USAA Savings Account Interest Rate
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Looking to open a savings account with USAA Federal Savings Bank? Read on to learn what rates are being offered.
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USAA Federal Savings Bank offers various financial products for its members. They do have a couple of savings accounts offered, but their rates may not be that impressive.
Continue reading to learn the latest USAA savings rates and account features.
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% |
USAA Savings Account Interest Rates
USAA offers three savings accounts. The rates are generally low on all accounts, ranging from 0.01% APY on their standard and youth accounts up to 1.60% APY on their premium savings account.
- USAA Savings: standard savings account with no monthly fees. $25 minimum deposit to open.
- USAA Performance First®: Up to 1.60% APY depending on your balance. $10,000 minimum deposit to open.
- USAA Youth Savings: For kids and teens under 18 years old. No monthly fees with a $25 minimum deposit to open.
Now, let's take a closer look at the three accounts.
USAA Savings
USAA Savings has a 0.01% APY on all balance tiers which is not very competitive. It also requires a minimum opening deposit of $25.
However, it has no monthly maintenance fees so you have one less thing to worry about. You can also request for an optional ATM card which allows you to withdraw cash and make deposits at select in-network ATMs.
USAA Performance First®
USAA Performance First® has higher rates than the standard account, allowing you to earn up to 1.60% on balances at or over $500,000.
There are no monthly charges, but you do need a $10,000 minimum deposit to open an account.
Here's a table showing the rates and their respective balance tiers:
| 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% |
USAA Youth Savings
USAA Youth Savings has 0.01% APY on all balance tiers with a minimum initial deposit of $25. It is available for children and teenagers under the age of 18.
Note: USAA Youth Savings converts to USAA Savings automatically when the minor reaches age 18.
This account is designed to help parents who want to kick-start their children's financial journey.
How Much Can You Earn with USAA Savings?
Here's a calculator you can use to see how much your money can grow with a USAA savings account.
Can You Lose Money with USAA Savings?
No, you can't lose money with any of the USAA savings accounts. USAA Federal Savings Bank is a member of the FDIC (Cert #32188), which means deposits are protected up to $250,000 for individual accounts.
However, fees for excessive transactions, out-of-network ATM withdrawals, and such can still eat into your earnings and reduce your balance.
Pros and Cons
Pros
- $0 monthly service charge
- Optional ATM card
Cons
- Low rates
- $25 or $10,000 opening deposit requirement
- High balance required to earn a decent APY
Should You Open a USAA Savings Account?
USAA Bank's savings accounts are best for current and former members of the U.S. military and their eligible family members. Each account is a decent and safe place to store your money.
If you have a significant amount to save, consider USAA Performance First® over the basic one for a slightly higher APY.
However, overall, USAA savings rates are not the best. So if you want to get a higher APY, you might want to consider high-yield savings accounts offered by other banks or credit unions instead.
Who Is Eligible to Open an Account?
You must be a member of the USAA to open any of their savings accounts. To be eligible for membership, you must be affiliated with the military such as these below:
- Active duty
- National Guard
- Reserves
- Veterans who served honorably
- Cadets or Midshipmen
- Spouses and children of USAA members
First, you have to be a member of USAA to open an account. After confirming that you are eligible, opening an account can easily be done online.
Simply go to USAA's Savings page and hit Apply Now on the account you want to open to get started.
How USAA Savings 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 Accounts
If you're a USAA Bank member, they also have checking accounts and certificate of deposits that you can consider in case their savings account don't make the cut for you.
USAA Bank: Youth Spending Account
- No monthly fee
- Minimum opening deposit of $25
- No overdraft fee
- FDIC insured
Bottom Line
USAA Federal Savings Bank has a couple of savings accounts that are exclusive to its members. However, the rates they offer are not the best, especially compared to what online banks have.
If you're opening a savings account to grow your funds, you might want to check out some high-yield savings account options instead.
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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