USAA Federal Savings Bank, also known as USAA Bank, is dedicated to serving members of the military, veterans, and their families. If you qualify for an account with USAA and are considering opening a savings account, it’s important to understand the interest rates offered to ensure you make the most of your money.
Table of Contents
USAA Savings Account Rates Of December 2023
USAA Savings Account Overview:
USAA offers three savings account options, including a Youth Savings account for children of military personnel and two accounts for adults who are current or former military personnel and their spouses. Let’s explore the main savings account options:
USAA Savings:
- Requires a minimum opening deposit of $25.
- No monthly service fees or minimum balance requirements.
- Offers an annual percentage yield (APY) of 0.01% across all balance tiers.
USAA Performance First:
- Requires a minimum opening deposit of $10,000.
- No monthly service fees or minimum balance requirements.
USAA Savings Account Interest Rates:
Annual Percentage Yield (APY)
USAA Savings
Minimum deposit to open is $25
| Daily Collected Balance | APY |
|---|---|
| Less than $1,000 | 0.01 % |
| $1,000 to $4,999.99 | 0.01 % |
| $5,000 to $9,999.99 | 0.01 % |
| $10,000 and over | 0.01 % |
USAA Performance First®
Minimum deposit to open is $10,000
| Daily Collected Balance | APY |
|---|---|
| Less than $10,000 | 0.05 % |
| $10,000 to $24,999.99 | 0.10 % |
| $25,000 to $49,999.99 | 0.10 % |
| $50,000 to $99,999.99 | 1.00 % |
| $100,000 to $249,999.99 | 1.10 % |
| $250,000 to $499,999.99 | 1.20 % |
| $500,000 to $999,999.99 | 1.60 % |
| $1,000,000 and over | 1.60 % |
USAA Youth Savings
Minimum deposit to open is $25
| Daily Collected Balance | APY |
|---|---|
| Less than $1,000 | 0.01 % |
| $1,000 to $4,999.99 | 0.01 % |
| $5,000 to $9,999.99 | 0.01 % |
| $10,000 and over | 0.01 % |
APYs are current as of 12/05/2023. Rates subject to change. Fees may reduce earnings.
Pros of USAA Savings Rates:
- Wide range of products and services available.
- No minimum balance requirements for the standard savings account.
Cons of USAA Savings Rates:
- No high-interest savings accounts.
- APYs are lower than the national average.
Apart from savings accounts, USAA also offers certificate of deposit (CD) options for those seeking fixed-rate returns. The interest rates for some of the term lengths are as follows:
- 7-month CD: 0.05% APY
- 1-year CD: 4.50% APY
- 2-year CD: 3.05% APY
In conclusion, if you have served in the military or are connected to military personnel, USAA Federal Savings Bank provides specialized banking services to help you achieve your financial and savings goals. Make sure to research which savings account option aligns best with your needs and keeps your best interests in mind.
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