Who is USAA Federal Savings Bank?
Welcome to the USAA Bank Review where we’ve uncovered the pros and cons of banking with USAA Federal Savings Bank. This bank was established in 1983. USAA Bank offers a full range of financial products to the military community around the world. Working with their bank is a benefit to military families as they help people to find homes and cars. USAA Bank is known for offering a wide range of products including insurance.
In this USAA Bank Review we’ve found that customer service is easy to get ahold of for all their different accounts and services. Their website is easy to use, and allows you to manage all of your accounts on the home screen. Customers can view a snapshot of their retirement accounts, and can open a new IRA account and set up automatic contributions. Other benefits include:
- If you have a savings account, you can easily apply for other accounts at any time.
- To apply for a credit card, personal loan, auto loan, or even a mortgage, fill out the paperwork on the website and you will receive a decision within a few days.
- For a personal loan, USAA can overnight a check to you if you are approved for a loan.
- USAA does not charge a fee if you do not add money to your account each month.
- The minimum required amount to open a savings account is only $25.
- They offer a youth savings account as well as a college checking account.
- There are no monthly fees and no balance required to keep in the account.
- USAA offers fixed rate CDs, adjustable rate CDs and variable rate CDs. The terms vary depending on the type of CD you choose.
This USAA Bank Review has also found the following cons; as with any bank, there are some drawbacks to being a customer with USAA. These include:
- Only US military service members, veterans with an honorable discharge and their eligible family members can open an account with USAA Bank.
- In order to open their USAA Performance First savings account you must deposit over $10,000.
- The lowest amount required to open a CD account is $250. The minimum amount required to open most of their CDs ranges from $1,000 to $175,000.
- USAA offers mobile deposit, but only certain deposits qualify.
The interest you receive on their CD account changes depending on how much money you can invest and the length of the CD. The CD accounts offered through USAA seem to be best suited for those who have a great deal of money to invest and can keep the money in the CD for a long period of time.
Is USAA Bank a Good Choice?
At the end of this USAA Bank Review we feel confident in saying that the interest rates on their checking accounts and youth savings account are very low. USAA isn’t a bank set up for everyone; it is best suited for United State Veterans and their families. The interest rates offered aren’t very high compared to other online banks. Those who have been customers of USAA love banking with them. If you are a veteran, USAA might be a good option for you, if you are looking for the best type of account to help you earn interest, there are other banks better suited for your needs.
9800 Fredericksburg Road
San Antonio, TX 78288
Customer Service Number