USAA Federal Savings Bank was established in 1922, along with its subsidiaries, USAA Savings Bank and USAA Relocation Services Inc. The bank provide a full range of financial products and services to the military community worldwide. The mutual insurance company caters to over 6 million customers, mainly military personnel, military retirees, and their families.
USAA’s products and services include insurance, banking, investments, retirement, and advice. The bank also offers an app that gives users the ability to accept pre-approved credit offers, apply for checking and savings accounts as well as apply for life insurance after getting a quote.
Major banking competitors to USAA are Bank of America-Military Bank, Pentagon Federal Credit Union, and the Navy Federal Credit Union. What sets USAA apart from their competitors is their claim to be the best-in-class service based on military values, citing their dedication, history, and strength. They also cite their superior products as putting them ahead of the pack, offering industry-leading products from everyday needs to long-term goals.
Based on MyBankTracker’s Bank Report Card, USAA Bank scores 4 out of 5 stars overall, ranking high in good bank financial health, remote deposit access, and mobile bank services. Interestingly, USAA does not rank poorly in any category of our report card, with the lowest rating being “fair.”
On average the bank gets 3 out of 5 marks from reviewers. Raved about for their “impeccable customer service,” Sarah R. writes that in her 13 years banking with USAA she has never spoken to anyone who hasn’t been courteous and kind. She also cites their basic security and competitive interest rates as reasons they are “an incredible banking service.”
USAA’s secure checking has free nationwide use of ATMs, notice of security and fraud alerts, protection from unauthorized charges, doesn’t includes monthly fees, and includes an extended warranty from MasterCard. You can also open a USAA savings account with just $25. They currently offer savings rate APYs of 0.10% to 0.20%. Interest rates for mortgages range from 3.250% to 4.250%.
Deborah S. contends Sarah’s praise with her review, saying, “Great service until you get inaccurate information.” She refers to her recent experience depositing a check she wasn’t sure was good. After making several calls, she was told the funds had cleared and been verified. She then made a transaction using some of the funds from the check, but the check bounced the next day. USAA charged her a fee. In the end, she was told by that the bank that they would not refund her the fee and only offered to counsel the team members who gave out the inaccurate information. She ends her review by saying, “the entire situation has been an expensive pill to swallow.”
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(Reviews have been edited for clarity.)