USAA or Armed Forces Bank
- Thread starter Bquiz44
- Start date
I’ve had USAA for over 20 years for auto and home insurance. I’ve had checking accounts as well. The interest rates are competitive. The insurance rates aren’t the cheapest but not too far off from competitors. The difference is the customer service. It’s top notch and any claims I’ve had have been approved quickly and without question.
pa-outdoorsman
Member
- Joined
- Aug 14, 2023
- Messages
- 579
Lifelong USAA member gere. TBH they aren't what they used to be. Left insurance years ago because rates just aren't competitive. Still use them as my primary bank but they aren't paying interest on part with other banks. I think about leaving.
IDK anything about the other option but if they are offering solid interest rates I'd consider them.
IDK anything about the other option but if they are offering solid interest rates I'd consider them.
I can't seem to open a bank account via USAA because it keeps telling me to contact a representative when I try to apply for a checking account. But, when I try to contact a representative, I can't seem to get a hold of an actual person and the AI service is useless. Honestly, I gave up trying to open an account with USAA.
Maybe I'm doing something wrong, but still this was my case.
Maybe I'm doing something wrong, but still this was my case.
- Joined
- Jul 20, 2006
- Messages
- 3,958
I’d go with USAA. You’re most likely going to need an account with them anyway for the Career Starter Loan.
Can I do Navy Federal if I’m a USAFA cadet? I know I could if I went active duty but I don’t know if I could before I went active.
- Joined
- Mar 5, 2012
- Messages
- 1,102
Yes.
Concerning the "career starter" loans, typically Navy Fed and USAA compete for cadet business. The rates and other benefits change slightly from year to year. I'm sure current cadets will have the most up-to-date information on which is better and why.
When I was a cadet, it was popular to get the Navy Fed loan first because it was offered to cadets earlier. Then one would refinance into the USAA loan later when it became available because the loan limit was a bit higher and the rate was a bit lower.
If I recall, to keep USAA's extremely low interest rate you needed to have direct-deposit setup with a USAA account. So you'll probably need one of those eventually.
This all being said, there will be reasons why you might also maintain accounts with other institutions. USAA doesn't offer a HYSA option, for example, whereas AMEX offers a HYSA with interest rates in the mid-4% range. There are other banks with even better rates!
FlyFalcon
'26, FFS (NWP 2021)
- Joined
- Jan 4, 2020
- Messages
- 818
Navy- 32k 1.25%, available beginning of summer
USAA -36k .75%, available first day of commission
- Joined
- Aug 27, 2010
- Messages
- 5,872
Psst! USAFA Cadets ARE on Active Duty. You'll be on Active Duty from the day that you report to USAFA until you separate from either USAFA or
from the USAF.
That would be, in part, due to USAA abandoning their officer-only membership policy and allowing every enlisted, enlisted man’s kid, that kid’s best friend, etc. to also become members. Surprise surprise, a 17 year old airman fresh out of basic training is more an insurance risk than even a 21 year old LT fresh out of the academy.
snarfly
Member
- Joined
- Dec 28, 2019
- Messages
- 56
Yup, same story with us. Round and round we went, and it took a whole month to sort it out and once we got it sorted out there are sooooo many holds on the account until they "trust" the account holder. I used to love USAA, but now everything is shoddy. Customer service, and hours are awful. Everything is full of red tape and impossible to do.
I’d open an account at neither. Just keep your current bank/credit union account if you are happy with it. Navy Federal Credit Union is a better choice if you really want to open a new account. More locations, better service. You can always get a USAA account later if you really want their starter loan.
I don't know if you meant commitment and not commission, but you can get the loan from USAA 2deg year
FlyFalcon
'26, FFS (NWP 2021)
- Joined
- Jan 4, 2020
- Messages
- 818
Yes thank you, lol. That's what I get for typing fast and not double checking to see if my phone did an autocorrect (it normally does)