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USAA Savings Rates: July 2024

Updated
Lyle Daly
By: Lyle Daly
Lyle Daly
Lyle Daly
Writer

Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.

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Ashley Maready
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Ashley Maready
Ashley Maready
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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

USAA is a banking and insurance company with services available to military members and their families. While it's known for excellent customer service, USAA savings rates fall short of what other banks offer.

USAA interest rates

USAA Bank has three savings accounts available: Two for adults and one for children. USAA Savings and USAA Youth Savings have extremely low APYs that are well below the national average. USAA Performance First® Savings earns more, but its rates are still subpar considering the deposit requirements to earn them.

Note that the USAA Performance First® Savings has tiered rates based on your daily collected balance.

Account APY Minimum Deposit
USAA Savings 0.01% $25
USAA Performance First® Savings up to 1.50% $10,000
USAA Youth Savings 0.01% $25
Data source: USAA.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 4, 2024
Min. to earn: $1
N/A

USAA savings account overview

Here are more details on USAA savings accounts, including fees, deposit requirements, and withdrawal limits.

Monthly fees

None of the USAA savings accounts charge a monthly fee. You don't need to pay anything to keep your account open.

Minimum deposit

USAA Savings and USAA Youth Savings accounts have a minimum deposit of $25, which isn't bad, although there are plenty of online savings accounts with $0 minimums.

USAA Performance First® Savings has a $10,000 minimum deposit. That's extremely high considering its interest rate -- other savings accounts earn much more and come with lower deposit requirements.

Minimum daily balance

USAA's savings accounts don't have a minimum daily balance, which is always a nice perk from a bank account. You need to meet the minimum deposit requirements for the account you choose, but after that, you're not required to keep a minimum balance in your account.

Note that your USAA bank account could be closed if it has a $0 balance and no activity for 75 business days.

Withdrawal limit

USAA has an ATM withdrawal limit of $600 and allows up to 20 withdrawals every 24 hours. This is on the low side compared to other banks, but you can request a temporary increase if you need to withdraw a larger amount.

Compounding schedule

Interest on USAA bank accounts is compounded and credited on a monthly basis. It's one of many banks that uses a monthly compounding schedule.

Are USAA savings rates worth it?

USAA savings account interest rates are much lower than what you could get from high-yield savings accounts. You're better off looking elsewhere so you can earn more interest on your money.

The Ascent's best savings accounts

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. The Ascent's top savings account picks can earn you more than 10x the national average savings account rate.

Best Savings Accounts

Our savings account methodology

At The Motley Fool Ascent, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • USAA doesn't have good savings rates. USAA savings account rates aren't just significantly less than what high-yield savings accounts earn, they're well below the national average.

  • USAA doesn't offer a high-yield savings account. The USAA Performance First® Savings account has an above-average APY for clients with balances of $50,000 or more, but even those rates are much lower than what high-yield savings accounts earn.

  • Here's how to open a USAA savings account:

    • Go to the USAA website.
    • Select "Banking," and then select "Savings" from the drop-down menu that appears.
    • Choose the savings account you want and select "Apply Now."
    • Log into your USAA account or join USAA if you don't have any account yet.
    • Fill out the application with the required information.