USAA Bank Review 2023

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USAA Bank Review: Overall Rating

USAA Bank Pros and Cons

About USAA 

USAA is a diversified financial services group that has insurance, mortgages, personal loans, auto loans, investing, banking, and retirement options. Bank products and services are provided by USAA Federal Savings Bank.

Membership is open to active or past military members. You may also join if you are the spouse or child of a military member.

USAA has financial centers in Colorado, Maryland, New York, and Texas. Financial centers are open from 9 a.m. to 5 p.m. CT on weekdays.

USAA customer support is also available by phone. Hours may vary by department, with maximum hours from 6 a.m. to 10 p.m. CT on weekdays and 8 a.m. to 8 p.m. on Saturdays.

The USAA mobile app received 4.1 out of 5 stars in the Google Play Store and 4.8 out of 5 stars in the Apple Store. 

USAA bank accounts are federally insured by the FDIC for up to $250,000 for individual bank accounts, and an additional $250,000 per account owner.

Is USAA Trustworthy?

USAA has an NR (No Rating) grade from the Better Business Bureau because the company is in the process of responding to previously closed complaints. 

Keep in mind a good BBB rating doesn't necessarily mean that your relationship with the company will be perfect. To get a better idea of whether a USAA is an ideal option, talk to friends or family about their experiences, or read online customer reviews. 

USAA has been involved in a recent controversy. In 2022, the Financial Crimes Enforcement Network (FinCEN) required USAA Federal Savings Bank to pay a $140 million civil money penalty when accused of failing to report suspicious transactions to FinCEN in a timely or accurate manner.

USAA Bank FAQs

Is USAA Bank a real bank?

Yes, USAA Bank (also referred to as USAA Federal Savings Bank) is a legitimate financial institution. It's FDIC insured so bank accounts are secure up to $250,000 per depositor, per category. FDIC insurance protects consumers in the event of a bank failure.

How can I get into USAA Bank?

You must meet certain membership requirements to open an account with USAA. Membership is open to active or past military members. You may also join if you are the spouse or child of a military member.

Do you need money to open a USAA bank account?

You need at least $25 to open a savings or checking account. An initial deposit of USAA Bank Certificate of Deposit (CD) or more is required to open a CD. 

Is USAA a good bank?

If you or a family member are active or past military, USAA could be a good choice. USAA offers a wide range of products, including bank accounts, investment accounts, insurance, loans, and mortgages. USAA is also a better fit for people who want online and mobile access to their bank. It doesn't have many financial centers throughout the US. 

Is USAA a bank or a credit union? 

Bank products and services are provided by USAA Federal Savings Bank, so it's a bank, not a credit union.

USAA Bank Account Reviews

USAA Savings Account

The USAA Savings Account doesn't charge any monthly fees. You can also get a free ATM card even though it's a traditional savings account, which provides an easy way to access money in your account. USAA savings rates are lower than the national average, though.

USAA Classic Checking Account

The USAA Classic Checking Account is USAA's strongest bank product, and it's especially a good choice if you want flexible ATM options. New customers may be eligible for a cash bonus of USAA Classic Checking - Intro Bonus.

USAA has 1,200 free ATMs and 100,000 USAA-preferred ATMs nationwide. You can make ten free withdrawals at USAA-preferred ATMs and get refunded up to $10 per month if you use an out-of-network ATM. 

USAA Bank CD

You may like USAA Bank Certificate of Deposit (CD) if you're looking to explore a variety of term lengths — terms range from 30 days to 7 years. 

USAA notably pays great CD rates on 15-month, 18-month, and 2-year terms. If you're looking for terms under 1 year or over 2 years, other online banks will likely offer higher rates right now. 

How USAA Bank Compares

USAA vs. Navy Federal

Active military, veterans, employees or retirees of the Department of Defense, and family members of any of the aforementioned groups are eligible to open accounts at Navy Federal.

If you prioritize finding a bank with a large branch presence, you might prefer Navy Federal over USAA. Navy Federal has 355 branches around the world. USAA only has offices in a few US states.

Both financial institutions offer strong checking accounts. Choosing between Navy Federal and USAA could depend on minor preferences between checking account features.

The Navy Federal Free Active Duty Checking™ Account has Navy Federal Free Active Duty Checking™ Account - Fees Display and a Navy Federal Free Active Duty Checking™ Account - Minimum Deposit minimum opening deposit. The account offers access to 30,000 free ATMs and gets refunded up to $20 per month in out-of-network ATM fees.

In comparison, the USAA Classic Checking Account is a free checking account with a USAA Classic Checking minimum opening deposit. It has access to 1,200 USAA ATMs, 100,000 USAA-preferred ATMs, and refunds up to $10 per month in out-of-network ATM fees. New customers may also be eligible for a USAA Classic Checking - Ongoing Bonus cash bonus. 

Navy Federal Credit Union Review

USAA vs. PenFed

Pentagon Federal Credit Union is another financial institution that offers services for military members and their families. The credit union also permits anyone in the US to become a member by opening a savings account.

Your decision between the two may boil down to which has a branch in your state. Pentagon Federal Credit Union has about 50 branch locations in 13 states, mainly on the East and West Coast. Meanwhile, USAA only has offices in a few financial centers in Colorado, Maryland, New York, and Texas.

Each financial institution offers a distinct checking account. Deciding between these two might hinge on which account features stand out the most to you.

Pentagon Federal Credit Union charges a Pentagon Federal Credit Union Access America Checking Account - Fees Display on the Pentagon Federal Credit Union Access America Checking Account unless you meet certain requirements each month. The USAA Classic Checking Account doesn't charge any monthly service fees and offers a USAA Classic Checking - Ongoing Bonus cash bonus to new customers. 

If you meet the monthly requirements though, the Pentagon Federal Credit Union Access America Checking Account pays 0.15% APY on daily balances of less than $20,000 and 0.35% APY on daily balances of $20,000 up to $50,000. 

Pentagon Federal Credit Union Review

Why You Should Trust Us: How We Reviewed USAA Bank 

For our USAA Bank review, we rated bank products and services using our bank account methodology and CD methodology. At Personal Finance Insider, we rate products on a scale from zero to five stars.  We also compare and contrast the features and fine print of various products to help determine if the account may be right for you.

For example, we'll look at early withdrawal penalties and CD variety specifically for CDs. Meanwhile, for checking accounts, we'll factor in the ATM network size and fees, as well as its overdraft protection options.