USAA Savings Account Review
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- Annual Percentage Yield (APY)
-
0.01%
- Fee
- $0
- Minimum deposit to open
- $25
Our verdict
A free savings account for military members and their families, but with a low APY.
The USAA Savings account is just one account in a suite of banking products for active and former military members and their families. The account is free and has no monthly fee. There are special tools available to help you save, and you get the benefit of USAA’s top-notch customer service. But know that you will only earn 0.01% APY, which is not competitive or even average.
Best for: Military members and families wanting no-fee savings with trusted service.
Pros
-
No monthly service fees or minimum balance
-
Top-rated military-focused customer service
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Budgeting tools are included, as well as an optional ATM card
Cons
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Low APY
-
Limited to military members and families
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Limited physical branch locations
What we like about the USAA savings account
The USAA savings account stands out for its no-monthly-fee structure, as well as a low minimum opening deposit of just $25. USAA is a highly regarded financial institution for military members and their families, meaning this could be a good product for basic savings needs if you fit that bill.
Its online and mobile banking experience is streamlined and user-friendly, particularly for those already within the USAA ecosystem. As with most traditional savings accounts, it’s FDIC-insured (up to $250,000 per depositor) and offers access to a large ATM network through linked USAA checking accounts.
Known for great customer service
USAA is renowned for its top-tier customer service and easy-to-access customer support. The institution also offers strong digital banking tools, including mobile check deposits and seamless integration with USAA checking accounts for easy transfers.
Where it falls short
A big drawback is that the USAA savings account is only available to current or former military members or their eligible family members.
It also falls short for savers seeking competitive growth. Paying just 0.01%, its APY is significantly lower than what other banks like Ally, SoFi or Synchrony typically offer.
On top of that, the APY isn’t even average. The average interest rate for savings accounts is 0.42%, as reported by the FDIC.(1)
USAA’s other account has better rates
USAA tries to remedy this by offering another account called Performance First Savings, which has a much more competitive interest rate up to 1.10% APY. However, it requires a $1,000 opening deposit, and your exact rate depends on your balance.
Currently, if you sign up for the USAA Performance First Savings account, you may be eligible for a $200 signup bonus if you meet requirements.
Limited digital tools
While USAA’s digital experience is solid, it lacks some of the budgeting tools found in newer fintech platforms.
USAA does not have a traditional brick-and-mortar branch network. Instead, they have five major “financial centers” located in major military regions to serve their members. This means you must access their products exclusively online.
Compare USAA Savings to other top savings accounts
Narrow down top savings accounts by APYs, fees and features. Select Compare on up to four accounts for a side-by-side comparison.
What is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
How to open a USAA Savings account
You can open this account online, but you’ll first need to be a USAA member, which you can also sign up for online.
Remember that you must be either an active or former member of the US military or an eligible family member. You will be asked to prove this when you apply for membership.
Customer reviews and ratings
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.16 out of 5 stars, based on 2360 customer reviews |
| Trustpilot score | 1.2 out of 5 stars, based on 3,297 customer reviews |
| Apple App Store Score | 4.8 out of 5 stars, based on 2,000,000 customer reviews |
| Google Play Score | 4.5 out of 5 stars, based on 327,000 customer reviews |
| Customer reviews verified as of | 21 April 2025 |
USAA is not accredited by the Better Business Bureau (BBB), though it has an impressive A+ rating. But, despite having a good rating, there are many customer complaints and negative reviews on the BBB. Many complaints focus on the insurance suite of products and not the banking side.
Other complaints follow how the company handles fraud and scams that have targeted its members. A lot of complaints come from long-term members who have encountered a recent negative experience or customer interaction. USAA responds very timely and tries to address as many complaints as possible on the BBB.
On Trustpilot, the majority of complaints are about the insurance products, which merits a very similar rating of 1.2 stars.
Your reviews
Summer Finder
Contributor
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