USAA Savings Account Interest Rates: November 2023

USAA offers three types of savings accounts for its military-affiliated members, but the APYs are low

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USAA Savings Account Rates

USAA is a membership association that’s open to military members and their spouses, as well as children of USAA members. This bank offers three savings account options: two for adults and one for kids under 18.

The annual percentage yields (APYs) on USAA savings accounts are quite low, but they increase slightly at higher balances.

The APYs listed below are up to date as of the date of publication of this article. We review the bank’s savings account rates every two weeks and update the information below accordingly.

Account Name Balance for Highest APY APY Range Monthly Fee
USAA Savings $0 0.01% $0?
USAA Performance First $500,000 0.05%–1.60% $0
USAA Youth Savings $0 0.01% $0

USAA Savings Accounts: Key Features

USAA Savings Key Features
APY Range 0.01% across all balances
Minimum Balance to Earn Highest APY N/A
Minimum Deposit to Open $25?
Monthly Service Fee $0

鲍厂础础’蝉 basic savings account earns a very small APY across all balances. According to the Federal Deposit Insurance Corporation, the average APY on savings accounts is 0.45%, so it’d be worth your time to look into other options. 

You can open a USAA savings account with a small minimum deposit, and there are no monthly maintenance fees.?

USAA Performance First Key Features
APY Range 0.05%–1.60%
Minimum Balance to Earn Highest APY $500,000
Minimum Deposit to Open $10,000
Monthly Service Fee $0

鲍厂础础’蝉 Performance First account offers slightly higher APYs, but it requires a minimum opening deposit of $10,000. The APY you get depends on your balance; in general, the higher your balance, the more you’ll earn.

This account doesn’t charge monthly service fees.?

USAA Youth Savings Key Features
APY Range 0.01% across all balances?
Minimum Balance to Earn Highest APY N/A
Minimum Deposit to Open $25
Monthly Service Fee $0

USAA also offers a Youth Savings account for savers under 18. Parents must open the account on their child’s behalf. Once the child turns 18, the account will convert into a regular USAA Savings account.?

The details of the Youth Savings account are otherwise similar to the USAA Savings account: a small APY across all balances, no monthly service fees, and a minimum opening deposit of $25.

USAA is a good bank in many ways, but not if you want to grow your child’s savings quickly; see the best savings accounts for kids for better options.

About USAA: Other Savings Options

Founded in 1922 as the United Services Automobile Association, USAA now serves millions of members affiliated with the military. To bank with USAA, you must be a U.S. military member or veteran, or a pre-commissioned officer. Spouses and children are eligible to join, as well.?

Along with savings accounts, USAA also offers certificates of deposit (CDs) to help you meet your savings goals. Plus, it provides a variety of other financial products and services, including loans, mortgages, investing tools, and insurance plans.

If you’re a USAA member, you might appreciate the convenience of doing all your banking within a single institution. If a high APY is your priority, however, you can find better rates from other banks.

Compare Savings Account Rates

USAA offers low APYs on its savings accounts, and you can find higher rates elsewhere. Compare USAA to some accounts with higher yields below.

In the News

Today’s CD rates are higher than we’ve seen in 16 years, pushed up by the Federal Reserve’s rate-hike campaign that began in March 2022 to tame inflation. With another increase announced July 27, 2023, the Fed has hiked the federal funds rate to 5.25%-5.50%. Since CD rates closely follow the fed funds rate, rates may continue to trend slightly higher. It’s currently unknown if the Fed will implement any further increases this year, but if it does, that could nudge CD rates higher still.

Pros and Cons of USAA Savings Accounts

  • No monthly maintenance fees

  • Automatic savings tools

  • ATM reimbursement

  • APYs often lower than national average

  • Limited branch availability

  • Membership is limited

Pros Explained

  • No monthly maintenance fees: With USAA savings accounts (as well as the bank’s checking accounts, for that matter), members don’t have to worry about paying monthly maintenance fees. Furthermore, there are no special hoops to jump through to qualify for fee waivers on these accounts, unlike many other banks.
  • Automatic savings tools: USAA offers its members several automatic savings tools that can make growing their savings account balances easier. Members can take advantage of the bank’s text savings tool, recurring transfers tool, ATM rebates tool, and tax refunds tool, if desired.
  • ATM reimbursement: USAA refunds its members up to $10 each month in ATM fees incurred when using non-USAA ATMs. Plus, the bank charges no fees for using any of its USAA ATMs or 100,000 preferred ATMs for withdrawals or deposits. 

