USAA is a banking and insurance company with services available to military members and their families. While it's known for excellent customer service, USAA savings rates fall short of what other banks offer.
USAA interest rates
USAA Bank has three savings accounts available: Two for adults and one for children. USAA Savings and USAA Youth Savings have extremely low APYs that are well below the national average. USAA Performance First® Savings earns more, but its rates are still subpar considering the deposit requirements to earn them.
Note that the USAA Performance First® Savings has tiered rates based on your daily collected balance.
| Account | APY | Minimum Deposit |
|---|---|---|
| USAA Savings | 0.01% | $25 |
| USAA Performance First® Savings | up to 1.50% | $10,000 |
| USAA Youth Savings | 0.01% | $25 |
Data source: USAA.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | New customers can earn up to a $300 bonus with qualifying direct deposits! | Open Account for SoFi Checking and Savings |
Open Account for Capital One 360 Performance Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.Min. to earn: $0 | N/A | Open Account for Capital One 360 Performance Savings |
Open Account for American Express® High Yield Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.25% Rate info4.25% annual percentage yield as of July 2, 2024Min. to earn: $1 | N/A | Open Account for American Express® High Yield Savings |
USAA savings account overview
Here are more details on USAA savings accounts, including fees, deposit requirements, and withdrawal limits.
Monthly fees
None of the USAA savings accounts charge a monthly fee. You don't need to pay anything to keep your account open.
Minimum deposit
USAA Savings and USAA Youth Savings accounts have a minimum deposit of $25, which isn't bad, although there are plenty of online savings accounts with $0 minimums.
USAA Performance First® Savings has a $10,000 minimum deposit. That's extremely high considering its interest rate -- other savings accounts earn much more and come with lower deposit requirements.
Minimum daily balance
USAA's savings accounts don't have a minimum daily balance, which is always a nice perk from a bank account. You need to meet the minimum deposit requirements for the account you choose, but after that, you're not required to keep a minimum balance in your account.
Note that your USAA bank account could be closed if it has a $0 balance and no activity for 75 business days.
Withdrawal limit
USAA has an ATM withdrawal limit of $600 and allows up to 20 withdrawals every 24 hours. This is on the low side compared to other banks, but you can request a temporary increase if you need to withdraw a larger amount.
Compounding schedule
Interest on USAA bank accounts is compounded and credited on a monthly basis. It's one of many banks that uses a monthly compounding schedule.
Are USAA savings rates worth it?
USAA savings account interest rates are much lower than what you could get from high-yield savings accounts. You're better off looking elsewhere so you can earn more interest on your money.
The Ascent's best savings accounts
Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. The Ascent's top savings account picks can earn you more than 10x the national average savings account rate.
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Review sources
Our savings account methodology
At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
- APY: 50%
- Brand and reputation: 20%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
USAA doesn't have good savings rates. USAA savings account rates aren't just significantly less than what high-yield savings accounts earn, they're well below the national average.
USAA doesn't offer a high-yield savings account. The USAA Performance First® Savings account has an above-average APY for clients with balances of $50,000 or more, but even those rates are much lower than what high-yield savings accounts earn.
Here's how to open a USAA savings account:
- Go to the USAA website.
- Select "Banking," and then select "Savings" from the drop-down menu that appears.
- Choose the savings account you want and select "Apply Now."
- Log into your USAA account or join USAA if you don't have any account yet.
- Fill out the application with the required information.
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