USAA Bank
USAA began in 1922 when a group of Army officers, unable to obtain auto insurance because they were considered high risk, chose to insure one another. These officers 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, which now includes 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 surviving spouses 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?
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
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.
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.
Personal Loans
USAA offers personal loans with fixed interest rates. While specific rates can vary based on your credit and other factors, past promotions have included competitive APRs.
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
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 the most common banking and financial tasks.
Visit USAA.
