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USAA Savings Accounts Review

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Based in San Antonio, Texas, the United Services Automobile Association (USAA) is a financial services company that provides banking and other financial services to members of the US Military and their families. Savings accounts with the USAA feature practically no fees, mobile check deposits, and varying APY numbers depending on the type of account and user daily balance.
 
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How is USAA rated?

Breakdown

4.5/5
Rates and fees
4.5/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
5.0/5
Financial Stability & Ratings
0.0/5
Customer Support

Overall Rating: 4.5 / 5 (Excellent)

USAA savings accounts are an excellent alternative for those who qualify to open them–former or current service members and their families. Although their APYs can be somewhat low, the organization does adjust to how much a customer can invest upfront. Additionally, USAA savings accounts feature virtually no fees, and can be easily managed together with checking accounts through the company's mobile app. Customers can also access funds with the included ATM card. USAA savings account are funded by the USAA Federal Savings Bank, which is strong financially, and consumers can expect security due to the bank's FDIC insurance.

USAA Account Features

Balance Requirements - 4.5 / 5

USAA offers three different types of savings accounts: a regular savings account–USAA Savings–geared towards people who want to start saving toward a goal; an advanced account–USAA Performance First–for those who already have some savings; and youth savings accounts designed to teach kids the importance of saving money. The APY for both types of savings account (youth savings follow the regular account's APY) depends on the initial investment a consumer is willing to make and their daily balance. Interest compounds daily and is credited once the monthly statement is cycled. Users may open a checking account together with a USAA Savings for an extra $25. The ATM card that is included with savings can be linked to both USAA accounts. Furthermore, if depositing or withdrawing money from USAA's more than 60,000 preferred ATMs, users do not incur in fees. A handy mobile app lets users manage their accounts and balances on the go.

APY (Annual Percentage Yield)

USAA Savings: 0.09~0.15%; USAA Performance First: 0.05~0.30%
Interest Compounded
Daily
Integration with Other Online Accounts
Checking
Mobile App
Yes
Debit/ATM Card
Yes
ATM Fees
USAA savings account holders get ten free withdrawals every month from its more than 60,000 preferred ATMs. They are also eligible for a refund of up to $15 per month of other U.S. banks' ATM usage fees.
No-Fee ATM
No-Fee at Network ATMs
Reimbursement for Domestic ATMs
Branch Offices
USAA has a network of over 60,000 preferred ATM machines. The company has 250 branches across the US mainland.

USAA Fees and Restrictions

Rates and fees - 4.5 / 5

Opening an account with USAA can cost consumers anywhere from $25 to over $10,000. What they need to pay will vary on the type of account they are opening and how much they are willing to invest up front. ATM withdrawals from USAA savings accounts are capped at $600 a day, but that limit can be increased in several ways. Consumers may perform a total of six transactions per monthly statement cycle. A fee of $5 is charged upon exceeding this limit, and savings accounts could be turned into checking accounts as well. There is also an out-of-network ATM fee, although USAA will reimburse up to $15 a month in ATM fees. Other than those two, USA charges almost no other fees, and requires no minimum balance for interest to accrue or to avoid penalties.

Fees

Maintenence
Insufficient Balance Fee
Inactivity Fee
Passed Monthly Transaction Limit Fee
Returned Deposit Fee
Overdraft Fee
Out of Network ATM Fee
Minimum Opening Deposit
USAA Savings: $25 or more; USAA Performance First: $10,000 or more
Minimum Balance for Promotional APY
$0
Minimum Balance to Avoid Penalty
$0
Withdrawal Limit
$600, limit can be increased.
Transfer Limit
$5,000, requests to transfer higher amount of funds may be done via phone call.
Maximum Balance
Unstated

USAA Reputation & Financial Strength

Financial Stability & Ratings - 5 / 5

The USAA Federal Savings Bank, a wholly-owned subsidiary of the USAA, was founded in 1983 and is considered well-capitalized by federal banking regulators. It has been rated by the IDC Financial Publishing Inc. as Superior for more than 125 consecutive quarters. The bank has an excellent A+ rating with the BBB, but many complaints regarding billing and problem with the product or services. Consumers may call, send an email, or chat via live chat with USAA to ask for information. The company is also present on Facebook and other social media networks. Customer support hours are Monday through Friday, from 7 am to 6 pm Central Time.
Year Founded
1983
Consumer Financial Protection Board (CFPB) Complaints
122

Contact Methods

  • Phone
  • Email
  • Chat
  • Social Media
BBB Rating
A+
BBB Total Complaints
932
BBB Resolved Complaints
162
Customer Support Hours
Monday - Friday, 7 am – 6 pm CT
Live Help 24/7
No

Company Profile

Full Name
USAA Savings Accounts
Company Website
https://www.usaa.com/inet/ent_logon/Logon
Headquarters
9800 Fredericksburg Road, San Antonio, TX, 78288

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Customer Comments & Reviews

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joel.beder
12/14/2022
Been a member of USAA for 34 years. Have used USAA insurance for owner-occupied and rental properties. Been satisfied with the service I've received. However, USAA Federal Savings Bank is nothing less than a disaster. Have had an auto loan with them for 4 years and in the process of selling my vehicle they've done nothing but set up one hurdle after another in my attempts to pay off the loan and release the title. Their customer service is horrible. It can take weeks for them to process a payoff check. USAA has now told me that if the loan number is not on the cashier's check that was used to pay off the loan, they may be returning the check to credit union of the person that... Read More

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3.90% APY on Savings Account
  • $0 monthly balance
  • 60,000 ATMs
  • Easy cash access
  • 24/7 live customer support
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