USAA Bank Savings Accounts …not just for members of the military

There are positives and negatives to all high interest savings accounts. The purpose of this post is to ferret out those pros and cons, in regards to USAA savings accounts, and see how they add up. Do they add up to equal one of the best savings accounts or do they result in average accounts with average returns. USAA Bank has two different savings accounts. They have their USAA savings account and their USAA performance first savings account. The regular savings account is for beginning investors with limited funds to deposit. Another great feature at USAA is their “Deposit at Home”. Basically, this means that you can scan in your checks from home and it will deposit immediately into your savings account, or checking account.
USAA is constantly getting feedback from users. They have ratings for all of their products so they can get feedback on ways to improve.

USAA Savings account

The Good of USAA Savings

The initial deposit requirement is only $25. The great part is that no matter what your balance is there are no monthly service fees. USAA bank will also refund any ATM fees you are charged when using ATMs for other Banks. Interest rates for this account are tiered so that the more that you have on deposit the more you earn. The online savings account is FDIC-insured against bank failure.

The Bad of USAA Savings

Rates on this savings account are variable and may change at anytime. This means that your returns are not guaranteed.

The So-So of USAA Savings

The savings rates while tiered are not the highest. There are many savings accounts available online that offer much higher interest savings accounts such as Sallie Mae and American Express.

USAA Performance First Savings account

The Good of the USAA Performance First Savings Account

This online savings account is also FDIC-insured. You can appy for the account from the comfort of your own home using USAA Bank’s online banking services. The connected interest rates are tiered, so you earn more when you have more deposited. Free fund transfers to any bank in the Unites States and free postage paid envelopes.

The Bad of the USAA Performance First Savings Account

The initial deposit requirement is $10,000. This amount may be out of range for many investors. The interest rates for this account are not among the nation’s best when comparing rates. In fact USAA savings rates are about half the APY rate of the best savings accounts. Think of Ally Bank, and their APY rate that is over 1% with no minimum deposit requirement.

The Mediocre of the USAA Performance First Savings Account

As you would expect. there are limits to the number of transactions you can have clear your online savings account in a month. Specifically, you are limited to six debit transactions per monthly statement cycle. Many savings accounts have this limitation so it is just average.

Summary of USAA Savings Accounts

There are good, bad, and mediocre details for most online savings accounts. When it comes to USAA savings accounts there is a lot of good, but the mediocre rates are a huge stumbling block to labeling them as truly high rate savings accounts. If rates are not the largest deciding factor for you, and you would like to know more about USAA Bank please read Bank Truths’ review.