Yes, USAA offers savings accounts for members

USAA has multiple savings account options available to its members. The main product is called the USAA Savings Account, which is a basic savings account where you deposit money and earn interest on your balance. USAA also offers a Money Market Account, which typically pays higher interest rates but requires a larger opening deposit and has limits on how often you can withdraw money each month.

Both accounts are held at USAA Federal Savings Bank, which is USAA's banking division. Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type, meaning your money is protected if the bank fails.

Key Takeaways

  • USAA offers a standard Savings Account and a Money Market Account, both earning interest on your balance.
  • Interest rates on USAA savings accounts change over time and depend on the current economic environment, so you should check USAA's website for current rates before opening an account.
  • USAA savings accounts come with online access, mobile banking, and the ability to link to your USAA checking account for straightforward transfers.
  • You must be a USAA member to open a savings account, which typically requires military service, military family status, or sponsorship by an existing member.

How USAA savings accounts earn interest

When you deposit money into a USAA savings account, the bank pays you interest on that balance. The interest rate changes periodically based on what the Federal Reserve does with its benchmark interest rate. USAA publishes its current rates on its website, and you can see exactly what you'll earn before you open an account.

Interest is usually credited to your account monthly. This means if you have $5,000 in your account and the rate is 4.00% annually, you would earn roughly $16.67 that month (though the exact amount depends on how many days are in the month and the bank's calculation method). That interest gets added to your balance, and next month you earn interest on the larger amount — this is called compound interest.

The longer you leave money in the account without withdrawing it, the more interest you accumulate. However, USAA savings accounts do not lock your money away. You can withdraw funds whenever you need them, though federal rules limit you to six withdrawals per month from a savings account (this rule applies to all banks, not just USAA).

The difference between USAA's Savings Account and Money Market Account

The USAA Savings Account is the simpler option. It has a low or no minimum opening deposit (this varies, so check current requirements), no monthly maintenance fees, and straightforward terms. You can make deposits and withdrawals as you need them, within the six-withdrawal-per-month federal limit.

The USAA Money Market Account typically offers a higher interest rate, but it comes with trade-offs. It usually requires a larger opening deposit — often $2,500 or more, though this can change. It also has tiered interest rates, meaning the rate you earn depends on how much money you have in the account. The more you deposit, the higher your rate. Like the savings account, it has the six-withdrawal-per-month limit.

For most people new to banking or saving small amounts, the regular Savings Account is the better choice. The Money Market Account makes sense if you have a larger sum to deposit and want to earn a higher rate without needing to access the money frequently.

How to open a USAA savings account

To open any USAA account, you must first be a USAA member. Membership is limited to people with military service history, military family members, and people sponsored by existing members. If you already have a USAA checking account or other product, you are already a member.

If you are not yet a member, you can check your may be able to access on USAA's website. The membership process is straightforward and usually takes a few minutes online. Once you are a member, opening a savings account is straightforward: you can do it entirely online through USAA's website or mobile app, or by calling their customer service line.

You will need to provide basic information like your name, address, Social Security number, and date of birth. USAA will verify your identity and run a background check (this is standard practice at all banks). Once approved, your account opens when ready, and you can start depositing money right away.

Moving money in and out of your USAA savings account

You can deposit money into your USAA savings account in several ways. If you have a USAA checking account, you can transfer money between them online when ready at no cost. You can also deposit checks using USAA's mobile app — you photograph the front and back of the check, and the funds appear in your account within a few business days. Some USAA members can also deposit cash at partner banks or ATMs, though this depends on your location.

Withdrawing money is equally flexible. You can transfer funds from your savings account to your checking account online anytime. You can also withdraw cash at USAA ATMs or at ATMs in the Allpoint network, which has hundreds of thousands of machines worldwide. If you need a large withdrawal, you can request a check or wire transfer, though wire transfers typically cost a small fee.

Remember that federal rules limit you to six withdrawals per month from a savings account. This includes transfers, checks, and ATM withdrawals. If you exceed six withdrawals in a month, USAA may charge a fee or convert your account to a checking account. This rule exists at all banks, not just USAA.

Comparing USAA savings accounts to other banks

USAA's savings account rates are competitive but not always the highest available. Online banks like Marcus, Ally, and others sometimes offer higher rates because they have lower overhead costs. However, USAA offers something those banks do not: the ability to link your savings account seamlessly to a USAA checking account, access to USAA's customer service, and membership in an organization built specifically for military families.

If you are a USAA member primarily for other products like checking, auto insurance, or home insurance, keeping your savings account with USAA makes sense because everything is in one place. If you are shopping purely for the highest savings rate, you may find better rates elsewhere. The difference is usually small — often less than 0.5% annually — so convenience and trust matter as much as the rate itself.

What to know about USAA savings account fees

USAA savings accounts typically have no monthly maintenance fees, no minimum balance fees, and no fees for transfers between your own accounts. This is one of USAA's strengths compared to some traditional banks that charge monthly fees.

You may encounter fees in specific situations. If you exceed the six-withdrawal limit in a month, USAA may charge a fee per excess withdrawal. If you request a wire transfer, there is usually a small fee (typically $15 to $25). If your account falls below a certain balance for an extended period, some account types may have fees, though this is rare with USAA's savings products.

The best approach is to check USAA's current fee schedule on their website or ask a representative when you open your account. Fees change occasionally, and what applies today may differ in the future.

Frequently Asked Questions

Can I open a USAA savings account if I am not military?

You can open a USAA savings account only if you are a USAA member. Membership requires military service, military family status, or sponsorship by an existing member. If you do not meet these criteria, you cannot open a USAA account. However, you can open a savings account at other banks that do not have membership restrictions.

How much interest will I earn on my USAA savings account?

Interest rates change frequently and depend on economic conditions. USAA publishes its current rates on its website, and you should check there for the exact rate before opening an account. The rate you earn also depends on which account type you choose — the Money Market Account typically pays more than the regular Savings Account.

What happens if I withdraw more than six times per month?

Federal rules limit savings account withdrawals to six per month. If you exceed this limit, USAA may charge a fee per excess withdrawal or convert your account to a checking account. If you need to withdraw money frequently, a checking account is a better choice than a savings account.

Is my money safe in a USAA savings account?

Yes. USAA Federal Savings Bank is insured by the FDIC, which means deposits up to $250,000 are protected if the bank fails. This protection applies to each account type separately, so you could have $250,000 in a savings account and $250,000 in a checking account, and both would be fully protected.

Can I have both a USAA checking account and a savings account?

Yes. Most USAA members have both. You can transfer money between them when ready online at no cost, which makes it straightforward to move money from savings to checking when you need it, or from checking to savings when you want to set money aside.