USAA is an association of members, and many of its products, including USAA savings accounts, are only open to people with military connections.
Known for their excellent customer service, USAA offers a modest APY on their savings account, and that’s far lower than what you can find at top performing banks. The account does not charge a monthly fee and does not require a minimum balance, but you will get a higher rate on larger balances. USAA scored 3.8 out of 5 on the Bankrate exam.
USAA savings rate
Here’s a breakdown of the USAA savings account rates as of January 5, 2021.
|Account name||APY||Minimum deposit|
|USAA savings||0.05%||25 $|
Here are the interest rates for tiered savings accounts for USAA Performance First.
|Account name||APY||Minimum daily deposit to earn APY|
|USAA Performance First||0.05%||$ 10,000 – $ 24,999|
|USAA Performance First||0.05%||$ 25,000 – $ 49,999|
|USAA Performance First||0.09%||$ 50,000 – $ 99,999|
|USAA Performance First||0.13%||$ 100,000 – $ 249,999|
|USAA Performance First||0.15%||$ 250,000 – $ 499,999|
|USAA Performance First||0.35%||$ 500,000 – $ 999,999|
|USAA Performance First||0.35%||$ 1,000,000 or more|
How USAA Stacks Up To The Most Profitable Banks
The USAA savings account pays less interest than the national average but only requires $ 25 to open. USAA Performance First savings account interest rates are laddered, but balances up to $ 24,999 will yield an APY of just 0.05%. The maximum rate you can expect is 0.35% for balances of $ 1 million or more. You will need at least $ 10,000 to open an account – an important requirement for a return that is not the best in the market.
Compare APYs and other savings terms before choosing your product. Citibank, for example, offers a higher payout to its high yield savings account with no minimum balance needed to earn the APY. If you are a current Citi customer, your monthly fee of $ 4.50 will be waived.
You can get an ATM card with USAA savings accounts and use it for free at over 60,000 preferred ATMs nationwide. Mobile check deposits and direct deposit are also available.
Other savings options at USAA
USAA also offers CDs that will make your money work harder. Interest is fixed, so you’ll know in advance exactly how much to expect at the end of the deposit agreement period.
However, you must make a commitment not to touch your money until the deposit matures to earn maximum interest. USAA charges an early withdrawal penalty if you need to get your money back before it is due.
Be sure to compare CD prices to ensure you earn a competitive APY.
The terms of the USAA CD range from 30 days to seven years. There are three types of CDs available: standard, jumbo and super jumbo. The minimum deposit required for a standard CD is $ 1,000. Interest is paid monthly. If you deposit your monthly interest into the same account, it will earn additional interest.