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 0.5% 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 | 0.05% |
| $50,000 to $99,999.99 | 0.07% |
| $100,000 to $499,999.99 | 0.10% |
| $500,000 and more | 0.50% |
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
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice.
UFB Portfolio Savings - Earn up to 3.26% APY
- Earn up to 3.26% 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.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High-Yield Savings Premier - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
High Yield Savings Account - 3.86% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Axos ONE - Earn up to 4.31% APY
- Earn up to 4.31% APY* on savings, and 0.51% APY* on checking when you meet requirements.
- Get your money up to 2 days early.
- No monthly maintenance, minimum balance, account opening, or overdraft fees.
Other USAA Bank Offers
USAA Bank: 9-Month Jumbo CD - 2.00% 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® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- 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*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 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 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
U.S. Bank Business Essentials - $400 Bonus
Promo code Q1AFL26 MUST be used when opening a U.S. Bank Business Essentials® or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice.
Member FDIC
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025 and can end at any time without notice.
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.
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