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USAA Savings account review

A free savings account for active and former military and their families — but the APY is low.’s rating: 3.9 / 5.0


The USAA Savings account is designed for members of the military and their families. It has helpful budgeting tools and no monthly fees. But you’ll only earn 0.01% APY if you open an account with less than $10,000. Otherwise, you have the potential to earn up to 0.2% depending on your balance.






Minimum deposit to open


Annual percentage yield (APY)0.01%
Minimum deposit to open$25
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
More info

More Info


Review by

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

The USAA Savings account is best for members of the military and their families. The account comes with tools to help you save and is backed by top-tier customer service. You also won’t have to pay a monthly fee to maintain the account.

But you’ll only earn 0.01% APY if your initial deposit is less than $10,000. Otherwise, you have the potential to earn up to 0.2%, which is still lower than the competition.

For comparison, Alliant High-Rate Savings earns 0.55% APY and Synchrony High Yield Savings earns 0.5% — both with no monthly fees or minimum balance requirements.

How do I open a USAA Savings account?

You can open this account online, but you’ll first need a USAA account:

  1. Go to the provider’s site and follow the steps to apply.
  2. From the USAA website, click Products, then Savings Accounts.
  3. Scroll down and click Get Started.
  4. Click Join Online, then click Continue on the next page.
  5. Complete the eligibility form and submit your application.
  6. Once approved, set up online access for your account.
  7. Log on, then navigate to the savings page and click Get Started.
  8. Enter your personal information and all other details, then click Continue.
  9. Verify all details, select account preferences and fund your account.


Anyone who meets these requirements can open a USAA Savings account:

  • At least 18 years old
  • Valid Social Security or Tax Identification number
  • US citizen
  • $25 minimum deposit

Required information

The USAA Savings account application will ask for this information:

  • Name, date of birth and address
  • Contact information such as phone number and email
  • Social Security or Tax Identification number
  • Military service information
  • Bank information to fund your account

What are the benefits of the USAA Savings account?

The USAA Savings account is FDIC-insured, comes with online tools that help you manage your money while you save, and has these helpful features:

  • No monthly service fees. There’s no monthly charge to keep the account open.
  • Optional ATM card. You can get an ATM card that will give you fee-free access to over 60,000 ATMs.
  • Budgeting tools. This account comes with a goal planner and the option to set up automatic transfers.
  • Top-rated customer service. The company has won multiple awards for customer service and is frequently praised by its customers.

What should I look out for?

Keep an eye out for these potential USAA Savings account drawbacks:

  • Low interest rates. You’ll only earn up to 0.01% APY if your initial deposit is up to $49,999 or 0.2% if you open with $500,000 or more.
  • Membership requirements. You won’t be able to open a USAA account unless you’re a current or former member of the military or an eligible family member.
  • Limited branches. USAA only has five branches across the country, but online and mobile banking make it easy to manage your account from anywhere.

If you want an account with looser eligibility requirements or better rates, you’ll want to keep looking. As always, compare your options when choosing a savings account.

Compare USAA Savings with other accounts

Use this table to see how USSAA Savings compares to other accounts. Sort the list by interest rate and minimum deposit to open to find an account that suits your needs.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Nexo Earn
Nexo Earn
Up to 12.00%
This account accrues up to 12% APY on crypto, and interest gets deposited into your account on a daily basis. Not FDIC insured.

Compare up to 4 providers

How do I deposit or withdraw money?

Here’s how you can deposit and withdraw money once you’ve opened a USAA Savings account:


  • At a branch or ATM
  • Mobile check deposit
  • Direct deposit
  • Online, phone or wire transfer
  • By mail


  • At a branch or ATM
  • BillPay
  • Online, phone or wire transfer
  • By mail

How do I contact USAA customer service?

USAA makes it easy to get in touch with its top-rated customer service team:

  • Phone. Call 210-531-8722 on weekdays from 6:30 a.m. to 10 p.m. and Saturday 8 a.m. to 6 p.m. CT. Mondays are the busiest days so the best day to call is Tuesday through Friday.
  • Live chat. Visit the Help page to start a live chat.
  • Email. Log in to your online account to send a secure message
  • In person. Use the branch locator to find your nearest USAA branch.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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