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USAA Savings Account Interest Rates: July 2023

USAA offers three types of savings accounts for its military-affiliated members, but the APYs are low

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Published July 14, 2023

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USAA Savings Account Rates

USAA is a membership association that’s open to military members and their spouses, as well as children of USAA members. This bank offers three savings account options: two for adults and one for kids under 18.

The annual percentage yields (APYs) on USAA savings accounts are quite low, but they increase slightly at higher balances.

The APYs listed below are up to date as of the date of publication of this article. We review the bank’s savings account rates every two weeks and update the information below accordingly.

Account Name	Balance for Highest APY	APY Range	Monthly Fee
USAA Savings	$0	0.01%	$0
USAA Performance First	$500,000	0.05%–1.60%	$0
USAA Youth Savings	$0	0.01%	$0

See the best savings account rates today:

USAA Savings Accounts: Key Features

USAA Savings Key Features
APY Range	0.01% across all balances
Minimum Balance to Earn Highest APY	N/A
Minimum Deposit to Open	$25
Monthly Service Fee	$0

USAA’s basic savings account earns a very small APY across all balances. According to the Federal Deposit Insurance Corporation, the average APY on savings accounts is 0.40%, so it’d be worth your time to look into other options.

You can open a USAA savings account with a small minimum deposit, and there are no monthly maintenance fees.

USAA Performance First Key Features
APY Range	0.05%–1.60%
Minimum Balance to Earn Highest APY	$500,000
Minimum Deposit to Open	$10,000
Monthly Service Fee	$0

USAA’s Performance First account offers slightly higher APYs, but it requires a minimum opening deposit of $10,000. The APY you get depends on your balance; in general, the higher your balance, the more you’ll earn.

This account doesn’t charge monthly service fees.

USAA Youth Savings Key Features
APY Range	0.01% across all balances
Minimum Balance to Earn Highest APY	N/A
Minimum Deposit to Open	$25
Monthly Service Fee	$0

USAA also offers a Youth Savings account for savers under 18. Parents must open the account on their child’s behalf. Once the child turns 18, the account will convert into a regular USAA Savings account.

The details of the Youth Savings account are otherwise similar to the USAA Savings account: a small APY across all balances, no monthly service fees, and a minimum opening deposit of $25.

USAA is a good bank in many ways, but not if you want to grow your child’s savings quickly; see the best savings accounts for kids for better options.

About USAA: Other Savings Options

Founded in 1922 as the United Services Automobile Association, USAA now serves millions of members affiliated with the military. To bank with USAA, you must be a U.S. military member or veteran, or a pre-commissioned officer. Spouses and children are eligible to join, as well.

Along with savings accounts, USAA also offers certificates of deposit (CDs) to help you meet your savings goals. Plus, it provides a variety of other financial products and services, including loans, mortgages, investing tools, and insurance plans.

If you’re a USAA member, you might appreciate the convenience of doing all your banking within a single institution. If a high APY is your priority, however, you can find better rates from other banks.

Compare Savings Account Rates

USAA offers low APYs on its savings accounts, and you can find higher rates elsewhere. Compare USAA to some accounts with higher yields below.

Is USAA Good for Savings?

USAA may be convenient for existing USAA members who want to do their banking in one place. However, USAA does not offer high APYs on its accounts, with the basic savings account earning less than the national average. If you’re looking for a good rate, check out the best high-yield savings accounts to grow your money.

Does USAA Have a High-Yield Savings Account?

USAA does not offer a high-yield savings account at this time. It offers two savings accounts for adults: the USAA Savings account and the USAA Performance First account. The Performance First account offers USAA’s highest APY, but you’ll need to have a fairly high balance to earn that rate.

By contrast, some other banks offer rates higher than 5% on high-yield savings accounts across all balances.

What Is the Minimum Deposit for a USAA Savings Account?

The minimum deposit for the USAA Savings account and the USAA Youth Savings account is $25. If you wish to open a USAA Performance First account, the minimum opening deposit is $10,000.

Are USAA Savings Accounts FDIC-Insured?

USAA savings accounts are FDIC-insured for up to $250,000.

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