USAA Bank
When dealing with military life, from frequent moves and sudden orders to the shift between active duty and civilian work, your choice of bank matters more than most people realize. USAA Savings Bank often enters the conversation early, but before signing up, it’s worth asking: What does USAA offer?
Our breakdown looks at how USAA Bank fits into the broader world of military-focused financial institutions. We’ll cover who’s eligible, what services stand out, and where it may or may not meet your needs.
USAA Bank History
USAA began in 1922 when a group of Army officers, unable to find auto insurance due to being considered high-risk, chose to insure one another. These offerices formed the United States Army Automobile Association to meet their own needs when no one else would. Back then, most insurance companies thought military members were too high-risk to insure.
By 1924, the organization expanded its reach beyond Army officers. There was a name change to United Services Automobile Association (USAA) to reflect its broader membership, welcoming commissioned officers from all branches of the U.S. military. Over the decades, it has expanded beyond insurance into banking, loans, and investments and has grown into one of the largest financial institutions, serving over 13 million members.
Who Can Join USAA Bank?
USAA isn’t open to everyone, and that’s part of what shapes the way it does business. To open a USAA Federal Savings Bank account, you need to be a current or former member of the U.S. military or a qualifying family member. That includes:
- Active duty, retired, or veterans honorably discharged from the Army, Navy, Air Force, Marines, Coast Guard, National Guard, Space Force, or Reserves;
- Pre-commissioned officers (i.e., service academy cadets, midshipmen, those in advanced ROTC or on scholarship, and officer candidates close to commissioning.)
Spouses and children of USAA members can also qualify, along with widows/widowers, and unremarried former spouses, as long as they had USAA insurance during the marriage. If your parent was a member, that can also make you eligible.
What Kind of Banking Products Does USAA Offer?
USAA Federal Savings Bank provides most of the basics you’d expect from any large financial institution but with a military lens.\
Military Checking and Savings Accounts
USAA checking and savings accounts are “digital-first,” meaning much of your banking is through a mobile app with no monthly maintenance fees. Members can access more than 100,000 ATMs nationwide, and if you use an out-of-network ATM, you get up to $10 in monthly reimbursements.
After your account is open, you can also add another USAA member to it. Direct deposit is standard, and you can set up early pay (up to two days) when your military pay posts ahead of schedule.
Read more: USAA Early Pay Dates for Military
Mobile-First Banking
The USAA app and online platform allow you to do everything from depositing checks to managing multiple accounts, applying for loans, and chatting with support.
Loans Designed Around Military Life
Whether you’re buying your first car, settling into a new PCS location, or trying to refinance student debt, USAA offers a full suite of lending products.
VA Loans
USAA is one of the longstanding VA-approved lenders, offering purchase loans and refinancing through VA IRRRLs (Interest Rate Reduction Refinance Loans).
If you’re eligible for a VA loan through USAA, you can buy a home with no down payment and not have to worry about private mortgage insurance (PMI), which is typically required on conventional loans with low down payments. USAA also doesn’t charge an origination fee on its VA loan products, and if you’ve used your VA loan benefit before, you might be able to reuse it (or refinance later on), depending on your situation.
Auto Loans
You can apply for an auto loan directly through the USAA app or site, often with same-day approvals. USAA offers an interest rate discount just by setting up automatic payments and loan terms of up to 84 months, depending on your credit.
Once approved, your loan offer is good for 45 days. There are no application fees or early payoff penalties. And if you’re stationed overseas or moving with orders, USAA generally allows you to take your vehicle with you.
Personal Loans
USAA offers personal loans with fixed interest rates and flexible terms. While specific rates can vary based on your credit and other factors, past promotions have included competitive APRs. USAA also doesn’t charge application fees or penalties if you decide to pay off your loan early.
Is USAA a Full-Service Bank?
USAA offers many core banking products, such as checking, savings, CDs, credit cards, and insurance (through separate branches of the USAA company). However, it doesn’t provide in-person banking. There are no traditional branches—everything is done online, through the app, or by phone.
What About Investment Services?
USAA offers a range of investment services tailored to the needs of military members and their families through a partnership with Charles Schwab. Members can access brokerage accounts to invest in stocks, bonds, mutual funds, and more, often with low or no commissions for online trades. USAA also offers members educational resources that walk you through the basics of investing.
Customer Support and Accessibility
24/7 customer support is available by phone or online. USAA’s mobile app also includes secure messaging and virtual assistance. USAA’s Help Center also features searchable FAQs and how-to guides for most common banking and financial tasks.
Is USAA Right for You?
If you want a bank that understands the demands of military life, USAA is one of the few institutions that genuinely gets it. Its digital banking works well if you’re stationed abroad, its VA loan process is streamlined, and support is available whenever needed.
But it’s not a perfect fit for everyone. USAA no longer offers student loans directly, and it doesn’t have branches if you like in-person service (USAA has a single financial center location in San Antonio, Texas. Bottom line: USAA can be a strong option for military-aligned banking, but it’s smart to compare it with other institutions before locking anything in.
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