Ad Disclaimer

5Star Bank VS USAA

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 4.5 Star Icon
  • Website Experience: 3.5 Star Icon
  • Bank Fees: 3.5 Star Icon
No Rate Information
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Variety of personal accounts offered
  • Low opening required amounts
  • Reimbursement for ATM fees
  • Savings account offers good rates

Cons:

  • Money market account has tiered rates
  • Accounts have monthly fees
  • Daily debit card limits
  • Cannot open accounts completely online
  • Financial Rates: 3.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
Star Icon Star Icon Star Icon Star Icon Star Icon

Pros:

  • Low opening required amounts
  • No monthly fees or required balances
  • Youth and college accounts available
  • ATM reimbursement for USAA accounts

Cons:

  • Low-interest rates
  • Business accounts are not offered
  • Not a wide variety of accounts
  • Must be a member to open accounts
5Star Bank Review

5Star Bank offers a variety of accounts. They offer personal deposit and business accounts. These include:

  • 5Star checking account
  • E-Checking account
  • Basic savings account
  • Money market account
  • CD terms from six-months to five-years
  • IRA CDs from 18-months to five-years
  • Lending options
  • Credit cards
  • Business checking and money market accounts
  • Business CDs from six-months to five-years
  • Business lending and credit options

5Star Bank has low amounts required to open their accounts. The E-Checking requires $50. The 5Star checking and the basic savings account require $100 to open. Both the money market account and the different CD terms require $1,000 to open.

The 5Star checking account refunds up to five ATM transactions fees per month. You must keep at least $1,000 in the checking account to have ATM transactions refunded. The E-Checking account does not offer ATM reimbursement.

The basic 5Star savings account offers competitive rates. The rates are higher than typical brick-and-mortar rates. This account only requires $100 to open and keep in the account to waive the monthly fee. Any amount in the account earns the competitive rate. These rates are not tiered.

To earn the most competitive rates for the money market account requires an account balance over $1 million. Any balance over $1,000 does earn interest but a lower rate. The rates gradually increase the more money you have in the account.

Most 5Star Bank accounts have monthly maintenance fees. The savings account fee is $2. The money market fee is $5, and the checking account fee is $7. Waive each of these fees by keeping a set amount in the accounts. Those balances range from $100 to $1,000, depending on the account.

5Star has daily limits for your debit card. The limit for point of sale purchases is $1,000 per day. The daily limit for ATM withdrawals is $300.

Accounts through 5Star Bank are not available to open entirely online. To open the accounts, you need to visit a branch location. You may be able to open the accounts through the mail. Contact customer service for more information.

Read the full 5Star Bank review.

USAA Review

Most USAA accounts only require $25 to open the accounts. To earn interest on the Classic checking account, you must have $1,000 in the account.

There are no monthly fees for any USAA accounts. They do not have a set amount required to keep in any of their accounts. Some accounts only earn interest if the balance is a set amount. However, you will not be charged a fee for not having a certain amount in the account.

Youth and college accounts offered through USAA do not have a monthly fee. There is not a required balance to keep in the account. The youth savings account earns interest. The youth checking account offers parental controls. Parents can set debit or ATM limits and receive text alerts. The college account only requires $50 to open. Friends and family can contribute to these accounts.

There are over 60,000 free USAA ATMs. The first ten withdrawals from a USAA owned ATM are free. USAA refunds up to $15 in ATM fees charged from using other banks ATMs. The ATM reimbursement does not apply to the USAA Cashback Rewards checking account.

USAA accounts do not offer competitive interest rates. The rates are slightly higher than those of your typical brick and mortar banks. Some CDs receive more competitive interest rates. All other accounts are much lower than other online-only accounts.

USAA does not offer business accounts. The only accounts offered are personal checking and savings accounts and CDs. Insurance, investments, and retirement options are available. Loans, credit cards, and real estate options are offered.

USAA only offers two different checking accounts and two savings accounts. The basic savings account only requires $25 to open the account. The other savings account requires $10,000 to open. Only one checking account earns interest. The other checking account earns cashback rewards. They do not both have the same benefits.

To open an account with USAA, you must become a member. Those eligible to become a member are active and former military and their families. Cadets and midshipmen at academies are eligible to become a member. Once accepted, USAA will help you find the right accounts for your needs.

Read the full USAA review.

Sponsored Offers

Looking For
— a —
LOAN?
If you're in need of money, use our new personal loan chart to see what offers are available to you.
ploans logo