USAA High Yield Savings
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USAA Bank boasts a savings account with an adequate rate and no fees. But you may not be eligible to get it. Read on to find out.
Overall Score | 3.4 | ||
Savings | 2.5 | ||
Fees | 3.5 | ||
Mobile App | 4.5 | ||
Customer Service | 3.0 | ||
Pros and Cons
- $0 monthly fees
- Free bank card
- Low APY
- Not available for all
Bottom Line
Savings account with low rate and limited availability
USAA Bank has two main savings options. Their high-yield savings account, USAA Performance First®, has a decent APY on certain balances and $0 monthly fees.
However, not everyone is eligible to open an account. Continue reading on to learn more about it.
What Is Performance First®?
USAA Performance First® is a premium savings account offering up to 1.6% APY on balances of $500,000 or more.
While its highest rate is still low compared to some high-yield savings accounts, it is above the average national savings rate.
A minimum initial deposit of $10,000 is required to open an account. But at least you won't have to worry about recurring service charges because there are no monthly maintenance fees. [1]
Balances below $500,000 unfortunately get lower rates. Below are the balance tiers applicable for USAA Performance First®:
| Daily Collected Balance | APY |
|---|---|
| Less than $10,000 | 0.05% |
| $10,000 to $49,999.99 | 0.10% |
| $50,000 to $99,999.99 | 1.00% |
| $100,000 to $249,999.99 | 1.10% |
| $250,000 to $499,999.99 | 1.20% |
| $500,000 and more | 1.60% |
How Much Can You Earn?
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Here's a calculator you can use to see how much your money can grow with a USAA Performance First® account.
Who Is Eligible to Open an Account?
You must be a member of the USAA to open a Performance First® savings account. To be eligible for membership, you must be part of or be affiliated with the military such as the following:
- Active duty
- National Guard
- Reserves
- Veterans who served honorably
- Cadets or Midshipmen
- Spouses and children of USAA members
USAA Performance First Features
Apart from helping you build your savings gradually, the USAA Performance First® account offers additional benefits:
- Easily and securely manage your banking online from anywhere using USAA's online system.
- An optional ATM card for convenient access to your funds.
- Access financial management tools by linking your USAA checking account. These tools include Text savings, Recurring transfers, ATM rebates, and Tax refunds.
Fees to Look Out For
With a USAA Performance First® account, you won't have to worry about paying any monthly service fees. However, an excessive transaction fee may be imposed if you go over the limit of 6 withdrawals per month.
Pros and Cons
Pros
- $0 monthly service fees
- Option to link a checking account
- Access to online budgeting tools
- Free ATM card upon request
- Access to USAA or preferred ATMs
- Refunds up to $10 per statement cycle in non-USAA ATM surcharges
Cons
- Relatively low APY
- $10,000 opening deposit
- High balance required to earn APY
Is USAA Bank Safe?
Yes, it is. USAA Federal Savings Bank is a member of the FDIC (Cert #32188), which means deposits are insured up to $250,000 per depositor, per ownership category.
Thus, should the bank fail in the future, your funds are guaranteed up to the maximum amount allowed by law.
Who Is It Best For?
USAA Bank's Performance First® account is best for those who are affiliated with the military. It can be a good choice for active or retired military personnel and their families.
And because you need at least $500,000 to earn the highest APY, it would be ideal for those who have large balances available. It's a decent option for those who want to slowly grow their funds.
How USAA Performance First Compares
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings Account - 5.24% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
Other USAA Bank Offers
USAA Bank: 9-Month Jumbo CD - 4.90% APY
USAA Bank: Youth Spending Account
- No monthly fee
- Minimum opening deposit of $25
- No overdraft fee
- FDIC insured
Bottom Line
USAA Bank's Performance First® savings account offers a decent APY on balances over $500,000. Though it boasts $0 monthly fees, there is an opening deposit requirement of at least $10,000.
But, it is only available for people involved in the military community and is designed for those with large cash reserves.
Regardless, if you can't meet the requirements there are other banks that could offer better rates with little to no requirements that might be a better fit for you.
References
- ^ USAA. USAA FederalSavings Bank Depository Agreement and Disclosures, Retrieved 12/21/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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