5/5 NerdWallet rating
USAA has broad CD options with fixed terms ranging from 30 days to seven years. Some other banks offer terms up to five years. USAA’s rates are not necessarily top of the line. For example, a one-year certificate earns 0.03% APY, and a five-year CD earns 0.03% APY. You can compare these with the best CD rates this month at other banks and credit unions.
USAA only has a few branches, so it is 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.
USAA also has an online budgeting tool that categorizes your transactions from the bank and external accounts to help you track your spending. In addition, the bank’s website offers budgeting tools and a financial advice section.
You can reach customer service representatives by phone Monday through Saturday from 7 a.m. to 6 p.m. CT and Sunday from 8 a.m. to 5 p.m. CT. Support is also available by chat, Twitter, online message when logged into your account and regular mail.
Most fees at this bank are low, but overdrafts can add up. Members can be charged up to three $29 overdraft fees per 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.
How does USAA Bank compare?
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.