Cash and check deposits are available at USAA ATMs only.

Cons Explained

  • APYs often lower than national average: Unless you deposit $50,000 or more in a USAA Performance First savings account, the interest rates the bank offers are likely to be significantly lower than the national average. But even if you deposit that much, you’ll still usually earn far less than you could with the best high-yield savings accounts.
  • Limited branch availability: USAA only offers five physical locations in the United States. Therefore, you should be comfortable receiving customer support online or via phone before choosing USAA as a banking option.
  • Membership is limited: You can’t open a USAA savings account (or any other type of deposit account) unless you’re a current or former U.S. military member, a pre-commissioned officer, or an eligible spouse or child. Membership is free for eligible customers.

Alternatives to USAA Savings Accounts

If you’re in the market for a new savings account, it’s wise to compare your options before making a final decision. Below are some alternatives to USAA savings accounts that might be a good fit for you.?

High-Yield Savings Accounts

The best high-yield savings accounts typically offer interest rates that are well above the national average for savings accounts. Taking the time to find a bank that offers a higher APY can help grow your money at a faster rate in a low-risk environment. 

Certificates of Deposit (CDs)

Savers who are willing to lock away their cash for a specific period of time in exchange for a high interest rate may want to consider a certificate of deposit (CD). The best CD rates typically offer great opportunities for savers without the worry of higher-risk investments. 

Money Market Accounts (MMAs)

If you’re looking for a deposit account that offers the ability to write checks or spend with a card while earning a high APY on your savings, a money market account might suit you well. The best money market accounts feature higher-than-average APYs and may come with numerous other benefits as well.

Savings Account Bonuses

In addition to looking for the highest interest rates available, you might also want to consider banks that offer bonuses to new customers. Some banks, for example, offer savings account bonuses that could help you earn hundreds of extra dollars when you open a new account and complete a few qualifying activities. 

Is USAA Good for Savings?

USAA may be convenient for existing USAA members who want to do their banking in one place. However, USAA does not offer high APYs on its accounts, with the basic savings account earning less than the national average. If you’re looking for a good rate, check out the best high-yield savings accounts to grow your money.

Does USAA Have a High-Yield Savings Account?

USAA does not offer a high-yield savings account at this time. It offers two savings accounts for adults: the USAA Savings account and the USAA Performance First account. The Performance First account offers 鲍厂础础’蝉 highest APY, but you’ll need to have a fairly high balance to earn that rate.?

By contrast, some other banks offer rates higher than 5% on high-yield savings accounts across all balances.?

What Is the Minimum Deposit for a USAA Savings Account?

The minimum deposit for the USAA Savings account and the USAA Youth Savings account is $25. If you wish to open a USAA Performance First account, the minimum opening deposit is $10,000.

Are USAA Savings Accounts FDIC-Insured?

USAA savings accounts are FDIC-insured for up to $250,000.

How Do You Open a USAA Savings Account?

The first step in opening a savings account with USAA is to become a member of the bank. Once you’re a member, you will need to deposit at least $25 to open a USAA Savings account or a USAA Youth Savings account. Members who wish to open a USAA Performance First savings account will need to make a minimum deposit of $10,000 or more. You’ll also need to supply some personal information, like your full name, address, and date of birth.

How Do You Close a USAA Savings Account?

There are two ways to close a savings account with USAA Bank. First, you can call the bank during normal business hours at (800) 531-USAA (8722). If you prefer, you can also use the bank’s online chat feature to close your account.

To become a member of USAA, you will need the following information:?

  • Contact information
  • Social Security number
  • Date of birth
  • Military service details for eligibility (for yourself or immediate family member)
  • Passport or permanent resident card (non-U.S. citizens only)
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  2. USAA. "Savings Accounts."?

  3. FDIC. "National Rates and Rate Caps."

  4. USAA. "About USAA."?

  5. Federal Reserve System. "Open Market Operations.”

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  7. USAA. “Types of ATMs and How to Use Them.”

  8. USAA. “USAA Financial Centers.”

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