Have you been thinking about securing your financial future or building a safety net for unexpected expenses? Opening a savings account is one of the most fundamental steps you can take towards achieving your financial goals. And if you're part of the military community or have a family connection to it, USAA offers a range of financial products, including savings accounts, tailored to your unique needs.
This comprehensive guide will walk you through every single step of making a USAA savings account, from checking your eligibility to funding your new account. Let's get started on your savings journey!
How to Make a Savings Account with USAA: A Step-by-Step Guide
Step 1: Discover Your USAA Membership Eligibility – Are You In?
Before you can even think about opening a USAA savings account, the absolute first thing you need to do is confirm your eligibility for USAA membership. USAA is renowned for serving the military community, and their services are exclusively available to:
- Active-duty military: This includes members of the Army, Navy, Air Force, Marine Corps, Coast Guard, and Space Force who are currently serving.
- National Guard and Reservists: Those actively serving or who have previously served in these capacities.
- Veterans who have honorably served: This is a broad category encompassing individuals who have received an honorable or general under honorable conditions discharge.
- Contracted cadets and midshipmen: Individuals in commissioning programs like ROTC or attending service academies.
- Officer and warrant officer candidates.
- Spouses and children of USAA members: This is a key point for many. If your parent or spouse is a USAA member, you may also be eligible!
Sub-heading: Verifying Your Connection
To verify your eligibility, you'll typically need to provide information about your or your family member's military service, such as:
- Branch of service
- Rank
- Date of entry to active service
- Start and end dates of service (for veterans)
- For family members, you'll likely need the USAA number of the military member or veteran.
Don't worry if you're unsure! The USAA website has a clear "Join USAA" section where you can input your information and quickly ascertain your eligibility. You can also call their customer service for assistance.
Step 2: Choose the Right USAA Savings Account for You
USAA offers a couple of savings account options, each designed to meet different savings goals. Understanding the differences will help you pick the one that best suits your financial situation.
Sub-heading: USAA Savings Account
- This is USAA's standard savings account.
- It typically requires a minimum opening deposit of $25.
- While it has no monthly service fees, the interest rates are generally quite low. This account is excellent for starting your savings journey and having easy access to your funds.
Sub-heading: USAA Performance First® Savings Account
- This account is designed for those who can deposit and maintain a higher balance.
- It requires a minimum opening deposit of $1,000.
- The advantage here is the opportunity to earn higher interest rates based on your balance. If you have a larger sum to save and want to maximize your earnings, this might be the better choice.
Consider Your Goals:
- Are you building an emergency fund?
- Saving for a down payment on a house?
- Putting money aside for a specific purchase?
Thinking about your savings goals will guide you in choosing the account that aligns with your financial aspirations.
Step 3: Gather Your Essential Information and Documents
Once you've confirmed eligibility and decided on the type of savings account, the next crucial step is to gather all the necessary personal information and documents. Having these on hand will make the application process smooth and quick.
Sub-heading: Personal Information You'll Need
Be prepared to provide the following details:
- Full Legal Name
- Current Address (physical and mailing)
- Date of Birth
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Contact Information: Phone number and email address
Sub-heading: Documents You Might Need
While much of the process is online, it's wise to have these readily available in case they're requested for verification:
- Government-Issued Photo ID: This could be a valid driver's license, state ID, or passport.
- Proof of Address: A utility bill, credit card statement, or other official document showing your name and current address.
- Information for Initial Deposit: If you're funding from another bank, you'll need its routing and account number.
Remember, USAA may have slightly different requirements depending on your specific eligibility and the type of account you're opening. It's always best to have more information ready than less.
Step 4: Begin the Online Application Process
USAA prides itself on its convenient online banking experience. Opening a savings account can typically be done in minutes from their website or mobile app.
Sub-heading: Logging In or Joining
- Visit the USAA Website or Open the USAA Mobile App: Navigate to the banking section and look for savings accounts.
- Existing Members: If you're already a USAA member, simply log on to your account. This will pre-fill much of your information, streamlining the application.
- New Members: If you're new to USAA, click on "Join USAA" or "Apply now" for the savings account. You'll be guided through the eligibility verification process first, if you haven't done so already.
Sub-heading: Completing the Application Form
You will be prompted to fill out an online application form. This will include:
- Personal Details: As outlined in Step 3.
- Account Selection: Confirming which savings account you wish to open (USAA Savings or USAA Performance First® Savings).
