USAA Bank is a military based bank that provides services for veterans. To find out is USAA Bank is right for you, continue reading the review below.
In order to qualify for any of their accounts, you have to have served or are serving in the military. Although you may not find the best interest rates, you will find some welcoming offers if you are particularly a veteran in any way.
New military recruits that are also new to the banking world can benefit greatly since they offer free checking accounts for new members.
In a way, USAA Bank is more of a credit union designed for veterans who want to put their money aside and save up on other expenses.
Table of Contents
- 1 Checking Account Options
- 2 Compare Checking Accounts
- 3 Savings Account Options
- 4 Compare Savings Accounts
- 5 CD Account Options
- 6 Compare CD Accounts
- 7 Reasons to Bank with USAA Bank
- 8 Reasons Not to Bank with USAA Bank
- 9 USAA Bank Routing Number
- 10 Contact Customer Service
- 11 How USAA Bank Compares
- 12 Bottom Line
Checking Account Options
USAA Bank has a variety of checking accounts. Each account comes with a USAA Bank Debit Card and access to online and in person banking.
To open this checking account, you will need $25, but if you are a new military recruit, you don’t have to have an opening deposit.
However, there are no monthly fees nor minimum balance requirements to maintain afterwards.
This account also has a cashback rewards feature that allows you to earn $0.10 per every debit card purchase that exceeds $1.
This account does earn interest, but the rates are very low compared to most checking accounts.
This is the regular checking account for anyone in the service. You will need $25 as a minimum opening deposit, but there are no additional fees to worry about afterwards.
You can start earning interest when you keep a balance of $1,000 or more.
Compare Checking Accounts
Savings Account Options
USAA Bank encourages veterans to continuously save for other expenses while being in the military. They don’t offer the highest interest, but the accounts are simplistic enough to maintain.
You can open this general savings account with just $25, and then not have to worry about extra fees or minimum balance requirements to keep up with.
This account earns interest but they aren’t high and depends on your account balance.
This account earns slightly higher interest than the regular savings one, but you have to put down a $10,000 deposit.
The interest earned is very low but are tiered overtime.
Compare Savings Accounts
With the American Express® High Yield Savings Account:
• Earn 3.30% APY as of 12/22/22 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly.
• Links easily with your current bank accounts. No need to switch banks.
• FDIC Insured. Your account is insured to at least $250,000 per depositor.
• 24/7 Account Access
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB323 by 03/15/2023
• Earn high interest rate of 3.30% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000
• See advertiser website for full details
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
CD Account Options
USAA Bank has a wide range of CD accounts and they are available in 3 different types. Down below explains the differences between each.
The Variable Rate CD functions similarly to a money market account instead of an actual CD. You will need at least $250 to open it.
You can make additional deposits with this account whereas you can’t with most CD accounts.
However, you still can’t withdraw any money out of this CD until maturity or you will get penalized.
You can earn up to 0.46% APY.
This CD comes in 3 different term lengths: Standard, Jumbo and Super Jumbo.
You will have to decide which CD you want so that you can acquire the correct minimum deposit to start earning interest.
- Standard – $1,000
- Jumbo – $95,000
- Super Jumbo – $175,000
The longer the CD term is, the higher the minimum deposit will be since these are tiered interest rates. But, you can earn up to 1.59% APY.
This CD also comes in 3 different term lengths, but a fixed rate CD can earn you even higher interest.
Just like the Adjustable Rate CD, you will have to decide on which CD you want to open and obtain the correct minimum deposit for it.
- Standard – $1,000
- Jumbo – $95,000
- Super Jumbo – $175,000
The CD terms range from 30 days to 7 years and increase at a moderate speed.
Compare CD Accounts
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 2.00% APY up to 4.30% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
• Available online nationwide
• Earn up to 4.65% APY
• $1,000 minimum to open
• Selection of terms to meet your needs
• A range of choices. Low minimum deposits.
• No fees to open or maintain the account
• Available as Custodial
• Open a CIT Bank Certificate of Deposit Account today!
With the CIT Bank No-Penalty 11-Month CD:
• Earn 4.10% APY on your funds with just a $1,000 minimum deposit.
• The perfect balance between a great fixed rate and flexible money access.
• Access funds, if needed. No penalty.
• No opening or maintenance fees
• Shorter 11-month timeframe and a great APY
• If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them.
Reasons to Bank with USAA Bank
- If you are veteran and aren’t too concerned about earning interest rates but would rather invest in an exclusive checking or savings account, then you can benefit from the offers that USAA Bank has.
- Their checking accounts are completely free to new military recruits.
- You get a Cashback rewards Debit Card when you sign up for a checking account.
- You can access mobile banking with the USAA Bank app and online site.
- USAA Bank has over 60,000 ATMs.
Reasons Not to Bank with USAA Bank
- This bank is only available to members who have served in the military or is currently serving. It will only benefit veterans and their family but non-veterans will not be able to open an account.
- USAA Bank only has branches in four locations: Colorado Springs, Colorado; Annapolis, Maryland; Highland Falls, New York and San Antonio, Texas. Those who don’t live in those places and prefer visiting a physical branch would have to look elsewhere.
- They may have a variety of CDs to choose from, but the interest rates offered are still very low compared to other banks that require less of a minimum opening deposit.
- Their savings interest rates are extremely low compared to other banks because they aren’t focused on earning interest.
USAA Bank Routing Number
USAA Bank’s routing number is 314074269.
Contact Customer Service
You can reach USAA Bank’s customer service at 1-(800)-531-8722. They operate 24 hours, 7 days a week.
How USAA Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Fifth Third Bank: Fifth Third Bank has various account options and provide tools to their customers to become more financially responsible. They offer a Military Banking option as well, but Fifth Third isn’t only for veterans. In addition to that, they have Relationship Savings accounts for those who prefer to keep their checking in one place.
- Wells Fargo: Located throughout the US with over 5,800 branches and 13,000 ATMs. They offer a variety of deposits accounts, including accounts for teens and customers who need a second chance.
- Bank of America: As one of the larger banks in the U.S. Many may choose BoA for the convenience of locations through out 35 states. However, BoA offers limited account options.
Overall, USAA Bank is targeted towards veterans who would prefer banking exclusively rather than nationwide.
USAA Bank functions more as a credit union since one has to become a military official in order to qualify for their membership, but it is also not aimed to be anything too difficult to apply for.
They are generous towards those who are new recruits as well since new recruits can open a checking account completely free of charge.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If USAA Bank has the variety and options you’re looking for, apply today! For more options from a variety of banks, see our list of the best bank promotions!