USAA offers bank accounts with savings tools and no monthly fees, though its savings accounts have low rates.
Nov 10, 2022 Written by Alice Holbrook Assigning Editor Alice HolbrookAlice Holbrook is a former editor of homebuying content at NerdWallet. She has covered personal finance topics for almost a decade and previously worked on NerdWallet's banking and insurance teams, as well as doing a stint on the copy desk. She is based in Ann Arbor, Michigan.
Assigning Editor Yuliya Goldshteyn
Assigning Editor | Banking
Yuliya Goldshteyn is a former banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.
Fact CheckedMany, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
The bottom line:USAA Bank offers accounts with savings tools and no monthly fees. Through online banking options, mobile tools and broad ATM access — including ATM reimbursements of up to $15 a month — USAA Bank ensures that members can access their money from nearly anywhere. You can bank with USAA only if you're a current member of the military, you’ve served in the military, are a spouse of someone who has, or are a child of a USAA member.
Best for: Those who want to avoid fees on basic bank accounts and are looking for automatic savings tools, but aren’t likely to need in-person services or the best interest rates.
No monthly fees on some accounts. Large, free, nationwide ATM network. Low minimum opening deposits on some savings accounts. Expensive overdraft fee. Low rates on some savings and CDs accounts. Limited branch access.
/5 NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
With $0 min. balance for APYThe USAA savings account has no monthly fee, though you need $25 to open an account. The account has an innovative Savings Booster tool that analyzes your checking account to see if a few dollars can be automatically transferred to savings. These types of tools can make it easier to save money. However, the 0.01% interest rate is about as low as you can go; you can find much better rates elsewhere.
/5 NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Monthly fee With $1,000 min. balance for APY Show detailsUSAA’s Classic Checking Account has no monthly service fee. But it pays only 0.01% , and balances must be at least $1,000 to earn interest.
USAA owns about 160 ATMs that are free; some have the ability to take deposits. It also offers a $15 monthly reimbursement if the owner of a non-network ATM charges you a fee.
Customers can make withdrawals from more than 60,000 USAA-preferred ATMs at locations nationwide, but only the first 10 withdrawals per month are free. After that, USAA will charge a $2 ATM fee per withdrawal through the rest of the monthly statement cycle.
Payday is a day early with direct deposit.
/5 NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Minimum deposit Show detailsUSAA has broad CD options with fixed terms ranging from 30 days to seven years. Some other banks offer terms that go up to five years, but not seven. You can compare USAA’s CD rates with the best CD rates this month at other banks and credit unions.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
USAA has only a few branches , so it's best for those who prefer to do their banking online. You can use the bank’s mobile app to pay bills, deposit checks, transfer money and monitor your balances. The bank’s website also offers budgeting tools and a financial advice section.
You can reach customer service representatives by phone Monday through Friday from 6 a.m. to 10 p.m. CT, Saturday from 8 a.m. to 8 p.m. CT and Sunday from 8 a.m. to 6 p.m. CT. Support is also available by Twitter, online message and regular mail.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Pricey overdraft fee. Transactions that are paid when an account goes negative are charged $29 per transaction, limited to one charge per day.
Free transfers and an overdraft buffer. USAA offers free overdraft transfers from a USAA checking or savings account as a backup. It also offers overdraft protection via credit card cash advance, subject to card fees and interest rates. There's no charge for accounts that get overdrawn by $50 or less.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
With $0 min. balance for APY
With $5,000 min. balance for APY
Earn up to $300 with direct deposit. Terms apply.
Learn moreat SoFi Bank, N.A.
Learn moreNerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
About the author
Alice HolbrookAlice Holbrook joined NerdWallet in 2013 and is an editor on the home/mortgages team. Her work has been featured by USA Today, MarketWatch, Newsweek and The Washington Post.Read more
NerdWallet Home Page Finance Smarter Credit Cards Financial Planning Financial News Small BusinessDownload the app
Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.
NerdUp by NerdWallet credit card: NerdWallet is not a bank. Bank services provided by Evolve Bank & Trust, member FDIC. The NerdUp by NerdWallet Credit Card is issued by Evolve Bank & Trust pursuant to a license from MasterCard International Inc.
Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
NerdWallet Compare, Inc. NMLS ID# 1617539
California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812
Insurance Services offered through NerdWallet Insurance Services, Inc. (CA resident license no.OK92033) Insurance Licenses
NerdWallet™ | 55 Hawthorne St. - 10th Floor, San Francisco, CA 94105
