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USAA Bank Review 2023

USAA has served members of the U.S. military, veterans and their families for more than 100 years. Founded in 1922 by 25 Army members, USAA provides full-service banking and financial solutions to qualified members across America.

USAA offers a host of banking products for military members and their families. Options include several different checking, savings and certificate of deposit (CD) accounts.


USAA has three checking accounts: USAA Classic Checking, USAA Cashback Rewards Checking and USAA Youth Spending.

USAA Classic Checking

This account is relatively standard so far as checking accounts go. Members can open a checking account with a minimum opening deposit of $25. This checking account gives you access to more than 100,000 in-network ATMs nationwide. Even better, USAA doesn’t charge members fees for out-of-network ATM usage.

The bank refunds up to $15 each month for out-of-network, third-party ATM fees. There’s a 1% foreign transaction fee for withdrawals made outside of the U.S., which applies to debit card purchases, non-ATM cash withdrawals and ATM cash withdrawals. Account holders may qualify to receive direct deposits a day early. There are also no costly monthly service fees to worry about with USAA Classic Checking accounts. You can earn interest with this account, but not much—it pays just 0.01% APY on balances of $1,000 or more.

USAA Cashback Rewards Checking

With Cashback Rewards Checking, you can earn cash back rewards through debit card purchases. It offers 10 cents per qualified debit card purchase. There’s no limit to the amount of cash back you can earn, so long as your account is open and in good standing.

Like Classic Checking, you have access to more than 100,000 in-network ATMs and USAA reimburses $15 per statement cycle in third-party ATM fees. Unlike Classic Checking, this account is only available in 28 states, but USAA notes on its website that it will be available in additional states at a later date. You can see if this account is available in your state on USAA’s website.

USAA Youth Spending

For USAA members with children ages 13 to 18 years, there’s USAA Youth Spending. Similar to Classic Checking, there is no monthly service fee and it only requires a $25 minimum opening deposit to open an account. Through this youth bank account, parents can give their children limited online and mobile account access. Youth spending accounts come with a free debit card and access to the same network of ATMs. Also included with youth accounts is overdraft protection without extra fees.

Overdraft protection requires linking another USAA checking account or credit card for payment of overdrafts. Youth Spending accounts automatically convert to USAA Classic Checking accounts when your child turns 18, although you can keep it a joint account for as long as they want or until you request to remove your name from the account. Like Classic Checking, you can earn interest with this account, but not a lot—it pays 0.01% APY on balances of $1,000 or more.


USAA offers three savings accounts: the USAA Savings Account, the USAA Performance First® Savings Account and the USAA Youth Savings Account.

USAA Savings

This resembles a traditional savings account. It requires a $25 minimum opening deposit. There’s no monthly maintenance fee, and the account comes with overdraft protection with another linked USAA deposit account or credit card to fund overdrafts.

Currently, rates on the USAA Savings Accounts sit at 0.01% APY on all balances. If you’re hoping to earn significant interest with higher balances, this isn’t the ideal account for you. The account does offer some extra perks, though, like mobile deposits and a handy goal planner and tracker.

USAA Performance First® Savings Account

As the bank’s high-yield savings account, the USAA Performance First® Savings Account offers slightly higher interest rates than the standard USAA Savings Account, albeit with a significantly higher minimum opening deposit requirement of $10,000. While the account has higher rates for larger balances, it starts at just 0.01% on balances under $10,000. With a daily balance of $10,000 to $49,999.99, you’ll earn 0.10% APY—much lower than what’s available from the best online savings accounts.

The APY moves up to 0.70% APY for balances of $50,000 to $99,999.99, 0.75% APY for balances of $100,000 to $249,999.99, 0.85% APY for balances of $250,000 to $499,999.99 and 0.90% for balances of $500,000 or more. Other than interest rates and minimum deposit requirements, this account offers similar features as the USAA Savings Account—overdraft protection with a linked USAA deposit account or credit card, no monthly maintenance fee and a goal planner and tracker.

USAA Youth Savings

This savings account for kids ages 13 to 18 pairs well with the Youth Spending account. The account has no monthly maintenance fee and comes with an ATM card. Children can make mobile check deposits and get text alerts about account balances. You can give your child limited access to and choose whether or not they can transfer or deposit money. Currently, the Youth Savings Account earns 0.01% APY on all balances. This account automatically converts to a USAA Savings Account once your child turns 18.

USAA Standard Certificates of Deposit

USAA offers several different types of certificates of deposit (CDs). Not only does it carry Standard CDs, but it also offers Jumbo CDs, Super Jumbo CDs, Adjustable Rate CDs and Variable Rate CDs. However, regardless of which CD type you choose, USAA’s CD rates are much lower than you can find at most online banks and significantly lower than the best CD rates.

The minimum deposit requirement varies depending on the CD type:

  • Standard Fixed Rate and Adjustable Rate CDs:$1,000
  • Jumbo Fixed Rate and Adjustable Rate CDs: $95,000
  • Super Jumbo Fixed Rate and Adjustable Rate CDs: $175,000
  • Variable Rate CDs: $250

There’s no shortage of CD terms available through USAA. Depending on the CD type, the terms range from as short as 30 days to as long as seven years.

Standard fixed-rate CDs range from 91 days to seven years, while jumbo and super jumbo CDs offer terms from 30 days to seven years. Adjustable Rate CDs come in four terms: three, four, five and seven years. With USAA Adjustable Rate CDs, account holders can adjust the rate one time during the term. Variable

Rate CDs are available in either a one-year term or a 182-day term. With Variable Rate CDs, USAA can adjust the rate at any time during the CD term.

Interest on all CDs is compounded monthly and credited to your account monthly. CDs automatically renew at maturity, unless you decide not to renew during the 10-day grace period. Like most banks, USAA charges an early withdrawal penalty if you choose to withdraw funds from a CD before it reaches maturity.

Here’s an overview of USAA Bank’s fixed rates for standard CDs.

USAA Jumbo Certificates of Deposit and USAA Super Jumbo Certificates of Deposit require much larger opening deposits and currently pay the same APY as the Standard Fixed Rate CDs.


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