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.
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Savings | 2.5 | ||
Fees | 3.5 | ||
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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 0.93% 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 | 0.01% |
$10,000 to $49,999.99 | 0.01% |
$50,000 to $99,999.99 | 0.38% |
$100,000 to $249,999.99 | 0.48% |
$250,000 to $499,999.99 | 0.58% |
$500,000 and more | 0.93% |
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
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 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. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 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, see FAQs on Discover.com/Bank. See advertiser website for full details.
UFB Portfolio Savings - Earn up to 4.01% APY
- Earn up to 4.01% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High-Yield Savings Account - 4.30% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Other USAA Bank Offers
USAA Bank: 9-Month Jumbo CD - 2.00% 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 05/31/2025.
- 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.
Silver Business Checking account - $500 Bonus
Promo code Q1AFL25 MUST be used when opening a U.S. Bank Silver, Platinum, or Business Essentials Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts. Business Essentials is not available in all markets; contact a banker for more details.
Earn your $500 Business Checking bonus by opening a new U.S. Bank Silver Business Checking or Business Essentials account between 1/16/2025 and 3/31/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC.
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 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. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 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, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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