USAA Bank: Current Interest Rates, Savings Accounts & Loans, Ratings & Complaints

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USAA, otherwise known officially as United Services Automobile Association, represents a well-known insurance provider and financial services company that serves active and retired military members as well as their family, spouses and children. It has been in operation since 1922, when the organization was first started by military officers to self-insure themselves for automobile use when no else would due to their military activity being considered high-risk. USAA offers insurance, banking products including mortgage, credit cards, auto loans, checking and savings accounts.

While USAA today is restrictive in membership, it has a wide customer base (9.4 million approximately as of 2012) and a very strong reputation for service delivery. However, aside from all the insurance policies and investment options USAA offers customers, it also provides banking services as well.

USAA Banking includes both checking and savings services, including access to credit cards and personal consumer loans for car and home financing. The USAA Savings program relies heavily on an Internet-banking model, allowing customers to deposit funds electronically and to withdraw the same way or through a network of affiliated ATMs nationwide.

The USAA Savings program offers both traditional savings as well as certificates of deposit. Further, depositors don’t pay any fees to maintain accounts, funds can be transferred for free within the U.S., and depositors enjoy tiered interest rates for earnings, depending on the amount deposited. For actual face-to-face deposits, USAA doesn’t have street addresses offices in most areas. However, it gets around this problem with a partnership with UPS, arranging for financial deposits to be made to USAA accounts through UPS Store locations, which is secure and reliable.

USAA Bank has won multiple awards and recognition for its service, reputation and customer support. This isn’t a website boast; awards have been given to the Bank from Forrester Research, Investor’s Business Daily, and BAI.

Finally, having a savings account with USAA gives a customer the ability to open a checking account as well, which opens up other services and opportunities, including USAA’s bill payment tools as well as their remote deposit options with mobile devices and Internet scanning as well. And all savings accounts are insured with the federal government up to $250,000.

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