February 10, 2024

USAA High Yield Savings

Read more about USAA Bank
Editorial Note: This content is not provided by the companies mentioned. Opinions expressed here are author's alone, and have not been reviewed, approved or otherwise endorsed by the companies.
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by using our links. (read more)

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.

5-point scale (the higher, the better)

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 BalanceAPY
Less than $10,0000.05%
$10,000 to $49,999.990.10%
$50,000 to $99,999.991.00%
$100,000 to $249,999.991.10%
$250,000 to $499,999.991.20%
$500,000 and more1.60%

How Much Can You Earn?

Here's a calculator you can use to see how much your money can grow with a USAA Performance First® account.

Savings Calculator

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

Are you currently a member of USAA or affiliated with USAA?

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

What's the most important feature you look for in a high-yield savings account?

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.

What would most likely deter you from opening a USAA high-yield savings account?

How USAA Performance First Compares

Other USAA Bank Offers


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

Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 4/17/2024
  • 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
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 5/31/2024
  • 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.
Citibank
Member FDIC

Enhanced Direct Deposit - Earn $300 Cash Bonus

Earn $300 cash bonus when you open a new eligible checking account with Enhanced Direct Deposit and complete required activities. Member FDIC

  • Open a new eligible Citi Checking account with Enhanced Direct Deposits
  • Deposit at least two Enhanced Direct Deposits directly into your new checking account within 90 calendar days from account opening.
  • Your total combined Enhanced Direct Deposit must equal $1,500 or more.
  • Earn a $300 cash bonus. Your cash bonus will be deposited to your open, eligible checking account within 30 calendar days after required activities have been completed.
Discover Bank
Member FDIC

Online Savings Account - Earn 4.30% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
CIT Bank
Member FDIC

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.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Subscribe to CreditDonkey
Get updates on the latest deals and keep up with the best money moves.

Your privacy is important to us. Unsubscribe anytime

Compare:

Save money and build wealth. Sign up to get our FREE email newsletter.
Axos Business Checking Review

Axos Business Checking

Looking for affordable banking for your small business? Axos Bank offers a free business checking account or an interest-bearing account. Read on.

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2024 CreditDonkey Inc. All Rights Reserved.