USAA High Yield Savings
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USAA Bank boasts a savings account with an adequate rate and no fees. But you may not be eligible to get it. Read on to find out.
Overall Score | 3.4 | ||
Savings | 2.5 | ||
Fees | 3.5 | ||
Mobile App | 4.5 | ||
Customer Service | 3.0 | ||
Pros and Cons
- $0 monthly fees
- Free bank card
- Low APY
- Not available for all
Bottom Line
Savings account with low rate and limited availability
USAA Bank has two main savings options. Their high-yield savings account, USAA Performance First®, has a decent APY on certain balances and $0 monthly fees.
However, not everyone is eligible to open an account. Continue reading on to learn more about it.
What Is Performance First®?
USAA Performance First® is a premium savings account offering up to 1.45% APY on balances of $500,000 or more.
While its highest rate is still low compared to some high-yield savings accounts, it is above the average national savings rate.
A minimum initial deposit of $10,000 is required to open an account. But at least you won't have to worry about recurring service charges because there are no monthly maintenance fees. [1]
Balances below $500,000 unfortunately get lower rates. Below are the balance tiers applicable for 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 | 0.85% |
| $100,000 to $249,999.99 | 0.95% |
| $250,000 to $499,999.99 | 1.04% |
| $500,000 and more | 1.45% |
How Much Can You Earn?
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Here's a calculator you can use to see how much your money can grow with a USAA Performance First® account.
Who Is Eligible to Open an Account?
You must be a member of the USAA to open a Performance First® savings account. To be eligible for membership, you must be part of or be affiliated with the military such as the following:
- Active duty
- National Guard
- Reserves
- Veterans who served honorably
- Cadets or Midshipmen
- Spouses and children of USAA members
USAA Performance First Features
Apart from helping you build your savings gradually, the USAA Performance First® account offers additional benefits:
- Easily and securely manage your banking online from anywhere using USAA's online system.
- An optional ATM card for convenient access to your funds.
- Access financial management tools by linking your USAA checking account. These tools include Text savings, Recurring transfers, ATM rebates, and Tax refunds.
Fees to Look Out For
With a USAA Performance First® account, you won't have to worry about paying any monthly service fees. However, an excessive transaction fee may be imposed if you go over the limit of 6 withdrawals per month.
Pros and Cons
Pros
- $0 monthly service fees
- Option to link a checking account
- Access to online budgeting tools
- Free ATM card upon request
- Access to USAA or preferred ATMs
- Refunds up to $10 per statement cycle in non-USAA ATM surcharges
Cons
- Relatively low APY
- $10,000 opening deposit
- High balance required to earn APY
Is USAA Bank Safe?
Yes, it is. USAA Federal Savings Bank is a member of the FDIC (Cert #32188), which means deposits are insured up to $250,000 per depositor, per ownership category.
Thus, should the bank fail in the future, your funds are guaranteed up to the maximum amount allowed by law.
Who Is It Best For?
USAA Bank's Performance First® account is best for those who are affiliated with the military. It can be a good choice for active or retired military personnel and their families.
And because you need at least $500,000 to earn the highest APY, it would be ideal for those who have large balances available. It's a decent option for those who want to slowly grow their funds.
How USAA Performance First Compares
High-Yield Savings Premier - 4.81% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.70% APY
- 4.70% 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
High Yield Savings Account - 4.57% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank
High-Yield Savings Account - 4.61% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Other USAA Bank Offers
USAA Bank: 9-Month Jumbo CD - 3.20% APY
USAA Bank: Youth Spending Account
- No monthly fee
- Minimum opening deposit of $25
- No overdraft fee
- FDIC insured
Bottom Line
USAA Bank's Performance First® savings account offers a decent APY on balances over $500,000. Though it boasts $0 monthly fees, there is an opening deposit requirement of at least $10,000.
But, it is only available for people involved in the military community and is designed for those with large cash reserves.
Regardless, if you can't meet the requirements there are other banks that could offer better rates with little to no requirements that might be a better fit for you.
References
- ^ USAA. USAA FederalSavings Bank Depository Agreement and Disclosures, Retrieved 12/21/2023
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- 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 - $300 Bonus Offer
- The $300 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 01/31/2025.
- To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking - Up to $400 Bonus
Earn up to $400 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 $200 or $5,000 or more to earn $400
Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.70% APY
- 4.70% 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.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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