While USAA Bank had a great checking account, the same cannot be said of their savings account. While there are no monthly fees and great features such as tiered rates and online banking, it does not make up for the low interest rates offered by the bank. USAA Bank offers two different savings accounts, a regular one and a performance first account.

The regular account only requires a minimum opening deposit of $25, and the interest rate starts out at 0.20%. If one puts $25,000 or more into the account they will receive a higher rate of 0.40%. This is well below the industry average of 1.00%, and it does not improve much further when it comes to the performance first account. The performance first savings account requires a $10,000 minimum opening deposit with no monthly balance fees. However, the rates range from 0.40% for $10,000 to $25,000, to 0.50% for $50,000+. It is still half of what one can receive at other major banks on average, and thus one should consider looking elsewhere for higher rates when it comes to USAA Bank’s savings accounts.