- Review and Consent: Carefully read the terms and conditions, disclosures, and privacy policy before agreeing. This is very important as it outlines the account's features, fees (or lack thereof), and how your money will be handled.
Take your time to review all the information you've entered before submitting to ensure accuracy.
Step 5: Fund Your New USAA Savings Account
Congratulations! You're almost there. The final step in making your USAA savings account active is to fund it with your initial deposit.
Sub-heading: Initial Deposit Options
USAA offers several convenient ways to make your initial deposit:
- Electronic Transfer from Another USAA Account: If you have an existing USAA checking or savings account, you can easily transfer funds electronically.
- Electronic Transfer from an External Bank Account: You can link an external checking or savings account from another financial institution. This usually involves providing the routing and account number of the external account. Some banks may require a small verification process, like micro-deposits, to confirm ownership.
- Debit or Credit Card: For smaller initial deposits (typically up to $100), you may be able to use a Visa® or Mastercard® debit or credit card.
- Direct Deposit: You can set up direct deposit from your paycheck to automatically send a portion or all of your earnings directly into your new savings account. This is a fantastic way to automate your savings.
- Mobile Deposit: Use the USAA Mobile App to deposit checks directly into your account by taking a picture of the check.
Sub-heading: Meeting the Minimum Deposit
Ensure your initial deposit meets the minimum requirement for the specific savings account you chose ($25 for USAA Savings, $1,000 for USAA Performance First® Savings).
Once your deposit is processed, your USAA savings account will be fully active and ready for you to start building your savings!
Key Benefits of a USAA Savings Account
Beyond the ease of opening, USAA savings accounts offer several features that can help you manage and grow your money:
- No Monthly Service Fees: Both USAA Savings and USAA Performance First® Savings accounts generally have no monthly service fees, meaning more of your money stays in your account.
- Free Savings Tools: If you also have a USAA checking account, you can utilize tools like automatic transfers to effortlessly move money from your checking to your savings.
- Fraud Monitoring: USAA provides 24/7 fraud monitoring and alerts for suspicious activity, giving you peace of mind.
- FDIC Insured: Funds in your USAA Federal Savings Bank account are insured by the FDIC up to the maximum limits allowed by law, protecting your money in the unlikely event of a bank failure.
- Mobile Access: Manage your account, transfer funds, and deposit checks easily through the USAA mobile app.
10 Related FAQ Questions
How to Check My USAA Savings Account Balance?
You can quickly check your USAA savings account balance by logging into your USAA account on their website or through the USAA Mobile App. The balance will be displayed on your account summary page.
How to Deposit Money into My USAA Savings Account?
You can deposit money into your USAA savings account via electronic transfers from other USAA or external bank accounts, direct deposit from your paycheck, mobile check deposit using the USAA app, or at select USAA Federal Savings Bank ATMs.
How to Withdraw Money from My USAA Savings Account?
You can withdraw money from your USAA savings account through electronic transfers to linked checking accounts, at ATMs using your ATM card (if requested), or by contacting USAA customer service for other withdrawal methods.
How to Transfer Money Between USAA Accounts?
To transfer money between your USAA accounts, log in to your online account or mobile app, navigate to the "Transfers" section, select the accounts you wish to transfer between, enter the amount, and confirm the transaction.
How to Set Up Automatic Transfers to My USAA Savings Account?
You can set up automatic, recurring transfers from your USAA checking account to your savings account through the USAA website or mobile app's "Transfers" or "Savings Tools" section. This allows you to automate your savings effortlessly.
How to Close My USAA Savings Account?
To close your USAA savings account, you typically need to call USAA customer service during business hours. You may also be able to close eligible deposit accounts online through chat or self-service options. Ensure all pending transactions have cleared before attempting to close.
How to Get an ATM Card for My USAA Savings Account?
Upon request, USAA will send you an ATM card that allows you to withdraw cash from your savings account. You can usually request this through your online account or by contacting customer service.
How to Find My USAA Savings Account Routing Number?
Your USAA savings account routing number can usually be found on your checks (if you have a checking account with USAA) or by logging into your USAA online account and navigating to your account details or support sections.
How to Earn More Interest on My USAA Savings?
To potentially earn more interest, consider opening a USAA Performance First® Savings account if you can meet the higher minimum deposit and maintain a larger balance, as it offers tiered interest rates.
How to Contact USAA Customer Service for Savings Account Help?
You can contact USAA customer service by calling their main number, typically 800-531-USAA (8722), or by using their online chat feature available on their website and mobile app.
