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USAA Bank Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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USAA Bank is a San Antonio, Texas-based wholly-owned subsidiary of the United Services Automobile Association (USAA). The bank provides financial services to members of the military and their families and is one of the top 30 banks in the nation based on deposits. Its services include a selection of everyday banking products, as well as auto, home, and additional lending solutions.
 
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How is USAA rated?

Breakdown

4.0/5
Availability/Customer Service
4.0/5
Accounts Performance and Fees
4.0/5
Financial Strength

Overall Rating: 4 / 5 (Very good)

For members of the military and their families, USAA products are typically one of the best competitors in each of their respective markets. The same goes for USAA Bank's financial products, which all stand out in several aspects, namely their variety and the excellent support that comes with them. Consumers looking for very high APY rates may be disappointed with some of USAA Bank's products, namely their low-interest savings. However, its wide range of services, seamless digital banking, and largely positive reputation and customer experience make USAA Bank a great choice for anyone that qualifies to become a member.

USAA General Banking Services

Availability/Customer Service - 4 / 5

USAA Bank features two types of savings accounts set apart by the starting investment required to open them. Both accounts have variable, scaling APYs. The standard USAA Savings account requires an initial deposit of $25 or more and features APYs of 0.09 to 0.15%. The USAA Performance First account requires a large initial deposit of $10,000 or more, but also has a wider APY range, going from 0.05 to 0.30%. Like with their savings accounts, USAA offers two types of checking accounts, one basic and another geared towards profit via cashback rewards. USAA also offers accounts for children and college students. Active and new recruits are eligible for discounts. Other USAA Bank financial products include Visa Signature® and American Express® credit cards, insurance products, loans, and real estate services.

Savings Accounts

Savings Account
USAA Savings, USAA Performance First
Savings Account APY (Annual Percentage Yield)
0.05-0.30%
Savings Account Fees
Passed Monthly Transaction Limit Fee
Returned Deposit Fee
Overdraft Fee
Out of Network ATM Fee

Checking Accounts

Checking Account
USAA Classic Checking, USAA Cashback Rewards Checking
Checking Account Fees
Expedited Delivery for Replacement Card Fee
Check Reorder Fee
Stop Payment Fee
Deposited Item Returned Fee

Additional Services

Cards
Credit Cards
Debit/ATM Cards
Loan Products
Personal Loans
Mortgages
Mortgage Refinance
Cash Out Refinance
Home Equity Loans
Auto Loans
Small Business Loans
VA Loans
Physical Branches
USAA Bank operates online for the most part, but it does have a few financial centers across the US mainland consumers can visit for their banking, insurance, investments, and retirement needs. The bank's four centers are located in Colorado Springs, Colorado, Highland Falls (West Point), New York, Annapolis, Maryland, and San Antonio, Texas.
Rewards Programs/Special Offers
Real Estate Rewards Network: the network features agents that represent the top 16,000 of 250,000 nationwide agents from five national brokerage companies and helps USAA members buy and/or sell their home. Members can earn an average rewards of $1,230 in the process.

Other Bank Accounts

CDs
Money Market Accounts
Brokerage Accounts
Retirement Accounts
IRA
Roth IRA
Accounts for Children
Sweep Accounts
Student Accounts
Joint Accounts

USAA Digital Banking Services

Accounts Performance and Fees - 4 / 5

USAA Bank lets users manage their accounts and other purchased financial products online. The bank's mobile app is particularly convenient, featuring quick balance overviews, bill payments, money transfers and deposits, a digital wallet with special offers and discounts, a virtual assistant, and more. The app and online platform also feature money management tools such as budgeting, balance activity for all accounts–even from other banks–and spending alerts.
Mobile App
Yes
Mobile Features
Photo Check Deposit
Digital Wallet Synching
Transfer Funds
Bill Pay
Online Banking Features
Direct Deposit
Online Bill Pay
Transfer Funds
Account Alerts (Text/Email)
Resources/Additional Features
Budgeting Tools
Financial Advisor

USAA Financial Strength and Reputation

Financial Strength - 4 / 5

Although USAA was founded in 1922, its banking division was itself established in 1983. The USAA's Property and Casualty Insurance Group has stellar ratings across all three rating agencies we consider for companies. USAA Bank has an excellent A+ rating with the BBB despite the number of complaints. On Trustpilot, the USAA as a whole has a poor 3.1 score, but the page has yet to be claimed. Consumers may contact the company through phone call, live chat, and social media–customers can also contact USAA representatives via email. The bank's support hours are from 6:30 a.m. to 10 p.m. Central Time, Mondays through Fridays, and from 8 a.m. to 6 p.m. Central Time on Saturdays.
Year Founded
1983
Standard & Poor's Financial Rating
AA+
Moody's Financial Rating
Aaa
AM Best Financial Rating
A++
Live Help 24/7
No
Customer Support Hours
Monday to Friday: 6:30 a.m. to 10 p.m. CT | Saturdays: 8 a.m. to 6 p.m. CT
Contact Methods
Phone
Email
Chat
Social Media
BBB Rating
A+
BBB Total Complaints
939
BBB Resolved Complaints
165
Trustpilot Rating
3.1 out of 10
Consumer Financial Protection Board (CFPB) Complaints
4,759
Date Collected
2018-09-18

Company Profile

Full Name
USAA Bank
Company Website
https://www.usaa.com/inet/ent_logon/Logon
Headquarters
9800 Fredericksburg Road, San Antonio, TX, 78288

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Top Rated
  • $0 minimum starting deposit
  • Checking account—earn 1% cash back on up to $3,000/m in debit purchases 
  • No monthly fees
  • Access to 60,000 free ATMs nationwide
  • High-yield money market and CDs
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