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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, which is six times lower than the national average.

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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

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 an exclusive savings product for members of the military and their families. It 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, which is staggeringly lower than the competition. And it has a $25 opening deposit requirement. For comparison, American Express® High Yield Savings Account and Synchrony High Yield Savings both earn a similar APY with no minimum deposit to open. So even if you qualify for a USAA savings account through your military affiliation, you might want to shop around for a better APY before signing up.

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. Select Products from the USAA website, then Savings Accounts.
  3. Scroll down and select Get Started, then Join Online, then Continue on the next page.
  4. Complete the eligibility form and submit your application.
  5. Wait for approval, then set up online access for your account.
  6. Log on, then navigate to the savings page and select Get Started.
  7. Enter your personal information and all other details, then select Continue.
  8. 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
  • Eligible military affiliation

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 only earn up to 0.01% APY, which is lower than the national average.
  • Opening deposit requirement. You’ll need to fund the account with at least $25 when you sign up.
  • Membership requirements. You can’t 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 accessible 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) Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings Account


Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Platinum Savings
Finder Rating: 3.8 / 5: ★★★★★
CIT Bank Platinum Savings



Earn 4.4% APY on balances of $5,000 or more. Open an account in five minutes or less. Easily manage your account with CIT’s mobile banking app. FDIC insured.
Patriot Bank High-Yield Money Market Deposit Account
Finder Rating: 4.9 / 5: ★★★★★
Patriot Bank High-Yield Money Market Deposit Account


Money market deposit accounts earn interest like savings accounts but also come with checks and debit cards. Earn 4.6% APY with Patriot Bank’s MMDA. Open an account online in under five minutes. $1 minimum deposit. FDIC insured.
Western Alliance Bank High Yield Savings Account through SaveBetter
Finder Rating: 4.9 / 5: ★★★★★
Western Alliance Bank High Yield Savings Account through SaveBetter


Get an impressive 4.75% APY, which is 13.5x higher than the national average. All with $0 fees and only a $1 minimum deposit required. FDIC insured.
U.S. Bank Elite Money Market
Finder Rating: 3.9 / 5: ★★★★★
U.S. Bank Elite Money Market




With a tiered interest rate, U.S. Bank Elite Money Market pays you more interest for higher balances. Earn 0.01% APY for balances under $25,000. Earn 3.50% APY for balances up to $499,999.99. Monthly fee is waived for a $10,000+ balance. Member FDIC.
Lemmata Savings Bank Money Market Account
Finder Rating: 4.6 / 5: ★★★★★
Lemmata Savings Bank Money Market Account


Get a competitive 4.55% APY with a $0 monthly fee. Open with as little as $1. FDIC insured.

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.

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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