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USAA Savings account review

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Two free savings options for active and former military and their families.

Designed for members of the military and their families, USAA offers affordable banking products and strong customer service. The savings account has no monthly fee and offers tiered interest rates based on your initial deposit and account balance, but only up to 1.42%.






Minimum deposit to open


APY0.15% on balances of $10,000+
0.10% on balances of $1,000 to $9,999
0.09% on balances of $0 to $999
Minimum deposit to open$25
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$10
More Info

What are the benefits of the USAA Savings account?

This FDIC-insured savings account keeps your money safe while you save and comes with a few other 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.
  • Other products. USAA has a strong reputation for its insurance products, mortgages, checking accounts and more.
  • Top-rated customer service. The company has won multiple awards for customer service and is frequently praised by its customers.
  • Online tools. Despite only having a few branches, USAA’s online and mobile platforms help make banking more efficient and convenient.

What should I look out for?

Keep an eye out for these potential drawbacks:

  • 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
  • Deposit requirements. The lower interest rate option requires a minimum deposit of $25, while the higher rate version requires an initial deposit of at least $10,000.
  • Low interest rates. You’ll only earn up to 0.15% APY if your initial deposit is below $10,000 or up to 1.42% if you open with $10,000 or more.

Compare with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Earn 20x the national savings account average with no fees or minimums.
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$15 per month
(can be waived)
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
Earn a competitive rate with a balance higher than $10,000.

Compare up to 4 providers

How do I apply?

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

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


  • Be at least 18 years old
  • Have a valid Social Security or Tax Identification number
  • Be a US citizen
  • Make an initial deposit of at least $25

Required 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

How do I deposit or withdraw money?

Here’s how you can deposit and withdraw money once you’ve opened the 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.

Bottom line

The USAA Savings account comes with tools to help you save and is backed by top-tier customer service. But you won’t be able to open it unless you or a family member are affiliated with the military and you’ll only earn up to 1.42% interest.

If you’re looking for looser eligibility requirements or better rates, compare your options to find an account that’s right for you

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