The services are offered to former or current members of the armed forces, officers, and their immediate families. The bank is rated highly for both its services and its treatment of the customers. However, the only issue is their limited range of customers.
Here are all the services offered by the USAA Bank.
Services Offered by USAA Bank
USAA Bank offers its services across the personal banking, investment, and insurance domains. The services offered include checking and savings accounts, mortgages and loans, insurance, mutual funds, credit cards, and more.
There are four types of checking accounts offered by USAA Bank namely, classic checking, college checking, youth spending, and checking for military recruits. There is also a fifth type of the checking account available in 28 states known as the cashback rewards checking account.
None of the accounts require a monthly maintenance fee and allow use of all the ATMs across the nation for free. One can also use the mobile app of the banking for all the services at free of cost. The accounts require a $25 minimum opening deposit but the same is waived for cashback and military checking accounts for the new recruits.
The USAA Bank offers three types of savings accounts which are, basic savings, youth savings, and performance first savings. The usual minimum balance required to open the account is $25 but the performance first account requires a minimum opening balance of $10000. However, the APY offered by the bank depends on the amount of balance one has in their account and on most occasions, is good but less than many of its competitors.
USAA Bank offers nine types of credit cards based on cash rewards, low rate, to build credit, and for military affiliate. The cash rewards cards can earn you cash back on grocery and fuel purchases. Apart from that, you can also earn reward points for dining out, and other purchases. If you’re looking to build credit, USAA also offers their platinum cards to the most valued customers. The military affiliates get specialized cards with more cash back and reward points. For more information on online banking please check this USAA login guide.
Mortgages and Loans
USAA Bank offers home loans, home mortgages, auto loans, personal loans, student loans, and more. You can either get a loan for a new car, or refinance your loans. The home loans offered by the bank are also quite exhaustive with options for loan calculation, refinancing and finding an agent. You can also get fixed rate and adjustable rate mortgages for your home along with a loan over a period of 15 to 30 years.
What about the Insurances on offer?
One of the most values products of the USAA Bank is its insurance cover. The bank offers auto insurance, renters insurance, homeowner insurance, flood insurance, life insurance, annuities, and more. The bank started off as an insurance company as most organizations did not provide insurance to the officials from the military. The insurance options gives by the bank are quite exhaustive and offers great interest rates as compared to many other banks in its competition.
USAA Bank also offers its own mutual funds product where a financial advisor will help you figure out the best way to invest your money into it. You can start investing in the funds for as low as $50 and still earn gains. Whether you want to invest in a singular fund or play around over different ones, the bank’s financial advisors will help you figure it all out.
Apart from the mutual funds, the USAA Bank offers a lot of other investment options as well. These include retirement plans and IRAs for veterans as well as immediate family members of the people from the US Military. The bank also offers wealth management services, college saving plans, stocks, market advice, and more.
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