USAA Bank Review 2024 (2024)

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USAA Bank Review: Overall Rating

USAA Bank Pros and Cons

About USAA

USAA is a diversified financial services group that has insurance, mortgages, personal loans, auto loans, investing, banking, and retirement options. Bank products and services are provided by USAA Federal Savings Bank.

Membership is open to active or past military members. You may also join if you are the spouse or child of a military member.

USAA has financial centers in Colorado, Maryland, New York, and Texas. Financial centers are open from 9 a.m. to 5 p.m. CT on weekdays.

USAA customer support is also available by phone. Hours may vary by department, with maximum hours from 6 a.m. to 10 p.m. CT on weekdays and 8 a.m. to 8 p.m. on Saturdays.

The USAA mobile app received 4 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the Apple Store.

USAA Bank products are provided by USAA Federal Savings Bank, Member FDIC and are insuredfor up to $250,000 for individual bank accounts, and an additional $250,000 per account owner.

Is USAA Trustworthy?

USAA has an A+ rating from the Better Business Bureau.

USAA has been involved in a recent controversy. In 2022, the Financial Crimes Enforcement Network (FinCEN) required USAA Federal Savings Bank to pay a $140 million civil money penalty when accused of failing to report suspicious transactions to FinCEN in a timely or accurate manner.

USAA Bank FAQs

USAA Bank Account Reviews

USAA Savings Account

The USAA Savings Account doesn't charge any monthly fees. You can also get a free ATM card even though it's a traditional savings account, which provides an easy way to access money in your account. USAA savings rates are lower than the national average, though.

USAA Classic Checking Account

The USAA Classic Checking is USAA's strongest bank product, and it's especially a good choice if you want flexible ATM options. New customers may be eligible for a cash bonus of .

USAA has 100,000+ USAA-preferred ATMs nationwide.

USAA Bank CD

You may like USAA's CDs if you're looking to explore a variety of term lengths — terms range from 30 days to 7 years.

USAA CD rates are competitive on terms between 9 months and 2 years. If you're looking for shorter or longer terms, other online banks will likely offer higher rates right now.

How USAA Bank Compares

USAA vs. Navy Federal

Active military, veterans, employees or retirees of the Department of Defense, and family members of any of the aforementioned groups are eligible to open accounts at Navy Federal.

If you prioritize finding a bank with a large branch presence, you might prefer Navy Federal over USAA. Navy Federal has 355 branches around the world. USAA only has offices in a few US states.

Both financial institutions offer strong checking accounts. Choosing between Navy Federal and USAA could depend on minor preferences between checking account features.

The Navy Federal Free Active Duty Checking™ Account has no monthly service fee and a $0 minimum opening deposit. The account offersaccess to 30,000 free ATMs and gets refunded up to $20 per month in out-of-network ATM fees.

In comparison, the USAA Classic Checking is a free checking account with a $25 minimum opening deposit. It has access 100,000 USAA-preferred ATMs, and refunds up to $10 per month in out-of-network ATM fees. New customers may also be eligible for a cash bonus.

Navy Federal Credit Union Review

USAA vs. PenFed

Pentagon Federal Credit Union is another financial institution that offers services for military members and their families. The credit union also permits anyone in the US to become a member by opening a savings account.

Your decision between the two may boil down to which has a branch in your state. Pentagon Federal Credit Union has about 50 branch locations in 13 states, mainly on the East and West Coast. Meanwhile, USAA only has offices in a few financial centers in Colorado, Maryland, New York, and Texas.

Each financial institution offers a distinct checking account. Deciding between these two might hinge on which account features stand out the most to you.

Pentagon Federal Credit Union charges a $10 monthly service fee on the Pentagon Federal Credit Union Access America Checking Account unless you meet certain requirements each month. The USAA Classic Checking doesn't charge any monthly service fees and offers a cash bonus to new customers.

If you meet the monthly requirements though, the Pentagon Federal Credit Union Access America Checking Account pays 0.15% APY on daily balances of less than $20,000 and 0.35% APY on daily balances of $20,000 up to $50,000.

Pentagon Federal Credit Union Review

Why You Should Trust Us: How We Reviewed USAA Bank

For our USAA Bank review, we rated bank products and services using our bank account methodology and CD methodology. At Personal Finance Insider, we rate products on a scale from zero to five stars. We also compare and contrast the features and fine print of various products to help determine if the account may be right for you.

For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options.