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USAA Bank Rates & Review

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USAA Bank Review

USAA Bank has its roots in the United Services Automobile Association, an automobile insurance company founded by a group of Army officers in 1922 in San Antonio, Texas.

USAA provides insurance, banking, and investment products and services to the United States military community, currently (2010) serving 7.7 million members throughout the United States. USAA Federal Savings Bank was founded in 1983 and is based in San Antonio.

Personal banking

USAA Bank offers a variety of savings account and checking account options for military members. USAA Free Checking Account provides free nationwide ATM use up to a certain limit, and includes Web Bill Pay and free Deposit@Home and Deposit@Mobile for qualifying members. Also, unlimited funds transfers to any U.S. bank are provided. This account is free of monthly fees regardless of the account balance.

The USAA Savings Account uses the tiered rate system: the higher the balance, the higher the savings account interest. This account has no monthly service fees, regardless of balance amount, ATM nationwide usage is free up to a certain limit and customers can use free postage-paid deposit envelopes. CD accounts are available with terms from 30 days to 7 years.

Credit and lending

USAA Bank offers home mortgages, home equity products, credit cards, car buying services and credit check monitoring. Personal, auto, motorcycle, RV and boat loans are available.

The Movers Advantage program allows clients to connect with a real estate agent who “knows the needs of military members.”


Parent company USAA provides a variety of investment products and services including mutual funds, IRAs, annuities, college savings options, personal asset management, brokerage services, market news and research.


Home, auto, life and health insurance policies are available through the parent company USAA.

Financial planning

Financial planning services include personal financial plans, investment allocation, estate planning, USAA wealth management and retirement planning. USAA Bank offers discounts on diamonds, jewelry, flowers, rental cars and home security systems, plus cruise and travel insurance.

Deposit insurance

USAA Bank Federal Savings Bank has been insured by the Federal Deposit Insurance Corporation since its founding in 1983. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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